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Management of Finance in Silloth nursing home : Report

Added on - 15 Jan 2020

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MFRD IN HEALTH ANDSOCIAL CARE
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Essay...........................................................................................................................................1TASK 2............................................................................................................................................4Essay...........................................................................................................................................4TASK 4............................................................................................................................................73.1 Ways to manage financial shortfalls.....................................................................................73.2 Actions to be taken in suspected fraud..................................................................................73.3 Budget monitoring arrangements..........................................................................................8TASK 4............................................................................................................................................94.1 Information required to make financial decisions.................................................................94.2 Relationship between service, cost and expenditures...........................................................94.3 Impact of financial considerations on individual................................................................104.4 Ways to improve services by changing financial systems..................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONThe health and social care is a field which is established with an aim of serving patientsor people who are in need of special care due to their medical conditions. For this purpose, theyhave to put together various equipments, professional staff who have a vast knowledge of thefield and various other managements. All these need a proper planning and finances so that themain objective of firm organisation can be fulfilled. The management of finance is also aprominent need which must be done by top management in order to anticipate various needs ofcompany along with risks associated with them (Chandra, 2011). This report is based onmanagement of financial resources and decision-making with reference to health and social care.The report discusses about the case study of Silloth nursing home in UK which is a registeredcharity. This care home is a charity organisation that takes care of patients dealing with cancer,epilepsy, Parkinson's, old age and physically disabled persons etc. In this report, effort has beenmade to study various financial resources that are available for said organisation. Along withthis, the budget programme and different methods that can be helpful in managing shortfall offunds will be discussed.TASK 1EssayPrinciples of costing and business control systemsIn simple terms, costing refers to the process according to which price of a product orservice is ascertained. The costing of any goods or services are determined according to someprinciples and norms (Robb and Woodyard, 2011). In the field of health and social care, there aresix principles which contribute in costing of their service. Before this, it is necessary to mentionthat there are two types of cost direct and indirect which are incurred by any organisation. Incontext of Silloth nursing home, the direct cost can consist of rents of room, nursing care,electricity bills and other similar kind of expenditures. While, indirect costs can be cleaning andmaintenance of rooms and premises, security of nursing home etc. The principles of costing aidgovernment in determining costs by assessing the prices which will be charged by health careprovider. Thus, the actual cost which will be taken by communities who are service users canalso be ascertained. These costing principles are stakeholder engagement, consistency, data1
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