A focus on: The people behind - Healthcare

At Monahans, we pride ourselves on having a workforce full of people with a variety of backgrounds, experiences and skillsets, who are passionate about helping their clients. As part of this series, we want to focus on the people behind each department, this time we speak with Iwona Silverio, Client Portfolio Manager, with a focus on the healthcare sector

How did you get into accountancy within healthcare?
To be honest, it was down to the firm where I completed my training specialising in the sector. I graduated with a finance and banking degree in my native Poland and studied International Management in Berlin, and then moved to the UK. I moved to Taunton and applied for a role at a local firm, and there was a vacancy in the healthcare department. I had done some broader payroll, accounting and auditing for a range of businesses, but loved having more of a focus.

What was it about this area of specialism that appealed?
I think many businesses within the healthcare sector are facing challenges. That’s not to say that others aren’t but the likes of GP surgeries are very different to other businesses and they don’t have time to deal with the intricacies of their finances. NHS finances in particular can be quite complex. It probably helps that I’m a bit of a perfectionist and have a keen eye for detail, so can take some of the pressure off them.

What is the most rewarding part of the job?
Due to the way finances work in the NHS, practitioners have to go through the process of claiming money from the funding pot and, often, need to be guided or challenged on their financial processes. It’s very rewarding when they take your advice on board and you get to see issues resolved further down the line.

And I feel like I’m doing my bit to help with clients’ challenges. It’s good to be in a position where you can provide some reassurance for them and take the financial planning burden, so they can concentrate on providing a high level of services and care to their patients. Can I say that patients trust GPs with their lives and GPs trust us with their financial lives?

And the most challenging part?
Planning for the future can be tricky because the new details of contracts are released every year and, up to that point, you don't know what to expect. You will have some core funding to make plans with but you don't know what extra services the government might cut in the next 12 months, or what other funding will be available. That then has an impact on their tax liabilities, amongst other things. It means there’s a lot of uncertainty and that can be challenging but that is why clients lean on us for solutions.

Can you tell us more about Monahans’ healthcare team and the range of clients you work with?
Of course; the team is made up of some really excellent people with specialist knowledge in the sector, from James Gare, the healthcare partner, to team members across most of our branches. I work for the majority of our GP surgery clients, as well as a portfolio of consultants and healthcare-related clients. But we also support limited companies, self-employed locums, and more.

What are your recommendations for anyone thinking of going into healthcare in accountancy?
People need to be aware of the economy and what the government’s plans are as this impacts the public health system immensely. But I’d say that most important thing is to be open-minded. You really don’t know what to expect from one client to another, or sometimes one day to another, but that makes it continually interesting.

I believe the work we do is work we can be proud of; I admire the great work that our clients do in their own field, especially given how turbulent the economic climate is at the moment. So, helping them navigate that is very satisfying.

If you need support, or just want to talk through your options with one of our experts, reach out to us today. The first step is a completely free and confidential consultation. We will use this time to understand your financial circumstances, where you are now and where you need to be. Get in touch today.

Iwona Silverio