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Managing Financial Resources in Health and Social Care

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Added on  2020-10-22

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Managing Financial Resources in Health and Social Care INTRODUCTION 3 3.1 Tool Managing the financial shortfalls3 3.2 Actions taken in the case of suspected frauds 4 3.3 Evaluate budget monitoring arrangements in a health or social care organisation 4 4.1 Identify information required to make financial decisions relating to a health and social care service 5 4.2Analyse the relationship between a health and social care service delivered, costs and expenditure 6 4.3Evaluate how financial considerations impact upon an individual using the health and social care service7 4.4Suggest ways to improve

Managing Financial Resources in Health and Social Care

   Added on 2020-10-22

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Managing FinancialResources in Health andSocial Care
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Table of ContentsINTRODUCTION ..........................................................................................................................33.1 Managing the financial shortfalls..........................................................................................33.2 Actions taken in the case of suspected frauds.......................................................................43.3 Evaluate budget monitoring arrangements in a health or social care organisation...............44.1 Identify information required to make financial decisions relating to a health and socialcare service..................................................................................................................................54.2Analyse the relationship between a health and social care service delivered, costs andexpenditure..................................................................................................................................64.3Evaluate how financial considerations impact upon an individual using the health andsocial care service.......................................................................................................................74.4Suggest ways to improve the health and social care service through changes to financialsystem and processes...................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTION Financial resources are considered to be very essential to run a business organisation andact's like blood for the business operations. A business unit involves several activities which runon daily basis and requires adequate funds for its successful commencement. Financial resourcesshould be managed properly to run business successfully whether the organisation is related withany product or is a health and social care unit. This report is based on the Silloth nursing homewhich is based in UK and will describe the importance of financial resources and differentaspects to manage these resources are explained below in this report. 3.1 Managing the financial shortfallsFinancial shortfalls are the reason of inappropriate use of financial resources in thebusiness operations. These shortfalls are the result of not working according to the suitablestrategies to accomplish the desired objectives of the organisation in set period of time. TheSilloth nursing home is facing issues regarding the shortage of funds and are required to preparean action plan to eradicate this issue and need to follow some measure that are explained asfollows:Controlling budget: the organisation is required to control the budget and it is importantto cut down the wasteful expenses involved in the nursing home. The budget has to beformed taking care of the future activities and their actual requirements of the fund as, itwill help in reducing the unwanted expenditure, funds will be stored for future needs, itwill also aid in reducing the debt troubles for the organisation (Bourgeault and Merritt,2015).Credit control: It can be defined as a system that is used by the organisation which helpsin giving credits to those who are capable of paying it in determined time. This will helpthe Silloth nursing home from eradicating the obligation from the different sources andwill help them in properly maintaining and expanding the money streams in the marketfor further use. Overseeing financial streams: the financial stream is the process where the money isgenerated on regular basis from different set sources. The important reason that isconsidered for the shortfalls in the financial resources is related with the income
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administration as most of the funds are utilised in making different arrangements toimprove the facilities and services of health administration for the customers. Correction and revision of future plans: To manage the financial shortfalls in theorganisation it is very important to form the new policies according to the forecasting ofthe future conditions and if necessary making required changes in them to workeffectively. Tool for comparison: this tool is very essential that helps in comparing the actualfinancial statements with the actual performance. It helps in finding the deviations and iffound then the steps are taken to measure it effectively (Casey, Payne and Eime, 2012). 3.2 Actions taken in the case of suspected fraudsMajorly Health and Social Care organisations are non-profit organisations which faces alot of problems related to the fraud and intentional errors as there is a huge flow of moneycoming from the different places in forms of grants and donations. Silloth nursing home is amedical transportability and caring institution which faces a lot of false cases and sometimes thereplacement of money matters also results in some frauds. So, to protect the organisation formthese frauds it is required to follow some actions that are described as follows:Proper investigation should be commenced according to the report of any kind of fraud inthe organisation and the person behind this work should be punished in suitable manner.The proofs should be collected and then the person should be terminated from the job.This will lead in creating an example for the other workers and will prevent them fromconducting such ill jobs in the management. Proper set of actions like evaluating the financial books on regular basis, analysing theexpenditure bills and credit books, etc. should be defined to the working staff and therequired do's and dont's should be clearly communicated that will help in setting guidelines for the organisation in controlling these unwanted activities in future. With these actions the frauds can be reduced in the organisation of the health and social careand it is required to assess the reason why the fraud was occurred in the organisation and toimprove the system to protect them in future (Doherty, Horne and Wootton, 2014).
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