Health and Social Care Services : Report
Added on 2020-01-15
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MANAGING FINANCIALRESOURCES
TABLE OF CONTENTSMANAGING FINANCIAL RESOURCES....................................................................................1INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Principles of costing and business control system,................................................................11.2 Information needed to hospital to manage its financial resources.........................................21.3 Regulatory requirements for managing financial resources..................................................3TASK 2............................................................................................................................................42.1 Diverse sources of income encountered in health and social care.........................................42.2 Factors influencing the availability of financial resources in social and health careorganisation..................................................................................................................................42.3 Different types of budgets expenditure in health and social care organisation.....................5TASK 3............................................................................................................................................7TASK 4............................................................................................................................................71.4 Evaluation of the system for managing financial resources in health or care organisation...72.4 Evaluation of how decisions about expenditure are made within a health or social careorganisation..................................................................................................................................73.3 Evaluation of budget monitoring arrangements....................................................................84.1 Identify information required to make financial decisions....................................................84.2 Relationship between a health and social care service delivered, costs and expenditure....94.3 Evaluation of how financial considerations impact upon an individual................................94.4 Ways to improve the health and social care service through changes to financial systemsand processes...............................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONFinancial resource management refers to the planning, organising, directing andcontrolling of all the financial activities that take place within business organisation such asutilization of resources and its procurement. Mid-Staffordshire is the foundation trust which issucceeding two hospitals in Staffordshire, England. This trust was established in 1993.Therefore, in the following report principles of costing, business control system and variousregulatory systems are measured that are required for managing financial resources is interpreted(Brooks and et.al, 2012). In addition to these factors that affects the availability of financialresources in health and social care is mentioned. Along with this, some of the actions that can betaken by the company in order to overcome various suspected frauds. At last, in this report,systems have been evaluated and various budgets are monitored with an aim to evaluate thearrangements in health and social care.TASK 11.1 Principles of costing and business control system,As per the given scenario, some of the principles of costing have been identified in healthand social care center. Principles of costing are as follows:Cost of the company is always related to itsorigin: Cost and origin have directrelationship. Both of them are equally proportionate with each other. Cost that can be incurred byMid- Staffordshire depends on the nature of the allocation and analysis of figures and resources. Past cost are included at the time of calculating new costs: Another principle of costingsays that no cost that is related to past will not be included at the time of calculating new futurecost. As per this principle, if past cost has future considerations, then achieving that future costcan create problem for the company (Siano, Kitchenand Confetto, 2010).In costing Abnormal cost incurred by the company is not charged: The abnormal cost thatcan be beard by the company due to theft or fire will not be included in future cost. Only thenormal cost that is related with the manufacturing should be charged by the company at costcenters. Business control system
Business control system is the concept that is considered by the company at the time ofmanaging the internal and external environment of the entity. In addition to this, it is also usedby the company to make an internal environment corruption free and discourages embezzlementactivities that are taken into considerations by management and staff (Teruya and Pourajali,2009).In addition to this, it is used by the company in order to undertake the recruitmentprocedure with an aim to select thehighly competent staff. In order to properly implement thebusiness control system, Mid Staffordshire takes into considerations various policies. Thesepolicies assist the company to provide training to employees with an aim to achieve integrity. In short, it can be said that costing and business control system help the company inconducting cost benefits analysis, monitoring financial information, calculating profit and breakeven analysis, controlling cost andincome (Strebel, 2011).1.2 Information needed to hospital to manage its financial resourcesThere are variety of information that are required by the social and health care industry inorder to manage all its financial resources in an effective manner. Mid-Staffordshire requiresinformation that is related to the management of cash flow and working capital. Wants of anorganisation depend on its operational activities, managerial and financial activities (Theeke andMitchell, 2008). Various organisational activities that take place within an organisation help thecompany in determining the allotment of financial resources:Budgets that are prepared by the organisation includes several things through whichfinancial aspects can be managed. In order to achieve the information that is associated tothe finance includes various crises that are related to insolvency advices and cash flow. In addition to this, Mid-Staffordshire hospital also requires the retrieval of full costs, baddebts, cash flow forecasting, and allocation of assets (Elearn, 2013).Along with this, Mid-Staffordshire hospital is also required to have the information aboutthe fund that is received from the customers, charity received by the government andnon-government enterprises and so on. Company is required to prepare future development plans in order to estimate the costand revenue that is required by the company.Hospital is also required to plan purchase of fixed assets along with its cost.In addition to this, Mid-Staffordshire hospital is required to analyse the repayment of loanthat was taken before and other financial facilities. Therefore, these are some of the2
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