Managing Financial Resources in Health and Social Care

Explore the principles of costing, regulatory requirements, budget expenditure, and financial decision-making in the context of managing financial resources in Health and Social Care at CareTech Holdings PLC. Learn how financial considerations impact individuals and ways to improve services through changes in financial systems.

Unit - 14 Managing Financial Resources
in Health and Social Care
1

Table of Contents
EXECUTIVE SUMMARY..............................................................................................4
INTRODUCTION..........................................................................................................5
TASK 1..........................................................................................................................6
1.1 PRINCIPLES OF COSTING AND BUSINESS CONTROL SYSTEMS..............6
1.2 INFORMATION NEEDED TO MANAGE FINANCIAL RESOURCES................8
1.3 THE REGULATORY REQUIREMENTS FOR MANAGING FINANCIAL
RESOURCES...........................................................................................................9
1.4 SYSTEMS FOR MANAGING FINANCIAL RESOURCES IN A HEALTH OR
CARE ORGANISATION.........................................................................................10
TASK 2........................................................................................................................11
2.1 THE DIVERSE SOURCES OF INCOME THAT MAY BE ENCOUNTERED IN
HEALTH AND SOCIAL CARE................................................................................11
2.2 FACTORS THAT MAY INFLUENCE THE AVAILABILITY OF FINANCIAL
RESOURCES IN HEALTH AND SOCIAL CARE ORGANISATIONS....................12
2.3 DIFFERENT TYPES OF BUDGET EXPENDITURE IN HEALTH AND SOCIAL
CARE ORGANISATIONS.......................................................................................14
2.4 DECISIONS ABOUT EXPENDITURE ARE MADE WITHIN A HEALTH OR
SOCIAL CARE ORGANISATION...........................................................................15
TASK 3........................................................................................................................16
3.1 HOW FINANCIAL SHORTFALLS CAN BE MANAGED...................................16
3.2 THE ACTIONS TO BE TAKEN IN THE EVENT OF SUSPECTED FRAUD....17
3.3 BUDGET MONITORING ARRANGEMENTS IN A HEALTH OR SOCIAL CARE
ORGANISATION.....................................................................................................18
TASK 4........................................................................................................................19
4.1 INFORMATION REQUIRED TO MAKE FINANCIAL DECISIONS RELATING
TO A HEALTH AND SOCIAL CARE SERVICE.....................................................19
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4.2 THE RELATIONSHIP BETWEEN A HEALTH AND SOCIAL CARE SERVICE
DELIVERED, COSTS AND EXPENDITURE..........................................................20
4.3 HOW FINANCIAL CONSIDERATIONS IMPACT UPON AN INDIVIDUAL
USING THE HEALTH AND SOCIAL CARE SERVICE..........................................21
4.4 WAYS TO IMPROVE THE HEALTH AND SOCIAL CARE SERVICE
THROUGH CHANGES TO FINANCIAL SYSTEMS AND PROCESSES..............22
CONCLUSION............................................................................................................23
REFERENCES...........................................................................................................24
3

EXECUTIVE SUMMARY
In this assignment, an understanding has been gathered on the systems that are
used in the Health and Social care to manage effectively the financial resources and
the role of planning which is also essential. The significance of the monitoring and
planning the budget expenditure has also been discussed that has helped the
managers of Care Tech Holdings PLC to a great extent. This report has thus helped
in generating the basic understanding and insights about the planning the budget in
a home and has helped in making relevant recommendations for the are Tech
Holdings Plc.
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INTRODUCTION
In this report in context to the financial report of CareTech Holdings Plc will be
undertaken of the year ending 2016 which will cover the aspects of the financial
resources management in the HSC sector. CareTech Holdings Plc renders high-
quality support and the health care for the individual with the complex needs that
aims to ensure the quality of life of the service users. It renders services like children
services, adult services, young people residential services and many more.
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TASK 1
1.1 PRINCIPLES OF COSTING AND BUSINESS CONTROL SYSTEMS
Costing is an essential system for an organisation that is the element for the control
system and helps in determining the costs of the production that will be determined
in context to the services and the products (White, 2010). According to NHS, there
are six costing principles that are undertaken and should be implemented by the
HSC organisations like that of CareTech Holdings Plc.
Consistency
Through the consistency principle, the expectation of the different stakeholders are
met effectively and the quality of services are also enhanced. This is a principle that
focuses on ensuring the consistency approach in every department and units of
organisations which will help in measuring the cost (White, 2010).
Materiality
According to this principle of costing in HSC, the organisations should accurately
record all the material procurements ad the cost related matters and activities so that
right cost can be calculated.
Data accuracy
According to the principle of data accuracy, CareTech shall calculate the right cost
by recording the different data properly and maintain effective recording system that
will include the time spent y the clinical staff, journal entries, ledgers, trial balance
and the staying period of patients as well. This will allow effective decision making
and will help in accurate data recording (Drummond, et al. 2015).
Stakeholder engagement
This is another principle of costing which is undertaken by Care Tech Holdings Plc
that estimates the cost of the non-financial department such as the non-clinical staff
and the clinical staff and includes them all in cost estimation.
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Causality and objectivity
This is the principle that aims to mitigate the subjectivity of the costing and is based
on the understanding of the causality by effective analysis of Causality that will help
in the reduction of causality (Drummond, et al. 2015).
Transparency
According to this principle, the costing is expressed in a transparent manner which
will allow easy auditing of the organisation when the costing is disclosed in a fair
manner.
The methods used by CareTech to control the cost are depicted as under:
Cost centred approach
This principle will be undertaken by the manager of CareTech that aims to focus on
the cost management under the budget of expenditure prepared so that it can
maintain its profitability and maintain the costs hikes (Cleverley, 2017).
Per patient cost computation
CareTech can undertake the per patient cost computation which will help it in setting
the fees of patients followed by the cost per patient estimation. The variable and the
fixed cost incurred by Care Tech will be divided by the number of patients being
appointed an organisation which will help in the computation of per patient cost
(Cascio, 2018).
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1.2 INFORMATION NEEDED TO MANAGE FINANCIAL RESOURCES
In order to manage the financial resources, there is a requirement for the information
in the HSC so that the payments to the staff and the payment for the equipment,
beds, medicines and other materials can be carried out (Cleverley, 2017). The
information needed is the balance sheet, income statement, cash flow statement,
profit and loss statement, data on the prices and costing and many more.
The profit and loss statement is the one that depicts the profits earned by the
organisation and involves all incomes and the expenses. According to the profit and
loss statement of CareTech Holdings Plc, it has depicted considerably good profit
before tax in 2016 of £22,535,000 as compared to £9,397,000 in 2015. This has
shown a growth in the profits. The revenue on other hand earned was £148,979,000
in 2016 against £124,271,000 in 2015 (Cascio, 2018).
Balance sheet statement is the statement of the financial position of CareTech
Holdings Plc which shows the position of the organisation from its assets and
liabilities. It has total assets of £378,301,000 in 2016 that were just £346,652,000 in
2015. The liabilities of CareTech are £226,635,000 in 2016 and equity holdings of
£151,667,000 in 2016. This shows the strong financial position of organisation
(Folland, e et al. 2016).
Another type of information that will be needed by HSC organisations like CareTech
Holding PLC will be the risks information that is associated with the identification and
assessment of the prospective risk involved such as ay negligence, the death of a
patient and other failure related to operations. The budgeting will be prepared and
effective auditing will be required that will help in assisting the management of the
financial resources in Care Tech Holdings Plc (CareTech Holdings PLC, 2016).
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1.3 THE REGULATORY REQUIREMENTS FOR MANAGING FINANCIAL
RESOURCES
There is an essential requirement for managing financial resources in Care Tech as
in the health and social care industry some regulations need to be followed such as
Care Quality Commission, Accounting Standards Board, Companies House and
many more.
Healthcare sector regulator monitor
According to this regulation, this will help in authorizing, regulating and monitoring
the entities that fall under the NHS foundation trust purview. This regulatory
requirement s the one that issues licence to the organisations, that want to establish
themselves in the health and social care and it lays its emphasis on the safety and
security of the patients, support services to them and the price determination of the
patient’s treatment that have financial difficulties (Muennig and Bounthavong, 2016).
GAAP
This is an accounting regulatory requirement standard that helps in assisting the
entities of HSC to keep their records and reports in a standard manner and
encourages the accounting systems to be transparent and a fair one (Abdelhak, et
al. 2014).
Care quality commission
This requirement is the one that aims to inspect if it meets the national standards
and then render the findings to the people so that they can be made aware of the
degree of services and then select the better choices in HSC services (Laudon and
Laudon, 2016).
Her Majesty’s Revenue and Customs (HMRC)
According to this regulation, a system can be effective only when this regulation is
followed. According to HMRC regulation, any HSC organisation that does not follow
this regulation can be taken to court and can be sued. Similarly, CareTech holdings
Plc should comply with the HMRC tax regulations and the other requirements
(Muennig and Bounthavong, 2016).
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1.4 SYSTEMS FOR MANAGING FINANCIAL RESOURCES IN A HEALTH OR
CARE ORGANISATION
In HSC sector there are different methods for the systematic management of the
financial resources which will be evaluated in context to the CareTech so that
effective management can be ensured. Some of the systems that are required
include the budgetary control system; assets control systems, treasury management,
investment control system and the payroll and personal control system (Abdelhak, et
al. 2014).
Payroll and personal control system
This system helps CareTech holding Plc to have effective control over the
employment of its staff and the employees so that the ghost workers and other errors
in the organisation can be prevented (Jibrin, et al. 2015). The salary and the
expenses of the organisation are approved by this control system such as Pay as
You Earn is one such system (Laudon and Laudon, 2016).
Asset control system
This is one such system that will render effective control over the fixed assets f the
organisation by maintaining the register of assets including the tangible, intangible
and the fixed assets (Gitman, et al. 2015).
Recording system
Through this system, the It infrastructure and the software are being utilised by the
organisation so that the business transaction can be maintained by employing
Microsoft excel so that the data can be recorded and maintained easily in an
understandable form. This system also ensures the budgeting and the finding
ineffective manner (McNeil, et al. 2015).
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TASK 2
2.1 THE DIVERSE SOURCES OF INCOME THAT MAY BE ENCOUNTERED IN
HEALTH AND SOCIAL CARE
Income is that economic benefit that is earned by the company or any organisation
and which can be converted to the monetary value. Care Etch Holding Plc is that
entity that utilises its income for the benefit of the organisation and it may come from
different sources and in different forms of sources. The various source of the income
for CareTech Holding Plc includes the grant from the government, saving, reserve
fund, bank loan and many more (McNeil, et al. 2015).
Revenue
Talking about the revenue of CareTech from the Profit and loss account statement it
accounted to £148,979,000 in 2016 and which was the result of the services that it
renders such as adult learning difficulties, young people residential services and
mental health and the foster care. These services are the one that helps CareTech in
generating the income in the form of revenue (CareTech Holdings PLC, 2016).
Reserve fund
It is another source f the income for CareTech Holdings Plc as it is that part of
income that is kept for the future contingencies so that unexpected costs can be
easily met. CareTech has reserve funds in the form of the retained earning that and
the merger reserve. The merger reserve of CareTech Holdings amounted to
£9,023,000 and the retained earnings of £66,645,000 in 2016 (CareTech Holdings
PLC, 2016).
Apart from these sources, there are also present internal and external sources of the
income that will be received by it from the sales of services to the public and from the
renting out of the spare rooms that can help in generating the rental income. It is also
a part of the NHS so another source of income for it is the NHS that received funds
from the local clinical group in HSC. According to the data of 2016 CareTech
Holdings has a bank deposit of carrying the amount of £4,308,000 in 2016 (McNeil,
et al. 2015).
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2.2 FACTORS THAT MAY INFLUENCE THE AVAILABILITY OF FINANCIAL
RESOURCES IN HEALTH AND SOCIAL CARE ORGANISATIONS
There are many factors for CareTech Holdings Plc that influences the financial
resources availability. Financial resources are those sources that are spent in the
organisation to cater to its needs such as cash, liquid, securities and others. Some
amongst the commonly available factors include the governmental policies, size of
the business organisation, types of the service provided, economic factors, funding
priorities, and ownership of the organisation and many more which helps to cater to
the needs of the financial resources availability.
Ownership
Ownership forms amongst the most important factor for an organisation to gain
financial resources as CareTech Holdings is a public limited company which exploits
the opportunities to sell its shares and earn money. So through this opportunity, it
can again get better access to financial resources availability (Gotze, et al. 2016).
Size
Size is another factor that will affect the eligibility of the organisation to gain funds
from the government so that it can develop its staff and boost its services. As
CareTech Holdings is an organisation that has employees more than 20 so it is
eligible to gain funds from the government for training its staff (Mosadeghrad, 2014).
Governmental policies
Government tend to render more support and the facilities to the organisation that
are into health and care services so CareTech Plc will receive much financial
assistance from the policies and procedures formed by the government.
Service types
CareTech Holdings Plc is an organisation that renders services in the nursing
section so the services rendered by it will affect the availability of the financial
resources by bringing in more and steady fund through the means of NHS as
compared to other residential care services. So due to the nature of the services and
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the types of services offered by the organisation, it can boost its financial stability
(Mosadeghrad, 2014).
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2.3 DIFFERENT TYPES OF BUDGET EXPENDITURE IN HEALTH AND SOCIAL
CARE ORGANISATIONS
Budget is usually defined as an estimation of the revenue, expenditure, costs and
other financial resources over a period of time that helps in depicting a financial
position of an organisation. A budget is prepared to overcome the contingencies in
future and to avoid those problems by aligning with the estimated budgets prepared.
There are different types of budgets that CareTech needs to consider which
includes, master budget, operational budget, material and direct labour budget,
production and direct overhead budget, sales budget and other budgets (Cox, 2014).
Cash flow budget
Through the cash flow budget, the day-to-day operations and the activities are
depicted that helps to give the idea about the cash activities by maintaining its
outflow and inflow on the weekly, daily, or monthly basis. CareTech Holdings Plc has
a cash flow budget prepared for itself in the form of the cash flow statement that
helps in estimating the total cash outflow and the inflow during a financial year. Like
in 2016 the total cash and cash equivalents that occurred were £4,308,000 in 2016
against £3,702,000 in 2015 (Gotze, et al. 2016).
Master budget
The master budget is the one that has a combination of budgets involved in it and
covers all aspects of the business for a defined period and thus controls the overall
organisational expenditures (Cox, 2014).
Capital investment budget
When any capital is invested in the asset purchase and any properties purchase for
its benefits in future this comes under the capital investment budget that needs to be
recorded for extracting the cost-benefit analysis from it. In case of CareTech
holdings Plc in 2016, there was an acquisition of property, plant and equipment of
£10,765,000 in 2016 (CareTech Holdings PLC, 2016).
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2.4 DECISIONS ABOUT EXPENDITURE ARE MADE WITHIN A HEALTH OR
SOCIAL CARE ORGANISATION
For decisions to be taken in health and social care about the expenditures there is a
need for scanning of the environment so that focus on the priorities and other factors
can be made. The decisions about expenditure get affected by health and social
care organisation by adjusting the strategy, eliminating the emotionalism and
conducting the effective analysis.
The decision that is taken about expenditure in CareTech Holdings Plc is taken by
making pre-plan such as if it wants to add to its portfolio then it will make plans for
the enlargement of the business activities and will refer to the budgets that are
available for it to conduct such specific action. The expenditure and the cost needs
will be identified and compared with the opportunities and the benefits that that
investment will render to it. The location and the demand factors are also analysed
before taking any expenditure decision as it will help in estimating the regulatory
requirements and the government interventions that the organisation will face
(Gotze, et al. 2016).
In case of any lack of services and facilities in CareTech Holdings Plc, there will be a
plan laid out for managing the sources of the finance and funding which will be
required to render the same to the organisation. The actions will be taken such that
the investments are made according to the returns and the benefits that it will render
in long-term (Weygandt, et al. 2015).
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TASK 3
3.1 HOW FINANCIAL SHORTFALLS CAN BE MANAGED
In every organisation when targeted income is failed to achieve then there arises a
financial shortfall which may be due to any reason. There may be lack of funds,
unnecessary spending, hike in demand, lack of resources, number of service user
fall and many more. There is a requirement for managing the financial shortfalls
which may be managed in different ways such as by prioritising the tasks, effective
market analysis, managing the cash flow process, reserve fund creation and many
more.
Reserve fund
This is the amount that is created for the emergency situations and will be kept as a
reserve that can be used in situations of asset replacement and the general
provisions. In 2016 CareTech Holdings Plc has a merger reserve of £9,023,000 and
retained earnings of £17,800,000 which comes under the reserve funds (Weygandt,
et al. 2015).
Prioritising
Through effective prioritising the works and the actions, the shortfalls can be
managed which will help in prioritising the works which are more beneficial. The
purchase decisions should be made with prioritising the works which will help in
maintaining the budget so that the other costs and the penalties can be avoided.
This will also help in making timely payments and will save from the interest rates
(Entwistle, et al. 2018).
Budget examination
In order to manage the financial shortfalls, it is essential to keep a regular monitoring
in the budgets so that variances if nay can be analysed on time and corrective
actions can be taken. For the CareTech holdings, there is also a need that arises to
ensure effective negotiation with the local authorities so that the contracts can be
effectively negotiated and the grants can be ensured.
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18

3.2 THE ACTIONS TO BE TAKEN IN THE EVENT OF SUSPECTED FRAUD
Fraud is a practice of knowingly concealing the information and abuse a position with
intended personal gains. This negatively impacts the organisation’s reputation and
creates a negative impact on the funders and external stakeholders (Entwistle, et al.
2018).
In case of suspected frauds such as if at CareTech Holdings Plc it is suspected that
the staffs are embezzling the money then the action that is required is to take
disciplinary commit against the person that commits this fraud.
Red flag behaviour will render prospective warnings so that auditor can take actions
and the lifestyle can be improved. CareTech Holdings Plc is advised to form a fraud
detection policy that will help it to take actions against the employees and the staff
that commits any frauds which need to be communicated to the employees and the
staff with time so as to deal with them in an effective manner (DeFusco, et al. 2015).
In case of suspected fraud firstly the required action is to gather genuine evidence
that will make guilty the person and then to carry out the inquiry of the event through
the internal and external auditor which will help in arriving at the identification of any
biases prevailing of either party (DeFusco, et al. 2015). Then appropriate action
should be taken like referring to police and the indefinite suspension.
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3.3 BUDGET MONITORING ARRANGEMENTS IN A HEALTH OR SOCIAL CARE
ORGANISATION
Budget monitoring is termed as the process in HSC which helps in ensuring the
review of the total income and the expenditure with the budget approved. Through
the budget, monitoring variance needs to be analysed on regular basis and then the
variances and the difficulties need to be resolved through necessary investigation by
improving the efficiencies and effectiveness (Herson, 2016). The budget monitoring
arrangements at CareTech helps in meeting the regular budgets and avoids
overspendings. The budget monitoring arrangements should be made by properly
conducting the market research so that remedial actions can be undertaken by
obtaining the accurate figures (Herson, 2016).
Through the use of certain tools, the managers of CareTech Holdings Plc can ensure
the effective budget monitoring. One such tool that can be used is the spreadsheet
data which will help in monitoring and check the cost and the variances of the figures
by the use of Ms excel. This will help CareTech to gain a clear view of its financial
situation (Zapico-Goñi, 2017).
Through training, the budget can be effectively monitored that will help in controlling
the cost of the use of the financial skills such as effective cost control, bookkeeping
and the recording skills. Cash flow statement on other hand acts as another tool
which will render the manager insights about the cash movement and its fluctuations
(Zapico-Goñi, 2017).
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TASK 4
4.1 INFORMATION REQUIRED TO MAKE FINANCIAL DECISIONS RELATING
TO A HEALTH AND SOCIAL CARE SERVICE
In order to make the effective financial decision in HSC information required by
CareTech Holdings Plc will include the accounting department assumptions as it will
help in rendering the idea for the policy formulation and will help in the analysis for
the financial information which is identified and measured (Ferry and Eckersley,
2015). The information required will be of the cash flow analysis that will help in the
identification of the movement of cash in the business as will help to depict the
profits and losses of the business. While making the capital investment decisions the
information required by CareTech will be related to the payback periods and the
returns that the particular investment will render and will help in increasing the
returns (Gavan, et al. 2016).
There will also be required a detailed evaluation of the expenditure and the income
budget of the organisation so that the decisions can be undertaken. The customer
satisfaction report and the regulatory provisions for service delivery will also be
identified on another hand to make effective financial decisions (Ferry and Eckersley,
2015).
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4.2 THE RELATIONSHIP BETWEEN A HEALTH AND SOCIAL CARE SERVICE
DELIVERED, COSTS AND EXPENDITURE
The relationship between an HSC service delivered cost and expenditure is believed
to be such that the quality is measured as a degree of the services which is delivered
by the HSC organisations and when these service delivered exceeds the anticipated
results then the service quality is ensured. Through the better monitoring and the
effective supervision the quality of care can be enhanced, thus in this sector, the
deliverance of services should be undertaken while spending money. For example in
CareTech Holdings when some amount of profits will be kept aside and the training
cost will be saved this will, in fact, lead to the risk as the situation will be more risky
to accidents in presence of the incompetent staff Entwistle, et al. 2018).
Organisations achieve success when they have the skilled and knowledgeable
workforce and thus render effective assistance with the emotional support. In
absence of competent staff poor supervisions will take place and the hiring or new
staff will be attracted that will lead to increase in the outsourcing costs Weygandt, et
al. 2015).
In presence of the effective costing and pricing strategy, the organisation and
customers will benefit from the effective delivery of the services and the cost and
expenditure.
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4.3 HOW FINANCIAL CONSIDERATIONS IMPACT UPON AN INDIVIDUAL
USING THE HEALTH AND SOCIAL CARE SERVICE
There are few basic factors which are usually considered in rendering assistance to
the individual using the HSC services which helps him to gain support from the
government, these financial considerations may be considered by the Central
government which will render the assistance to the individuals on the basis of the
seriousness of the need and the needs level may be categorised on the basis of the
moderate level, low level, critical level and substantial level. Once this level is
decided the financial assistance is decided by the government Entwistle, et al. 2018).
Another financial consideration factor that impacts the individual is the individuality
stability factor which is judged by the government about the service user so as to
render help. The capital income and the unavoidable expenditure are considered by
a government which guides the level of support that they can offer to individual
Weygandt, et al. 2015).
The impact that the CareTech Holdings Plc will face due to financial consideration
will include the reduction in the service users which ultimately will lead to the
reduction in the revenue.
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4.4 WAYS TO IMPROVE THE HEALTH AND SOCIAL CARE SERVICE THROUGH
CHANGES TO FINANCIAL SYSTEMS AND PROCESSES
Financial systems and the processes are a set of the policies, rules and the
procedures that help in carrying out the financial activities in an organisation easily
so that desired objectives can be achieved (Porter and Kramer, 2019).
There are many ways that can help in improving the HSC services by making
changes to the financial systems and processes such as the governmental changes
in the financial systems. There can be also changed in the staff so that experienced
staff can be recruited which will help in reducing the cost and will help in saving the
expenses. The charges on the overseas service receivers should be made
accordingly as this will help Care Tech in bringing extra income for the organisation
and will help them treat the patients at profit (Abdelhak, et al. 2014).
By changing the benefits cap government can limit the individual getting benefit. This
change will help in saving the excess money which it can use for the development of
the services and enhance the health care services.
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CONCLUSION
Through this report, the management of financial resources has been effectively
carried out by CareTech Holdings Plc in the UK that follows the costing principles
and other regulatory requirements which it needs to follow so that effective
management of financial resources in HSC can be done. Through this report, the
significance of the planning and the monitoring of the budget have also been gained
that has helped to conclude about the management of the financial resources in the
organisational context.
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