The business of secondary care

For many NHS consultants, the move into private practice is a natural career progression, but it brings with it the responsibilities of a business owner. Balancing your NHS clinical duties with a growing private clinic requires a highly efficient financial structure that minimises your administrative burden while maximising your post-tax income.

Armstrong Watson specialises in supporting "secondary care" professionals. We understand the specific rhythm of private practice—from the initial billing cycles to the complexities of medical indemnity and secretarial costs.

Structural efficiency: to incorporate or not?

The most critical decision for a consultant is their trading vehicle. We don't just provide a standard answer; we model your specific figures:

• Limited company advantages: If you don't need to draw all your private income immediately, a limited company can act as a "money box," allowing you to pay corporation tax at lower rates and withdraw dividends in future years when your NHS income may be lower.
• Sole trader simplicity: For some, the transparency and lower administrative costs of being a sole trader remain the best fit. We assess your "total income" (NHS salary + private revenue) to ensure you aren't being pushed into unnecessary tax brackets.

Cash flow and private billing management

The "time lag" between seeing a patient and receiving payment from private insurers can create cash flow headaches.

• Billing systems integration: We help you implement digital billing tools that track outstanding invoices and automate reminders, ensuring your aged debtors list remains under control.
• Expense management: We ensure you are claiming for every legitimate business cost—from lead-lined consulting rooms and diagnostic equipment to travel, professional subscriptions, and the "use of home" as an office.

Protecting your lifestyle and future

We look at your private practice as part of your holistic financial life. This includes managing your "total wealth," ensuring that your private earnings are working in harmony with your NHS pension and personal investment goals. We provide the "partner lifecycle" view for consultants, helping you plan for the day you eventually hang up your stethoscope.