Managing Finance in Health and Social Care Organizations

Managing Finance in Health and Social Care
Organizations

Table of Contents
1. Evaluation of the Physiotherapy budget setting process and budget reporting...........................4
2. Financial critique of Trust and exploration of factors creating financial pressures upon the
wider Health and Social Care sector................................................................................................5
3. Critical evaluation of the Service Development Proposal developed by the Physiotherapy
division............................................................................................................................................9
Conclusion.....................................................................................................................................11
References......................................................................................................................................13

1. Evaluation of the Physiotherapy budget setting process and budget
reporting.
Budgeting: The budget is a budgetary arrangement for a given amount of time, sometimes one
year. It can also contain expected sales quantities and profits, capital amount, costs and
expenditures, properties, liabilities and cash flows. Companies, states, families and other groups
use it to articulate strategic action plans or activities in measurable terms. The budget is the
amount of the funds allocated for a given function and the sum of the cost to be spent along with
the plans for how to meet it. It can have a budget surplus, the allocation of funds for potential
usage, or a shortfall in which spending exceeds revenue. The healthcare sector is one of the few
sectors in the world that will be needed in the unforeseen future. The sector has been rising
steadily for decades, and it shows no sign of stopping down any time soon. Every day, scientific
advancements are made in any institution that leads to the healthcare sector. From medical
equipment to pharmaceuticals, changes in the field of healthcare will change, enrich and save the
lives of people across the globe. While our awareness of these concerns grows, the treatment that
patients receive is also expanding. In the end, better patient experiences are the objective of
every hospital, clinic, or practice, regardless of other discrepancies that healthcare professionals
may have.
The budget is a method for calculating and monitoring income and spending. Although spending
is crucial to the operation, income is when it all starts. After all, the only justification for
incurring costs is to fund revenue-generating operations. "Different authors recommend that
practice owners view their budget as a" micro business strategy "that covers the present year and
the next year.
All healthcare professionals want to make the best of their resources. In order to do that, they
ought to effectively monitor the finances of health care, meaning that they are used safely and
optimal efficiency. All administration takes place within the context of the initiatives and
budgets of the health sector. If these are beneficial, the administration of health sector
infrastructure will be productive and successful, and this can lead to changes in the quality and
quantity of health care provided against cost increases. The most important assets of the health
sector to be handled are human capital, financial assets and other capital, like equipment.