Managing Finance Resources Health and Social Care

Managing finance resources
in health and social care

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Discuss principles of costing and control systems...........................................................1
1.2 Information required for managing financial resources...................................................1
1.3 Regulatory requirements for managing financial resources.............................................2
1.4 Discuss systems for managing financial resources in HSC..............................................3
TASK 2............................................................................................................................................4
2.1 Illustrate sources of income in HSC.................................................................................4
2.2 Factors influencing availability of financial resources.....................................................4
2.3 Various types of budget expenses in HSC.......................................................................5
2.4 Decisions about expenditures in HSC..............................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Managing financial resources in the healthcare sector is quite essential. The enclosed
report deals with BUPA healthcare which is UK's largest care home committed to provide
quality services to patients. The report deals with managing financial resources so that efficiency
can be maintained in the best possible way. Various sources of income that can be used by
healthcare is also discussed in this report. The importance of preparing budgets is also discussed
so that costs may be estimated with much ease and revenue may be earned quite effectively.
TASK 1
1.1 Discuss principles of costing and control systems
The basic principles of costing are job costing, actual cost ascertainment and
transparency. BUPA (British United Provident Association) healthcare is required to manage
costs in effective way so that it can provide quality services to patients such as medical test and
many more. Actual cost ascertainment is required so that planned costs are effectively matched
with that of actual costs and as such, control is observed quite easily in the healthcare. Job
costing is another principle of costing which focuses on reducing inefficient jobs so that
healthcare can ensure cost effectiveness and this will result into increase in efficiency of other
jobs performed (Drummond and et.al, 2015). Transparency will help to control costs on
installation of various diagnose related equipments in BUPA healthcare.
Data accuracy is required so that patients record may be maintained effectively which is
the basic business control system. It has data accuracy as major principle as patients record
should be maintained with due care so that in event of any emergency, they may be treated.
Another principle of control system is management and control in the healthcare. It is required
that management should be effective so that patients can be treated with much care and this will
help care takers to provide better services to them and will also help to avoid duplication of work
in the healthcare. These above principles should be followed by BUPA care home to provide
quality services and controlling overall costs as well.
1.2 Information required for managing financial resources
1. Accurate accounting information-
1