Health and Social Care Organization | Report
Added on 2020-02-03
12 Pages3947 Words55 Views
Managing Financial Resources inHSC
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................11.1 Stating the principle of costing and the business control system to monitor the financialinformation..................................................................................................................................11.2 Types of information needed to manage the financial resources..........................................21.3 Stating the regulatory requirements which care home needs to considered while managingthe financial resources.................................................................................................................31.4 System for evaluating the financial resources ......................................................................4TASK 2............................................................................................................................................4TASK 3............................................................................................................................................43.1 Ways to monitor the care home expenditures and shortfalls................................................43.2 Actions which care home needs to undertake when fraud is suspected................................53.3 Suggesting the budget monitoring system which would be best for the care home.............5TASK 4............................................................................................................................................64.1 Identifying the information which is required to make the financial decisions for the carehome............................................................................................................................................64.2 Analyzing the relationship between the care homer service as well as costs andexpenditure..................................................................................................................................64.3 Impact of the quality and access to service upon the individual...........................................74.4 Suggesting the ways to improve the care home services .....................................................7CONCLUSION................................................................................................................................8.........................................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTION Finance is one of the main resources of an organization which facilitate effectiveimplementation of the strategies and policies. In each and every organization finance plays avital role in achieving success in the competitive business environment. In health and social care,finance manager plays a vital role in framing effective policies and strategies to manage thefinancial resources in an effective manner (Bowling, 2014). Better financial planning facilitatessmooth functioning and operations of health and social care organization. This project report isbased upon the case scenario of John and Jill who are planning to set up the new dynamic carehouse in Hounslow. The present report will discuss the system which health and social careorganization can use to manage their financial resources. It will also shed light on the role ofplanning and monitoring which helps in managing the health and social care budgets.TASK 11.1 Stating the principle of costing and the business control system to monitor the financialinformationAs per the case scenario John and Jill is setting up a new dynamic care home inHounslow council. Health and social care home needs to incur several cost in order to deliver thequality and cost effective services to the patients. There are different types of department residesin the health and social care which makes contribution in the cost of the organization. Forinstance: Health and social care home also having the marketing, human resources, research anddevelopment as well as customer service department. These four departments are the main partwhich imposes cost in front of the organization (Swayne, Duncan and Ginter, 2012). Thus, tomanage the financial resources Health and social care home needs to be taken into considerationthe principle of costing which are enumerated below:Health and social care home are required to mention each and every income andexpenditure in the books of accounts.In addition to this, health and social care organization needs to record the expenses in thebooks of accounts only when they are actually incurred by them. Organization does notinclude the expenses on the basis of estimation.Further, cost personnel needs to undertake double entry system which provides assistanceto them in assessing the suitable cost for the care services.1
Along with it, health and social care organization undertakes the budgetary system inorder to monitor the financial information and performance. Budget provides deeper insightabout the receipts which organization will generate over the period of time (Brignall and Modell,2000). Whereas it also provides the information in relation to the expenses which care home willmake over the period of time. Thus, by comparing the actual financial performance with thebudget amount John and Jill can easily assess the deviation which occurred in the financialperformance of the care home.ParticularsAmountCash inflowRevenue170000Miscellaneous income50000Total cash inflow220000Cash outflowPurchase80000Sales promotional expenses10000Research and development expenses15000Salaries of the staff20000Other expenses10000Total cash outflow135000Surplus (Cash inflow- cash outflow)85000According to the above mentioned budget each department is required to perform theiractivities as per the budgeted figures. Thus, by assessing the actual performance with thebudgeted figures care home can easily assess the extent to which each department have attainedsuccess in managing the financial resources. 1.2 Types of information needed to manage the financial resourcesIn order to manage the financial resources in an effective manner health and social carehome is required to assess the different types of cost. Through this, health and social care homerequires to identify the areas of expenses upon which organization needs to exert control. Thereare various types of information which John and Jill is required to manage their financialresources. They requires information regarding the salaries of the employees, operational cost,money expended by the care home in the research and development as well as training program.2
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