Managing Financial Resources in Health and Social Care
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Added on 2020-07-23
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Managing Financial Resources in Health and Social Care INTRODUCTION 1 TASK 1 1.1 Principles of costing and business process system:1 1.2 Information which are needed to manage financial information:2 1.3 Regulatory requirement for managing financial resources: 3 1.4 System for managing financial resources in the cited organisation: 4 M1 5 D1 5 2.1 Diverse sources of income available to cited organisation:5 2.2 Analyse the factors which affects the availability of financial resources: 6 2.3 Review different kinds of budget expenditure in Silloth nursing
Managing Financial Resources in Health and Social Care
Added on 2020-07-23
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Managing FinancialResources in Health andSocial Care
Table of ContentsINTRODUCTION...........................................................................................................................1TASK ..............................................................................................................................................11.1 Principles of costing and business process system:..............................................................11.2 Information which are needed to manage financial information:.........................................21.3 Regulatory requirement for managing financial resources:..................................................31.4 System for managing financial resources in the cited organisation:.....................................4M1...............................................................................................................................................5D1................................................................................................................................................52.1 Diverse sources of income available to cited organisation:..................................................52.2 Analyse the factors which affects the availability of financial resources:............................62.3 Review different kinds of budget expenditure in Silloth nursing and residential care home:.....................................................................................................................................................72.4 How decisions about expenditures are made:.......................................................................7M2...............................................................................................................................................8D2................................................................................................................................................83.1 How financial shortfalls can be managed:............................................................................83.2 Explain the actions that would take to overcome financial fraud.........................................93.3 Evaluate budget-monitoring arrangements in a health or social care organisation.............10M3.............................................................................................................................................10D3..............................................................................................................................................114.1 Information required to make financial decisions relating to a health and social careservices......................................................................................................................................114.2 Analyse the relationship between Silloth nursing & residential care service delivered and'cost and expenditure' :..............................................................................................................124.3 Evaluate how financial considerations impact upon a service user....................................124.4 Suggesting ways to improve care service provided by cited firm:.....................................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................15
INTRODUCTIONThis is the report which is based on the case study of Silloth nursing and residential andcare home which audited financial statement for the year ended 31st March, 2008 which addressthe principles of costing and cost control systems, such report would likewise discuss howsystems are implemented with the cited care home in order to manage financial resources in ahealth and social care, systems and processes for handling financial resources, controlling budgetand expenses (Giordano and Shah, 2014). The main aim of the this report is to permits healthand social care manager to emerge knowing of how to manage their actual expenses againstfixed costs. In this report, Silloth Nursing and Residential Care Homemanagement managing itsfinancial resources in an effective manner so that the business can get the competitive advantagesby lowering its services to the general public. By applying this techniques, firm can avoid theexpenses effectively so that the business can offer services at a lower rate to the clients. Thereare various methods that can be used by the Silloth Nursing and Residential Care Home in orderto manage its financial resource in this report.TASK1.1 Principles of costing and business process system:In connection with the provided case study, cost control is the way by which costsoccurred by the cited organisation are determined, quantified, grouped together in a mosteffective manner, and these compared with the budgeted figure. Such kind of comparison rendersmanagement an information they are required to assess the effects of their operations, and toassist them to come for taking business decisions. The amount covered in the provision ofproducts and services is known as the costs. Silloth nursing and residential care home is requiredto understand about how much they have incurred on the products or services, but first the firm isrequired to measure the cost of other things that would assist to renders for its product andservices. Such would assist the firm to assess if they would earn profits or losing money bycalculating cash inflow (Cresswell and Sheikh, 2013). Although, this can be said that there arediverse kinds of costs which are categorised into direct or indirect costs. As far case study isconcerned, under this direct and indirect costs are decided by the silloth nursing and residentialcare home manager. This can be said that the direct cost are those which could derived wholly to1
the product, this can be said that this cost is normally determined with the products and services.Direct costs are staff cost, maintenance of patients, domestic, establishment cost, staff cost etc.On the other hand, this can be said that the indirect costs are those that are not directlyapportioned to the specific product, like- budgeting, buying, making of payroll etc. The Business control framework of Silloth Nursing and Residential Care Home is additionallyrequired to keep up and watch the compliance issues like adhering to laws, rules and regulationswhich are identified with health care. In business there are diverse principles that will befollowed and some of them are as follows:Charging of abnormal cost in costing: In an organisation there are some abnormalaccidents which occur such as fire, riots or any other and the loss that is to be borne dueto this will be considered as abnormal cost. There will be no linkage of it with otheractivities.Relation exist among cost and its cause: It can be said that all the cost which areincurred are related to its cause. Cost is identified on basis of allocation of resources.Earlier cost are to be ignored: Consideration will not be provided to any cost whichhas been made in past period as by that excessive load will be created on company.Identifying all costs of the company: This principles of costing focuses on particularproduct or activity of a project. According to this principle Silloth Nursing andResidential Care Home should create a budget on the basis of estimation of all types ofcosts. For instance, costs for a Silloth Nursing and Residential Care Home could beestimated and a project budget would be established. After this, costs of overall activitiesshould be controlled at the time of occurrence.Eliminating Unnecessary costs: According to this principle, company should eliminateunnecessary costs through breaking down all expenses into individual items andarranging this into categories. This principles helps Silloth Nursing and Residential CareHome in analyzing those costs that doesn't have any importance to a business. Thisunnecessary costs could easily be eliminated by the company if identified. 1.2 Information which are needed to manage financial information:To manage financial resources in a hospital, there is a need to have financial accountinginformation by the manager (Giordano and Shah, 2014). So that they could effectively managethe available resources in an effective manner. Although, this can be said that financial2
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