Managing Financial Resources in Health and Social Care

This presentation discusses the management of financial resources in health and social care, including strategies for overcoming financial shortfalls and actions to be taken in the event of suspected fraud. It emphasizes the importance of effective budgeting and monitoring in order to ensure quality services for patients.

Managing financial resources in health and
social care

INTRODUCTION
• Health and social care should provide better services
to patients.
• Present report deals with financial shortfalls that
occur in health institution and how it can be managed.
• Furthermore, report also discusses about actions to be
taken by regulators in the event of suspected fraud.
• Regulators are required to prevent fraud and as such,
punishment should be provided to offenders.

Managing financial shortfalls
• Finance is required in the organisation so that it may
be able to meet daily operational activities in the best
possible manner.
• It is one of the necessary requirements of company to
function properly.
• However, financial shortfalls may occur and business
may run short of money which is difficult for
company to attain operational tasks.

Cont.
• When shortfalls prevails then necessary bills and
invoices should be checked in order to identify
shortfalls in effective way.
• Health and social care often deals with financial
shortfalls.

Cont.
• For overcoming financial shortfalls, it is required
that bookkeeping should be managed in effective way
and as such, finance may be managed with much
ease.
• Furthermore, it is required that budget may be
allocated in effectual way and constantly monitored
so that financial shortfalls can be managed in the best
possible way.

Cont.
• Health and social care is required to pass on information
about expenditures so that clarity may be maintained.
• Moreover, remedial actions should be taken whenever,
shortfall occurs and as such, it can be reduced up to high
extent.
• Regular checking of expenditures are required with
regards to compare whether it is according to budgeted
one but also to monitor changes required in it.
• In simple words, this is used to seek whether corrective
action is needed or not.

Cont.
• Effective monitoring help health and social care to
have clarity about whether performance is adequate
or not.
• This will help to reduce financial shortfalls in the best
possible way.
• For monitoring expenditures, several types of
information can be used.

Cont.
• Among this, actual expenditures are required to be updated.
• Further information such as future commitments of
expenses and budget for activities for entire year and
planned budget should be considered.

Cont.
• Moreover, expenditures may be highlighted and variances can
be presented.
• Thus, this information is used to monitor expenses in health
and social care.
• The implications on service providers and users will be
adverse.
• The financial problems will have serious repercussions on
patients as services may not be delivered in a better way and
as such, treatment will be affected.
• Moreover, providers will be under financial pressures to
perform their duty and shortfalls will interrupt quality
services.

Cont.
• For overcoming this, Budget virements can be used
as a remedy to transfer budget to different lines.
• Basically, budget is estimation of planned future
expense which has to be incurred.
• Budget virements are used to reflect changes and are
adjustments that were not seen by the health and
social care at the beginning of financial year.

Cont.
• Budget virements are helpful in circumstances when
allocated budget for the year is not been used by the health
and care and as such, it can be transferred to next period.
• Thus, virements act as a remedy to manage financial
shortfalls in the institution.

Discussing actions to be taken in the event of
suspected fraud
• The suspected fraud in the health and social care
should be removed by the regulators in the best
possible manner.
• This is essentially required so that patients' care may
be taken with utmost responsibility and no laggings
must prevail.
• There are much health and social care regulators in
UK which provides certain guidelines to care takers
so that they may impart better quality services to
users.

Cont.
• Among this, CQC (Care Quality Commission) is one of the main
regulator safeguarding service users from any kind of fraud.
• In the event of suspected fraud, investigation is made by which facts
can be gathered.
• Inspection is made by the commission and as such, fraud is
investigated in the best possible way.

Cont.
• Fraud means person in order to gain makes false representation and
commits fraud.
• The role of regulator is to initiate investigation process so that clear
picture may be extracted.
• This is required in order to safeguard health of service users and
provide better quality services.
• There are many types of frauds which can take place in health and
social care.
• Firstly, doctors may misuse their position in order to gain money.
• Furthermore, another regulator is LCFS (Local Counter Fraud
Specialist) which works in relation to NHS (National Health Service) to
handle fraud and initiates investigation to have clarity whether fraud
has occurred or not.

Cont.
• LCFS main objective is to create anti-fraud culture and take actions so that
no false representation may be done in the health and social care.
• The work of LCFS is to perform duty in accordance to the policies of NHS
such as Directions given by Secretary of State, Manual of Counter Fraud
and Corruption, Standing financial instructions.
• Moreover, Disciplinary procedures of Trust, Fraud Response plans,
legislation of Human Rights Act.
• Thus, investigation is done and as such, efforts are taken regarding no
fraud may be attained in the future.
• LCFS investigates and all information is gathered and follows NHS
policies and procedures and take actions.
• Moreover, action is taken to know no fraud should be occurred.
• Particularly, it checks on that areas which are more prone to risk such as
payments, payroll claims etc.

Cont.
• The actions can be taken by the regulator or it may be
referred to Court for announcing punishments so that
fraud may not be occurred in future course of action.
• For referring case to regulator only, health and social
care may directly approach to LCFS and take action
by sentencing to punishment.

Cont.
• On contrast to this, Court can give several
judgements in this behalf.
• Fine may be imposed by Magistrates Court that does
not exceed £5000.
• Moreover, community sentence can also be given by
which offender has to comply with the same.
• Failing to this, may cause severe punishment to
offender.
• Thus, fraud can be easily resolved in health body by
involving regulators.

CONCLUSION
• Hereby it can be concluded that financial shortfalls
should be managed effectively so that tasks can be
carried out with much ease.
• Furthermore, fraud should be detected in that manner
by which occurrence in future of the same can be
minimised.

REFERENCES
Dyar, O. J., Tebano, G. and Pulcini, C., 2017. Managing responsible antimicrobial use:
perspectives across the healthcare system. Clinical Microbiology and
Infection. 23(7). pp.441-447.
Ginter, P. M., 2018. The strategic management of health care organizations. John
Wiley & Sons.
Gopee, N. and Galloway, J., 2017. Leadership and management in healthcare. Sage.
Khera, N., Holland, J. C. and Griffin, J. M., 2017. Setting the stage for universal
financial distress screening in routine cancer care. Cancer. 123(21). pp.4092-4096.
Online
Counter Fraud, 2018 [Online] Available Through:
<https://www.hct.nhs.uk/about-us/counter-fraud/>

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