Managing Financial Resources in Health and Social Care Assignment - BUPA Care Home

Added on - 04 Oct 2020

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Managing Financial Resources inHealth and Social Care
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 & 1.2 Costing principles and business control systems...................................................11.3 Regulatory requirements for managing financial resources.............................................31.4 Evaluating systems for managing financial resources......................................................4TASK 2............................................................................................................................................52.1Covered in PPT..................................................................................................................52.2 Factors affecting the availability of financial resources..................................................52.3 Various types of budget expenditure................................................................................52.4 Evaluating factors that influence decision about expenses made in context to healthcare6TASK 3............................................................................................................................................73.1 Financial shortfalls in BUPA can be managed.................................................................73.2 Actions taken in the event of suspect fraud......................................................................73.3 Budget motioning in BUPA.............................................................................................8TASK 4............................................................................................................................................84.1 Information required for financial decision for BUPA....................................................84.2 Relationship among Bupa care home service delivered...................................................84.3 Evaluation of financial consideration and its impact.......................................................94.4 Ways and recommendations to improve health care services..........................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONManagement of finance has become an effective task in the present scenario. Every fieldirrespective of its business required a well organised and skilled professionals who are capableenough to manage their work in an effective manner. Both private and public sectororganisations are becoming stricter in efficient management of finance. In this report, beingappointed as a manager in BUPA care home, various methods of controlling expenditure as wellas budgets for the organisation are required to be analysed (Swayne, Duncan and Ginter, 2012).Different costing and business control systems are being discussed in this project. It consists offinancial resources that are required to be managed in an effective manner. It also covers variousaspects of legal needs in order to manage financial resources of care home. Various types ofbudget expenses related to healthcare also understood here. The way financial shortfalls can becontrolled in an organisation and analysis of information collected to make financial decision incontext of BUPA Care Home is done are discussed clearly here as well.TASK 11.1 & 1.2 Costing principles and business control systemsBUPA care home is a health care groupwhichis working for delivering superior servicesand serving needy people. It covers a wide area of more than 190 countries and serving around15 million customers. It is a private limited company. The best part of this firm is that they don'thave shareholders so whatever profit is generated by the organisation is spent totally over thehealth and social care purpose. It develops clear and identifiable objectives for company. It usesessential techniques for the management of finance (Singer and et. al., 2011). In order to managethe cost, it uses electronic software and customised techniques for recording their dailytransactions. It will be helpful for company to detect actual costs spent and consumed byorganisation during the year. By using effective costing methods,they can plan to invest in newfranchise andwill be able toearn maximum profits.Costing principles:It is considered as one of the important underlying policies used inaccounting purpose.Thisprinciples needs that assets to be recorded atthe cash amount when thetime assets is acquired. It means that any of the assets collected company are recorded with itsactual cost.Some important principles are:1
Cost is mainly related to its cause:It has been seen that a cost related as possible to itcauses. The value of costs which is collected and determine as per the nature or resourceallocated to the business concern (Kakuma and et. al., 2011).Abnormal costs are charged in costing:This is cost which are arises because of loss byfire, riot, theft or any accidents is termed as abnormal costs. It does not have any relationwith the production part.Cost is charged after it is incurred:If any of the cost is incurred, it is termed as no costand it can't be changed to a cost centre.Past costs are not taken into consideration:In general terms, costswhichhave beenmade in earlier times are not to be considered for any decision making. Because, By thatoverall burden of company will be increased.Keeping accounts for cost which is based on double entry principles:The ledgerbalance and cost control accounts are recorded on the double entry principles.Business control system:It is used to determine the cost, income, profit benefitsanalysis, expenses, budget required to formulate new venture, capital needed, cost control andother aspects which are related with monitoring the financial data within organisations.Methods of business control system:There are some essential methods those are useful in managing cost those are incur bycompany. Like:Visual control:It consists of checklists, scorecard and budgets. It will be helpful inmonitoring right things those are happening in an organisation. If any issues related withhealth-care are analyse and resolve by using effective techniques.Procedures control:These consists of a systematic involvement of two parties in flow ofmoney. Such kind of control is effective in case of securing results those are arises in anorganisation.Embedded control:It refers as all those things that are related with standardised list ofcontract, automatically backup of patient information and essential health-carerequirement.2
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