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Managing Financial Resources Assignment : HSC
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Added on 2021-01-02
Managing Financial Resources Assignment : HSC
Added on 2021-01-02
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Managing FinancialResources in Health andSocial Care
ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Explaining the principle of costing and business control system..........................................11.2 Identification of information needed to manage financial resources.....................................21.3 The regulatory requirement in Silloth to manage financial resources...................................31.4 Evaluation of systems to manage financial resources...........................................................3TASK 2............................................................................................................................................42.1 Discussing the diverse sources of income that may be encountered in health and social care.....................................................................................................................................................42.2. Analysing the factors that may influence the availability of financial resources in healthand social care organisations.......................................................................................................52.3. what are the different types of budget expenditure in health and social care organisations.52.4. Evaluating how decisions about expenditure are made within The Silloth Nursing andResidential Care Home................................................................................................................6TASK 3............................................................................................................................................63.1 Explaining how financial shortfalls can be managed............................................................63.2 Explaining actions to be taken in event of suspected fraud...................................................73.3 Evaluating budget monitoring arrangements in HSC............................................................7TASK 4............................................................................................................................................84.1 Identifying information needed for making financial decisions in HSC service...................84.2 Analysing relationship among delivered health and social care service, expenditure andcost...............................................................................................................................................84.3 Evaluating various financial consideration which impact on different individuals withapplication of health and social care service...............................................................................94.4 Ways to improve the health and social care service by changes to financial systems andprocesses....................................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONA proper management of the financial conditions will help the firm to carry out thebusiness operations and action plans by the organization. This will also support the properplacing of the money related operations within a health and social care firm. As health and socialcare firm is most vividly operating sector, the proper financial management is required to betaken by the organization in order to maintain their product quality and meet their patients andclients needs and demands. For the present assessment, Silloth Nursing and Residential CareHomeis been chosen. It is a UK based health and social care service provider firm.The present report will focus upon principles of costings and business control systemalong with the information required to manage financial resources. The regulatory requirementsand systems for managing finance are been evaluated with financial resources. The diversesources of income with factors affecting budget expenses and decision making is been assessed.Besides this, the financial shortfalls, fraud management and budget monitoring assessments arebeen taken in the consideration with effective assessment of the information required to havefinancial decision making, relations of health and social care services and financial considerationare been taken in consideration with ways to improve the health and social care services usingfinancial system and processes are been evaluated.TASK 11.1 Explaining the principle of costing and business control systemIn the organization Silloth Nursing and residential Care Home the cost system isessential in order to keep the record of all expenses incurred on each nursingactivity and other action and movement undertaken in health care center. Theprinciple of costing applied in Silloth Are:1.Cost related with direct action: the cost incurred is directly related with the cause ofaction. There exist a cause relationship between cost and action. The expenses done on aspecific item or activity is directly added to cost of that item only.2.Charging cost after it is incurred: in the care home cost is charged after it has beenincurred on an article otherwise it can mislead the costing of the product.3.No post cost: cost incurred after production of are never added in further manufacturingas this can mislead the cost of the articles and products.1
4.Indirect cost are added on pro rata basis: Cost which is not directly connected to anyparticular activity is apportion in all activities to which it is incidental on a pro rata onpercentage basis. The percentage is the link of the activity with that cost.Business control system:This can be defined as a process and procedure which helps the Silloth organization toachieve its mission and objectives (What Are the Control Systems of a Business?, 2018). Controlis kept on how employees conduct themselves and how expenses are incurred and operationsare carried out.In this organization business control system is carried out a mechanism through whichthe management or buyer purchases all products and articles required for conducting activitiesin Nursing home. This is a systematic way through which suppliers are searched and biding aredone to acquire products at minimal or effective cost.1.2 Identification of information needed to manage financial resources The different cost that are required by the care home in order to determine accurateexpenses can be classified as follows:Direct cost: this is the cost which is directly associated with a product, activity or articleof care home. The direct cost in Silloth can be identified as cost of bed for elderly individuals,foods and refreshment on elderly people and medicines and medical equipment cost on thoseelderly patients. This is just an example as all the expenses incurred on treatment and care ofelderly individuals are summed up in a single category. Same is done for other activities, costand expenses related with a specific actions are added under that category only.Indirect cost: these are the cost which cannot be linked directly with any activities. Thecost is incurred on overall Silloth Care home or on two or more than two activities (Berger,2014). The best example for this is electricity expenses, as this electricity is used in each andevery activity in care home so it can be directly associated with a single activity. Indirect cost isapportioned among all the activities on a pro rata basis or percentage of usage in that particularaction.Variable cost: This is the cost which varies with each year and changes constantly. Thischanges with level of production and level of activities.Fixed cost: Fixed cost is that cost which do not change with change in level activity orproduction. This cost remains fixed irrespective of number of items manufactured.2
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