Managing Financial Resources in Health and Social Care
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Added on 2020-06-06
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Managing Financial Resources in Health and Social Care INTRODUCTION 1 PART 11 1.1 Principles of costing and business process system:1 1.2 Information which are needed to manage financial information:2 1.3 Regulatory needs for handling financial resources:3 1.4 System for managing financial resources in the cited organisation: 3 2.1 Diverse sources of income available to cited organisation:4 2.2 Analyse the factors which affects the availability of financial resources: 4 2.3 Review different kinds of budget expenditure in Silloth nursing and residential care home: 5 2.4
Managing Financial Resources in Health and Social Care
Added on 2020-06-06
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Managing FinancialResources in Health andSocial Care
Table of ContentsINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................11.1 Principles of costing and business process system:..........................................................11.2 Information which are needed to manage financial information:....................................21.3 Regulatory needs for handling financial resources:.........................................................31.4 System for managing financial resources in the cited organisation:................................32.1 Diverse sources of income available to cited organisation:.............................................42.2 Analyse the factors which affects the availability of financial resources:.......................42.3 Review different kinds of budget expenditure in Silloth nursing and residential care home:................................................................................................................................................52.4 How decisions about expenditures are made:..................................................................5PART 2............................................................................................................................................63.1 How financial shortfalls can be managed:........................................................................63.2 Explain the actions that would take to overcome financial fraud....................................63.3 Evaluate budget-monitoring arrangements in a health or social care organisation..........74.1 Information required to make financial decisions relating to a health and social careservice.....................................................................................................................................74.2 Relationship between Silloth Nursing care home and service delivered, costs &expenditure.............................................................................................................................74.3 Financial considerations impact upon an individual using the health and social care service................................................................................................................................................84.4 Ways to improve the health and social care service.........................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONFinance is the most crucial requirement which are needed by the management forefficient running of the firms’ operations in an effective manner. this is the report which is reliedupon the Silloth nursing and residential case home. This report would elaborate how the systemsare implemented along with cited care home for managing financial resources, managing budgetand expenses. By implementing this kind of tools, organisation could avoid expenses in aneffective manner henceforth, the business could offer services at a lower rate to the clients. Thereare so many tools which could be implemented by the Silloth Nursing and Residential CareHome for managing its financial resources.PART 11.1 Principles of costing and business process system:Cost is the tool control which occurred by the organisation are identified, quantified andtubulised in a higher efficient manner, and these compared along with the budgeted figure. Thesekind of comparison provides management data which they are needed to analyse the effects oftheir operations and to help them for developing their business decisions. This care home isneeded to assess about how much they are required to incurred on the products and services, butfirst of all, firm is needed to calculate the costs of other things which would earn higher profits orlosing money by measuring cost which are further divided into direct and indirect costs. As far asthe case study is concerned, direct and indirect costs are elaborated by Silloth Nursing andResidential Care Home (Wheeler, Reeder-Hayes and Carey, 2013). This simply means that thedirect costs are those that could derived entirely to the product. Henceforth, organisation isrequired that there are various kinds of costs which are categorised into direct and indirect costs.In this report, direct and indirect costs are elaborated by the Silloth nursing and residential carehome manager. This can be rightly said that the direct costs are those that can be derived entirelyto the product, which can be rightly said that this costs are highly elaborated along with goodsand services. Direct costs are staff costs, handling of patients, domestic, establishment cost, staffcosts etc. while on the other hand, indirect costs are those which are not directly apportioned tothe particular goods.Business control framework of cited home is additionally needed to determine thecompliance issues such as following to various laws, rules and regulations that are determined1
along with health care. In the business, there are so many principles which would be adhered andfew of them are as follows:Charging of abnormal cost in costing: In the firm, there are so many uncommonincidents which occur like fire, riots and various kinds of loss which has to beborne as to this would be adopted as the abnormal cost. There would be noconnection of it along with other events.Connection existing among cost and its cause: This is rightly said that entirecosts are to be incurred which are concerned to its cause. Cost is determined on thebasis of allocation of the resources.Previous costs do not to be ignored: Consideration would not be rendered to anycost that has been formed in past period as by that excessive load would be formedon the organisation.Determining entire costs of the organisation: This kind of principles of costingconcentrates on the specific good or activity of a project. As per this princlipleSilloth nursing and residential product or activity of a project. As per this principlecited organisation must need to form a budget on the basis of forecasting of entirekinds of costs. For example, cost for a cited cost must be forecasted and a projectbudget will be predicted and project budget will be formed. After this, entireactivities costs must be handled with during occurrence.1.2 Information which are needed to manage financial information:To handle financial resources in the hospital, there is a requirement to undertake financialaccounting information by manager. Henceforth, this could be rightly said that financialstatements are required to be formed on yearly basis (Marten and et. al., 2014). Cash flowstatements demonstrates movement of cash inflows and outflows in this cited firm. this assist thecited organisation to assess the movement of the cash inflows and outflows in this citedorganisation. This assists the organisation to assess about funding needs and efficient utilisationof these resources in an effective manner. Balance sheets of the cited organisation renders a mosttransparent picture of assets, liabilities and shareholders’ investment. While firm’s incomestatement is likewise needs to be assessed as the profits and loss statement that coulddemonstrates operation’s records of earnings and profitability for a particular period of time.2
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