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Managing Financial Resources in Health and Social Care

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Added on  2021-02-20

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Managing Past Financial Resources in Health and Social Care INTRODUCTION 1 TASK 11 1.1 Explain the Principle of costing and business control system adopted by CareSouth Group 1 1.2 Required information to manage their financial resources for CareSouth Group 2 1.3 Regulatory requirement of managing financial resources 3 1.4 Evaluate system for managing finance resources in CareSouth Group 4 TASK 24 2.1 Diverse source of income encountered in health & social care 4 2.2 Factors which influencing the availability of financial resources in CareSouth care home 5 2.3 Reviewing different

Managing Financial Resources in Health and Social Care

   Added on 2021-02-20

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Managing FinancialResources in Healthand Social Care
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Explain the Principle of costing and business control system adopted by CareSouth Group......................................................................................................................................................11.2 Required information to manage their financial resources for CareSouth Group.................21.3 Regulatory requirement of managing financial resources.....................................................31.4 Evaluate system for managing finance resources in CareSouth Group.................................4TASK 2............................................................................................................................................42.1 Diverse source of income encountered in health & social care.............................................42.2 Factors which influencing the availability of financial resources in CareSouth care home..52.3 Reviewing different types of budget expenditure in CareSouth Care Home.........................62.4 Comparing expenditure related decisions made by CareSouth for FY2013-14 and FY2012-13..................................................................................................................................................6TASK 3............................................................................................................................................73.1 Management of Financial shortfalls in CareSouth.................................................................73.2 Explain the actions to be taken in the event of suspected fraud............................................83.3 Explain budget monitoring arrangements in a health or social care organization.................8TASK 4............................................................................................................................................94.1 Identify information required to make financial decisions relating to a health and socialcare service...................................................................................................................................94.2 Relationship between a health and social care service delivered, costs and expenditure......94.3 Financial considerations that impact upon an individual using health and social careservice........................................................................................................................................104.4 Recommendations to improve the health and social care service........................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
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INTRODUCTIONManaging finance is the process which includes various activities such as budgeting inorder to plan, control and forecast financial resources. It is important part of the financialplanning where individual or whole organization manage their personal finance which have clearobjective or goals what they have to do further (Ahnquist, Wamala and Lindstrom, 2012).Financial management include the development of budget, tax payment, debt, investment,retirement planning and other financial related decision. CareSouth Group selected for the betterunderstanding of this concepts. It is US based largest post acute healthcare service provider.Company founded in 1995 and it's headquarter in Augusta, Georgia, USA. This report include the various topics such as understanding of different system and howthey manage finance in health & social care. It include the role of planning in the managementregarding their budget and importance of monitoring budget. In addition, it include theunderstanding of systems & process for managing financial resources influences in health &social care sector. TASK 11.1 Explain the Principle of costing and business control system adopted by CareSouth GroupPrinciple of Costing: Costing is the process wherein an individual or organizationconducts a detailed analysis of one's goods and services so as to identify and assign a cost to anelement of the business that has contributed in the production of such business offerings. Itprovides basic guidelines in relation to how to evaluate the cost with the help of a suitablecosting method. It includes basic fundamental principle which is discussed below: Cost of the product & services are always related to its cause.Abnormal cost incurred due to theft or fire should not be included in the assignment ofcosts as such an inclusion would result in distortion of cost figures and mislead themanagement in taking uninformed or wrong decisions.Cost of a product or service must include only those costs which have been actuallyincurred.Past cost will not be included in the consideration of future cost because recovery ofpast cost will not be consider in the future cost. Cost must be treated under double entry principle same as financial accounting.1
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Principle of Business control system: It include the procedure and process which helpthe business to achieve their organizational goals & objectives in order to increase productivityor profitability of the company. Control system define that how individual manage their jobresponsibility and fulfill their duty and it will include the various principle which is discussedbelow: Basic principle of business control system is to clear their objective what exactlythey have to do. Basically assure the objectives.It will increase efficiency or responsibility of the employees in order to maintaintheir operational functions (Bennett, Lutz and Jayaram, 2012). 1.2 Required information to manage their financial resources for CareSouth GroupIn order to manage financial resources in a business organization, the managers of thecompany need to identify critical processes as well as points which are related to business costs.Some of them have been enumerated as under:People- Human Resource is one of the most important component of any business entity.This is due to the fact that most of the operations carried out by an enterprise largelydepends on how well its personnel is able to manage and conduct activities in an efficientand effective manner. In addition to this, they are also responsible for taking variousstrategic decisions that define the current as well as future course of the business in aprofitable manner. Hence, the People component is important for an organization such asCare while taking management of financial resources into consideration.Buildings, Equipment and Consumable Items- Some of the other items which areimportant from the perspective of financial resources management include Buildings,Equipment and Consumables. For company such as CareSouth, the building utilized bythe business along with equipment and consumables related to healthcare ensure thatproper services are provided to its visitors. Without which, there would be chaos andconfusion among the service providers as well as seekers associated with CareSouth. Finance and Administration- Due to scarcity of resources, it is important to obtain andutilize resources in a manner which does not result in over-expenditure or wastage.Hence, using tools of budgeting can help CareSouth in administering costs as well asensure reduction of optimal utilization of resources in the business through propercoordination and control across all levels of CareSouth.2
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