Q&A: One of the practice nurses has not completed her CPD or renewed her professional indemnity insurance

Q. A team member has informed the practice that she is pregnant. Please explain the measures we need to implement to protect pregnant staff during the coronavirus crisis. Are pregnant staff considered clinically vulnerable?

A. The nurse in question has misled her employer and made a false declaration to the GDC. As a registered member of the dental profession, this is dishonest and demonstrates that this person cannot be considered to be of good character…

Professional indemnity cover: who, what and why?

Bill Lumley, of Trafalgar Risk Management, provides guidance for practice managers on professional indemnity insurance.

The General Dental Council (GDC) requires all registrants to have “adequate” professional indemnity cover – this is a legal requirement under the Dentists Act (Amendment) Order 2005. GDC Standard 1.8 states “You must have appropriate arrangements in place for patients to seek compensation if they have suffered harm.” Standard 7.2.1 states “You must only carry out a task or type of treatment if you are appropriately trained, competent and indemnified”…

How I learned to love budgets

Dr Alun Rees of The Dental Business Coach talks about his personal experience of budgeting.

Summary

The budget of a business is a vital tool for both goal-setting and the control needed to ensure movement towards achieving those goals.

‘Operational budgeting’ helps give projections for the following year and helps you to gauge progress and compare plans versus reality.

A ‘capital budget’ is applied when significant spending is expected, e.g. the purchase of new equipment or changes to a building.

Financial recovery

Glenys Bridges gives practical advice on financial recovery post-lockdown.

Summary

Dental practices must establish the practice’s financial facts, so that a recovery plan can be agreed on for the ‘new normal’ business environment following lockdown.

It is essential to have a financial strategy in place for delivering patient care during and after COVID-19.

Practices should look at the funding needed for financial recovery and the options available.

Budgets should be revised to allow for new spending; for example, you may need to spend money on salaries, adapting the premises to be COVID-19 secure and purchasing additional personal protective equipment (PPE).

Q&A: I’m worried that our practice is not making enough financially. How can we increase our revenue?

Q. I’m worried that our practice is not making enough financially. How can we increase our revenue?

In a time of financial uncertainty, keeping your practice’s finances together can be stressful. Uncertainty always brings extra problems with it.

However, apart from issues that are beyond your control, what areas of the practice can you control or even make more efficient to achieve better financial results? Look at the practice as a whole and the different aspects of it, for example:…

Running management accounts

Glenys Bridges offers practical advice to practice managers on how to understand the practice accounts.

Introduction

Even today, few dental practice managers have full rein on the practice’s accounts; and for that reason, they cannot develop the range of skills needed to manage the practice’s finances effectively. This article looks at financial planning, managing budgets and using financial information to understand how the business is performing to target . It will consider ways that practice managers can develop their knowledge and skills so that the money spent to run the practice realises the best possible return on investment, and to ensure that all expenditure is planned and considered in a timely way to prevent overspending or the lack of investment from undermining the effectiveness of the services provided to patients.