Managing Financial Resources in HSC : Assignment
Added on 2020-10-22
10 Pages3114 Words151 Views
Managing FinancialResources in HSC
Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................41.1 Explaining principles of costing and business control systems............................................41.2 Identifying information required for managing financial resources.....................................51.3 Explaining regulatory requirements for managing financial resources................................51.4 Evaluating systems for managing financial resources in HSC.............................................5TASK 2............................................................................................................................................62.1 Discussing sources of income...............................................................................................62.2 Analysing factors which influence availability of financial resources in HSC....................62.3 Reviewing types of budgets .................................................................................................72.4 Evaluating about expenditure in HSC...................................................................................7TASK 3............................................................................................................................................73.1 Managing of financial shortfalls ..........................................................................................73.2 Explaining actions for events of suspected fraud..................................................................83.3 Evaluating monitoring arrangements in HSC.......................................................................8TASK 4............................................................................................................................................84.1 Identifying information required for financial decision........................................................84.2 Analysing relationship between Health and social care service ..........................................94.3 Evaluating financial considerations .....................................................................................94.4 Suggestions...........................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONFinancial resources are the monetary funds which are required to be managed by anbusiness organisation to effectively operate in their environment (Financial resources, 2018).The main aim of this project report is to build an understanding about managing financialresources in health and social care. In this project report principles of costing and control systemsare analysed along with information which is required to manage financial resources. Thesesources are discussed by analysing factors which influence availability of financial resources.Budget and expenditure is also mentioned in this report along with processes for managingresources in HSC. Heath and social care services are the organisations which provides healthrelated services to society which the purpose of benefit them and not maximising profit. Variousregulatory requirements along systems are also analysed in order to manage financial resources.TASK 11.1 Explaining principles of costing and business control systemsCosting is the method of determining and controlling the cost which is involved inoperations. In the case of health and social care organisations there are various principles bywhich cost can be controlled and managed. Materiality is the most significant principle as itallows to accurately record all the cost which is related with material items so that the process ofcosting can be accurately applied. Transparency is another principle, under which all theexpenses must be transparent and clearly stated in financial books so that they can be easilyaudited. Another principle which can help health and social care organisation in managingfinancial resources is consistency, according to which these type of organisations use a singlemethod or process throughout the financial year to bring sustainability. Apart from costingprinciples, there are few business control systems which can also help in managing financialresources. The most important and primary system is cost centre approach in which all the costswhich are expected to be incurred by the organisation are recorded under expenditure budget.Another system is cost computation in which organisations like national health servicesdetermine cost of every patient they attend in to order to bring efficiency in this activity (Fassin,Van Rossem and Buelens, 2011).3
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