A team of North East medical accountancy specialists has smashed targets for its first full year in business, tripling expectations by winning over 65 GP practices as clients.
Launched in July 2013, BW Medical Accountants Limited – sister company to independent financial advisers Blackett Walker Limited – focuses on advising medical practitioners and GP practices across the country.
Led by chartered accountant Keith Taylor and tax specialist Peter Waller, the business operates in the unique and highly-regulated healthcare sector and now has a client portfolio reaching over 400, including doctors, consultants, dentists, retired practitioners and personal tax clients.
Keith Taylor, BW Medical’s head of medical services who has recently been made managing director, said: “When we launched the business it was just Peter and I with the backing of the Blackett Walker board of directors.
“Our business model anticipated 25 GP practices by the end of the first year but we managed that in a few weeks and fortunately we have been able to recruit individuals with a proven track record in the medical accountancy sector to service the growth, something I think is vital for our continued success.”
BW Medical now has a team of 15 permanent staff with clients across the North East, Cumbria, Leicester, Humberside and Lincolnshire.
Mr Taylor said his business strategy of targeting GP practices across the country with the financial backing of Blackett Walker has proved decisive in producing growth.
“All we need is to bring 10 more practices on board and we will have moved through a critical mass figure that will mean we become self-sustaining with the current complement of staff. “A sound base for further expansion particularly when you consider we’ve got to this stage without any external borrowing.
“I think in the position we are now and our ability to recruit ahead of the game we should have 80 practices on board by the beginning of 2015.”
BW Medical and Blackett Walker purchased a 5,000sqft head office in Gosforth, Newcastle, where it can continue to build a sustainable business.
As managing director, Mr Taylor is also charged with developing the company’s core talent, providing opportunities and investing in the future of its people.
“I have always believed as a manager 50% of your time should be comprised of man managing your team it is something I have done for many years, I really enjoy seeing talent get fulfilled.”