RISING INDEMNITY INSURANCE COSTS: BREAKING THE BACKBONE OF GP PRACTICES
Currently awaiting an update after Jeremy Hunt’s reveal of plans for a state-backed indemnity, GPs are still being crippled by rising insurance costs – it has been suggested that these outgoings are actively dissuading people from joining the profession.
A recent BMA poll indicated that indemnity costs have risen by as much as 50% since 2010. In 2016, £7,900 a year was the average cost to doctors– but over a quarter of full time GPs now pay over £10,000[1]. A minority have even cited fees of over £12,000. Not only is the expense crippling to small practices, but it is perhaps partly to blame for the loss of 2,500 NHS GPs last year.[2] By paying £10,000 in fees, before having even seen a patient, many GPs are finding that their working patterns must be altered and that their salaries are not matching the rate of indemnity increase, year on year.
To protect GPs from extortionate upfront costs, Practice Loan Company offers financial assistance by way of a PII Loan. Flexible repayment terms over 6-24 months allow GPs to gradually absorb the cost of insurance rather than fronting thousands of pounds.
Many GPs are turning to practice finance options which allow them to continue practicing medicine, without the constant threat of fees and debts.
If you’d like to enquire about practice loans and alleviating your running costs, talk to us today for a no obligation quote and advice.