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Managing Financial Resources in Health and Social
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Added on 2020-12-29
Managing Financial Resources in Health and Social
Added on 2020-12-29
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MANAGING FINANCIAL RESOURCES INHEALTH AND SOCIAL
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Explaining the principal of costing and business control system .......................................11.2 Identify information needed to manage financial resource...................................................21.3 Explain the regulatory requirements for managing financial resources...............................31.4 Evaluate system for managing financial resource in a health or care organisation..............32.1 Discuss the diverse sources of income that may be encountered in health and social care .42.2 Analyse the factors that may influence the availability of financial resource .....................42.3 Review different types of budget expenditure in health and social care organisation.........52.4 Evaluate how decision about expenditure are made within a health or social careorganisation.................................................................................................................................53.1 Explaining how financial shortfalls can be managed ...........................................................63.2 Explain the action to be taken in the event of suspected fraud ............................................63.3 Evaluate budget monitoring arrangement in a health or social care organisation ...............6TASK 4............................................................................................................................................74.1 Presenting the information required for the health and social care in financial decision: ...74.2 Showing the relation between health and social care service...............................................74.3 Impact of financial consideration on health and social care services...................................74.2 Presenting some ways which help in improving thehealth and social care..........................8REFERENCES............................................................................................................................9Books and journals .....................................................................................................................9
INTRODUCTIONFinancial resource is very important every organisation it is just like a blood for thebusiness without finance they can not run their business activities (Fortier and et.al, 2017). In thisreports explaining all kinds of resources and also manage their fund in order to support theiractivities.TASK 11.1 Explaining the principal of costing and business control system These are the Important of costing and discuss in given below cost is related to its cause – Silloth nursing and Residential care home has implemented theseseveral best costing principal for health and care of patients. These are the principals, cost canbe defined as the price to pay in order to bring a finished goods and services to the market. Theaim of costing is to help providers manage services and improve working efficiency. Every costwhich is obtain a cause (Hansson and et.al 2016). Therefore, there exist a cause relationship thevalue incurred for a cause must be added up in that item only for which is price is change .Abnormal costs are charged in costing- it is basically the cost which occurs due to anyuncertainty like fire, theft, negligence etc. therefore this types of cost must not be added in thedirect costing of item and also this value has no direct relationship with the costing of goods orproduct items. Silloth nursing company also use this cost if any fire occurs at their go-down thanthe cost of due to fire will be included in the rest of the items that have manufactured and notwith those portion or items who are not yet now manufactured.Past cost are not taken into consideration to future cost – past costing are never added in thefuture manufacturing as it will take the price of the product and will not show the true cost of theproduct. Silloth nursing industry follow this point for advertising and promotions costing ,which is considered as deferred revenue expense and it distributed in a specific time.Stakeholder engagement- it is consist with the accuracy of costing depends on the informationproviding by range of stakeholder. Silloth nursing clinical staff is bale to giving more accurateinformation for costing, it is non finance department these department including only those costwhich are related non finance department.1
Consistency- it is refer with the entity consistent formulation in accordant to all department andunit for measuring the value. Similarly Silloth nursing identifying the need for all departmentand measuring the cost per unit.Transparency- this principal showing the cost of health and social care like Silloth nursing careit is clear and easily audit, this company can use this method for controlling the cost.Per patient cost this principal is useful for the payment of patients after the valuation of perpatient, it will calculated by dividing all the variables and fixed cost change over a period of timeby number of patients appointed in the Silloth nursing and Residential care home. 1.2 Identify information needed to manage financial resourceFinancial resources are very useful for every organisation to run their business for longterm without financial resources no any one manage their business as well as not managing theseresources, so it is necessary to identifying the need of managing financial resources. Sillothnursing and Residential health care company, required their financial resource to make paymenttheir employees, procurement of material, medicines, bed, equipments and others. These are therequirement giving their whole staff and patients also by make a plan how much revenue onthese sources. This industry receive revenue in term of payment which is obtain from theirpatients. Silloth nursings will managing their financial resources in effective manner when theentity is clear with correct accounting method for measuring the cost of per patients and otheritems. Financial resource is very important for identifying and assessing the information ofbusiness need in efficient management and taking risk for high return on future so it is verycompulsory. It is also related to neglect of staff, death of patients some time failure of operation,this company managing their financial resources in proper way and also tale a possible risk. Thisorganisation also take risk can be seen regarding to miss happening with their employees, deathof patient. In addition to this, the budget and auditing reports are related with the procurementexpenditure, financial price, administrative expenditure, marketing expenditure, reconstructing ofbuilding cost and legal value. All these expenditure are included in financial resources and thisindustry also managing these resource for full fill their business need and patients need. This carehome also follow all the policies and system related with the allocation of resources. 2
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