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Managing Financial Resources in Health and Social Care: Principles

   

Added on  2021-01-01

7 Pages1638 Words415 Views
Political Science
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Managing FinancialResources in Health andSocial Care
Managing Financial Resources in Health and Social Care: Principles_1

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11.1 Principles of costing and business control system ...............................................................11.2 Information needed for financial resource management.......................................................21.3 Regulatory requirements for financial resources management.............................................21.4 Evaluation of system for financial resource management in Queen Victoria Hospital Trust.....................................................................................................................................................3CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
Managing Financial Resources in Health and Social Care: Principles_2

INTRODUCTIONManaging Financial Resources refers to adoption various managerial techniques with thehelp of which company can effectively manage al the financial resources held by them andeliminate insufficiency as well as wastage of financial resources in the company. Queen Victoriahospital trust is a trust which concerns with providing health care services to the public. Thestudy describes various costing and business controlling systems, requirements of regularities forfinancial resource management and evaluation of management of financial resources for healthcare organisations.MAIN BODY1.1 Principles of costing and business control system Costing systemsCosting can be defined as a system through which management can determine the totalcost incurred by the business during a specific time period. There are various principles ofcosting which need to be adopted by NHS like:Consistency: there are various methods of costing which provides different results(Arnaboldi, Lapsley and Steccolini, 2015). Queen Victoria hospital trust should use onlyone method of costing in each year so that managers could effectively analyse the actualposition. It will enable the trust to compare its cost within whole NHS industry.Materiality: this principle says that all data included in costing reports of NHS should bematerial and related to the relevant period as well. It could provide actual cost incurred byNHS in specific period.It would result in elimination of all immaterialness from thebooks and make the books more effective. Data accuracy: It is the key principle of costing system which states that all dataincluded in costing report of NHS must be accurate.It will result in maintaining theaccountability and transparency in the books of Queen Victoria hospital trustBusiness control systemIt is an important element of Queen Victoria hospital trust. It includes variousprinciples which need to be followed by NHS for better monitoring overall business of itlike:Financial accounting system: This system helps NHS in monitoring overall financialactivities including sales and purchase of the NHS.1
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