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Supporting a practice with financial turnaround​

Supporting a practice with financial turnaround​

Home » Case studies » Supporting a practice with financial turnaround​

We supported a social enterprise practice in Stoke-on Trent with vital financial guidance, enabling additional income to be secured

Background

A Community Interest Company (social enterprise) practice in Stoke-on-Trent was concerned that they may not be able to fulfil contractual obligations. There was a danger the company could go into liquidation within seven months.​

Action

  • Deep dive 2017/18 financials​ ​
  • Long outstanding queries regarding estates resolved​
  • Zero based budgeting approach for 2018/19 agreed​
  • Set detailed budget for 2018/19​
  • Monitoring strengthened​
  • Finance committee established to free up the Board to focus on more strategic issues ​
  • TORs established for new Finance Committee, lay input into Board provided ​
  • Cycle of Business established​
  • Key themed discussions held at each meeting e.g. Pay, drugs, QIF, QOF​​
  • ‘Heavy lifting’ taken through Finance Committee
  • Greater focus on income
  • Rigour: monthly reporting​
  • Variances reviewed​
  • Forward looking​
  • Introduced pay award for staff
  • Finance policies systematically reviewed (‘CQC ready’)​
  • Practice marketed​

Impact

  • £220,000 of additional income secured​
  • Achieving surplus against budget​
  • Financial processes strengthened​
  • List size growing​

Further information

If you would like more information about our services, you can contact us on our help and contact page.

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