Keep your lifeblood flowing

Many consultants and GPs with busy private practices sometimes lose sight of cash flow management. Cash is the lifeblood of a business and those running businesses are advised to remember that ‘cash is king’. 

Susan Hutter gives her five top tips for freeing up and managing cash flow.

Credit control

GPs and consultants in private practice should ensure:

Invoices are raised immediately after work is done, either to the insurer, the patient – if they are self-paying – or the employer of the patient, if they are paying.  

Many consultants get their personal assistants (PAs) to raise the invoice to the patient at the consultation. 

Some do not like doing this, as they feel it is unprofessional, but if you are having problems with slow payers, it is worth considering.