Managing Financial Resources in Health and Social Care (HSC) - Assignment
Added on 2020-09-17
11 Pages3323 Words29 Views
Managing Financial Resources inHealth and Social Care
Table of ContentsINTRODUCTION.....................................................................................................................................3TASK 1....................................................................................................................................................31.1 The Principle of Costing and Business Control System:..............................................................31.2 Information needed to manage financial resources:..................................................................41.3Regulatory requirements for managing financial resources:.......................................................41.4 System for managing financial resources in a health care organisation:....................................5Task 2.....................................................................................................................................................52.1 Diverse sources of income in health and social care:.................................................................52.2 Factors that may influence the availability of financial resources.............................................52.3 different types of budget expenditure........................................................................................62.4 Decisions about expenditure are made within a health or social care.......................................6Task 3.....................................................................................................................................................73.1 Financial shortfalls can be managed ..........................................................................................73.2 The actions to be taken in the event of suspected fraud............................................................73.3 The actions to be taken in the event of suspected fraud............................................................7TASK 4....................................................................................................................................................84.1 Information required to make financial decisions.....................................................................84.2 Relationship between health and social care service delivered and cost and expenditure........84.3 Financial considerations impact upon an individual using the health and social care service .. .84.4 Ways to improve the health and social care service through changes to financial systems and processes..........................................................................................................................................8CONCLUSION ......................................................................................................................................8
INTRODUCTIONThe management of financial resources is very important for any sector or industry.The financial performance of a company displays its productivity and profitability level. Inhealth and social care it is very important that the financial resources are used in a veryprecise manner (Aras, Aybars, and Kutlu, 2010). This sector has to manage these factorswhich have direct or indirect impact on cost and expenditure as well as income of the healthand social care organisations. In this report the author has evaluated the current systemswhich are responsible with managing the financial resources in Silloth Nursing andResidential Care Home(health and social care sector). It is very important as reduction andproper management of financial resources will enable the organisation in developing itself.This will provide a core understanding of different systems available for the medicalcompanies. TASK 11.1 The Principle of Costing and Business Control System:Costing refers to the technique and procedure by which the cost of a product orservices are ascertained by the company. Cost is that amount which is paid for the a order ofproduct and service (Broadbent, and Cullen, 2012). Costing includes many valuation systemswhich helps in determining the value of goods and services. There are six principles of costing:Materiality: It states about the significance of transaction, balance and errors.Stakeholder engagement: Involving the parties for implementing decisions.Consistency: It states about same monetary plans for whole organisationData accuracy: Accuracy in data evaluation for better control.Transparency: It should exist in auditing and monitoringCost efficiency: To develop better control system.Business control systems are those which established to ensure proper control andmonitoring of the business and its activities. These system helps the auditor in auditing theorganisation performance. There are certain principles which are followed before establishingthe business control systems. Prevention Control: It is used as to reduce the chances of bad situations.
Security: A safe environment has to be provided to staffDefective Control: Determining the inaccuracies.Managing Control issues:: The compliance issues has to be managed. 1.2 Information needed to manage financial resources:The financial information is required as to ensure development of fiscal resources inthe health and social care organisation. The data is collected from the past performancereports which are taken as a basis for future planning and development. These reports are alsoevaluated as to check where the shortcoming existed. This enables the managers in availingthe information which states about the issues, problems and crisis that took place in past. A proper information management will help the organisation in creating a better,transparent, accurate accounting information, short term and long term forecast, auditingreports, etc. it also helps in establishing a strong risk management system in place (Conway,2013). The information used for managing financial resources will state about people,equipment, building, consumable item, administration, trends, external influencing factors,costs, legal requirements. This information will make the organisation more effective andefficient as the evaluation and m,monitoring of the system will be much easier. 1.3Regulatory requirements for managing financial resources:There are many organisations which are serving in the health and social care sector.Their main aim is to ensure a better health care environment for the society. But to make surethat the companies provide standardised services to the people, the United Kingdomgovernment has formed few legislation and laws. These rules and regulations provide aplatform to the organisation serving in the health and social care sector to make their servicesas per the defined laws (Coombs, 2014). These laws also ensures a proactive role ofgovernment in the sector which is necessary as to avoid any market shocks and shortcomingin the system to hamper the medical services. The National Health Services(NHS) and the United Kingdom government hasformulated few laws such as anti discriminatory laws and equality laws which states that allthe patients has to be treated without any discrimination. Also the organisations have to get alicence before serving in the sector.1.4 System for managing financial resources in a health care organisation:It is very important for the Silloth Nursing and residential care home to manage thefinancial resources in the organisation. The financial management system(FMS) is made as to
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