Managing Financial Resources in HSC - Assignment

Costing principle and business control system. Requirement of information for the financial resources by the manager. Requires regulation for financial resource management. Assessment of diverse sources of income in health and social care. Analyzing the various factors which impact the availability of financial resources. Reviewing varied types of budget expenditure. Evaluation of effective decisions about expenditure. Management of Financial Shortfalls.

Managing Financial Resources in
H&SC

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
1.1 Costing principle and business control system ....................................................................1
1.2 Requirement of information for the financial resources by the manager..............................3
1.3 Requires regulation for financial resource management.......................................................4
LO 2.................................................................................................................................................5
2.1 Assessment of diverse source of income in health and social care.......................................5
2.2 Analysing the various factors which impact the availability of financial resources.............6
2.3 Reviewing varied type of budget expenditure......................................................................7
2.4 Evaluation of effective decision about expenditure..............................................................8
LO 3.................................................................................................................................................9
3.1 Management of Financial Shortfalls.....................................................................................9
3.2 Assessment of the actions to be considered in the event of fraud suspecting.....................10
3.3 Evaluation of budget monitoring arrangements..................................................................11
LO 4...............................................................................................................................................12
4.1 Assessment of information required to make financial decisions.......................................12
4.2 Analysing relationship between care service......................................................................13
4.3 Evaluation of financial consideration consequence upon a service user............................14
4.4 Suggestions to improve the care service.............................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Health and care sector provide wide range of services to the patient to improve their
health and help them to live a better life. Different financial manager and accountant use the
financial information to evaluate the performance of health care organisation. Care tech holding
PLC manage the financial resources to meet the demand of the equipment. The direct channel of
resources help the health system to manage the funds of the organization in a proper structure
form (Singer et al., 2011). The social care sector require the need of an accountant to manage and
found the sources of funds for the organization.
The different trust, foundations, companies provided the finance to the social care
organization. The record of inflow and outflow of funds in the organization help the accountant
to find the strength and weakness of the care tech holding PLC. The preparation of financial
statement are necessary by the health and social care organization to evaluate the financial
position and pool the investor to get the finance to run the business.
The role of finance department is to plan the budget of the organization and control the
cost to accomplish the task within the proper time and sources. The control of budget help the
company to manage the expenses and save the money for the future requirement. The report
focuses on the system used by the health and social care PLC to manage the finance of the
organization. It also explains the different benefits of controlling the budget. They use the
various method and system are used by the organization to manage the financial sources.
LO 1
1.1 Costing principle and business control system
Costing system is used by the organization to calculate the cost of the organization
activity and different expenses related to the company with their sources of income (business
dictionary, 2014). The role of finance manager to evaluate the expenditure at different level like
production level, selling and distribution level etc. Costing system is an important tool for the
non-profit organization because due to the unstructured sources of fund the control of cost is zero
in Non-profit organization.
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According to Russel et al…, (2002), Management need to control and manage the cost of
organization to evaluate the sources of finance to efficiently run the business. Care tech Holding
PLC charge the legal and fair cost to their patient according to the contract and cost mentioned in
the contract. NHS costing guidance set the major principle of cost in the social care organization.
The principles set by the NHS are :
Transparency : The transparency principle of costing system reflect that the organization
has to disclose all the cost of the organization for the evaluation of the resources and audit the
account to manage the financial resources.
Data accuracy : It reflects that all the data present by the organization must be accurate
to evaluate and present the true and accurate financial position. It also helps to collect the fund to
run the organization.
Materiality : The concept help the organization to set a standard for the business to
compare the cost and minimize the irrelevant cost of the various events.
Consistency : consistency accounting method are used by the organization which
explains that the organization has to use the same accounting methods which was used in last
year to compare the cost and expenses of the organization of particular accounting year.
Causality and objectivity : The principles suggest the cost used and measured by the
company is accurate and consider the cost of all relevant events in the organization.
Stakeholder engagement : It is the process of involving the people in the organisation
which affect decisions of the management team (Hollingsworth,2008). They are involved in the
organization to get the knowledge about the decision and events in the company because they
influence the decisions by their activities and interest.
Care tech Holding PLC require the latest and up to date costing system because it is a
public funded organization. The different stakeholders of the organization such as doctors, staff,
nurses, public and operative manager need to control the cost of the organization of their
different motives and benefits such as public need to control the cost for minimum additional
capital requirement, manager need to control the cost for providing better services etc. The 6
principles helps the care tech Holding PLC to get the success in running the business.
The consistency method provides standard to control the cost by comparing it to different
financial year performance which help the health care organization to evaluate the area of growth
and development (Kakuma et al., 2011). For example in 2013 the cost of the sales of Care tech
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Holding PLC is £68,809.000 which was decreased by £60000. The consistency method and
regular evaluation of cost help the organization to measure the cost effectively and find the area
of defects.
To control the cost of the Care tech Holding PLC they use the different system such as
budgetary control, audit and monitor performance, cost control, IT controls etc. They use the
various system to ensure that the strategy and method used by the organization are appropriate. It
helps them to get the effective and efficient results by Antony and Young, (1999). It also helps to
ensure that the organization effectively distribute the resources in the healthcare sector and
proper utilize the resources.
Budgetary control system help the organization to control the cost by comparing the
actual cost to the standard cost and evaluate the area of increasing cost and manage the expenses
of the organization. Care tech Holding PLC also use the internal and external audit system to
evaluate the cost and performance and provide the valuable suggestions to manage the finance
for the different activities.
1.2 Requirement of information for the financial resources by the manager
The manager needs the various kind of information such as the list of patient attain by the
doctors and staff, sources of funds, generated revenue in a particular period by the health care
organization (Mott, 2012). The information is required to manage and record the financial
statements such as profit and loss account, income statement, balance sheet and cash flow to
evaluate the performance and compare it to different financial years.
The income statement contain all incomes and expenses of the organization of particular
time period like the income received from the rent and interest, allowance received, resources
etc. and the expenses of the organization such as maintenance of machinery and equipment, rent
paid, light and water, salaries and wages, welfare cost, stationary, uniform etc.
The manager need the financial information of the Care tech Holding PLC for the
different purpose such as to plan the strategies, making decisions for the organization and
distribute the finance to different activities.
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In 2013 the profit of the organization is increased by 3.9 times in compare to the last year.
In 2012 the profit of the organization was £6,206,000 which increased to £24,367,000. The
organization provides the different kinds of services to increase the revenue.
They provide mental health, Adult learning difficulties, foster care and Young people
Residential services in the organization in which the adult learning difficulties service generate
the 65% of revenue. The overall amount generated by the company is £114,300,000 which was
drop by less than 1 % because the previous data is £114,100,000.
Manager also require the information to prepare balance sheet of the Care tech Holding
PLC. Balance sheet records the assets and liabilities of the particular accounting year. The
balance sheet of 2013 of Care tech Holding PLC reflects the £313,020,000 assets, £214,278,000
liabilities and £98,742,000 equity of particular year.
Assets = liabilities + equities
£313,020,000 = £214,278,000 + £98,742,000
1.3 Requires regulation for financial resource management
Regulatory framework provides general guidelines to the organization to follow the
guideline for effective management and improving the productivity of the organization. The
regulation framework in health and social care services help the organization to protect the rights
of stakeholders by providing them accurate information to evaluate organization performance
and get benefits from the performance (Anthony and Young, 1999).
Regulation is required by every organization to provide guidelines and rules to control the
activities and direct them to move their activity in proper direction to get the effective output like
to increase the productivity and profitability of the organization. The care tech holding PLC
require the regulation and regulatory framework to control the cash and expenses of the
organization for the growth and development of health care sector. Their aim is to provide better
services to their patient. (Chartier, 2014).
The various regulatory framework such as MHRA work for the organization to ensure
that the medical devices and medicine provided by the company are work properly and safe for
the patient and provide by the organization after all necessary tests and experiments. They also
provide information related to the medicines like the benefits and risk related to the use of
medicines.
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The regulatory framework MONITOR ensures that the facility provided by the organization are
trustworthy and qualified services (Monitor-nhsft.gov.uk, 2014). It works in partnership with the
CQC to improve the quality of services and care provided by NHS. It helps the organization to
protect them from illegal activities and provide the services on time and with efficiency.
Regulatory framework help the organisation to regulate the finance in the organisation and
maintain the finance to meet the requirement of the organization. The HMRC help them to
establish relation between the health and social sector with company house. The different taxing
body help them to regulate the performance of t eh health-care sector and ensure they pay the
taxes on time.
LO 2
2.1 Assessment of diverse source of income in health and social care.
Income is the inflow of cash into the organization which has been received from various
different sources. Higher inflow of cash into the organization helps in increasing the total
resources for the particular financial year which helps in higher operational efficiency. (business
dictionary, 2013).
The Care- Tech is mainly sourced from the Public sector. The care- tech company raise
their finance by effectively selling their services. They also raise their finances by providing
health care services to the individuals suffering from mental health, vulnerable adults with
learning inability, foster care and residential services to the young people.
Figure 2: Care-tech Segment report- revenue
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Care- tech also raise money from the third party financial contributor and insurance
services. Care- tech focus on raising funds from external and internal source of income. External
sources includes loans, banks, request from local authority, etc. It is a part of NHS and it can also
raise money from the Commissioners Clinical Group to provide financial support (Cox and
Fardon, 2008). They can also raise money from the interest which is produced by the individual
or firm on a bank deposit. Internal source of income includes from sale of services to the
individuals, communities in order to generate income for smooth functioning of the organization.
Care- tech also focuses on raising money by renting out few facilities in order to generate funds
from internal source.
However, the money deposited in the bank was around £3,783,000 in 2012 financial
accounting year and it has generated interest of £20,000. The main reason behind this is that,
excess funds has been appreciated on bank deposit which eventually results in £6,575,000
deposit by the end of the financial year.
2.2 Analysing the various factors which impact the availability of financial resources.
According to the (Business Dictionary, 2013) financial resources is referred to as the
cash or fund spend by the organization to carry out daily activities in a systematic and accurate
manner which eventually result in higher performance and achievement of goals and objectives.
Financial resources are the funds in the form of liquid securities, cash and credit lines which can
be used by the organization in order to carry out day to day operations of the business. There are
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various factors which impact the availability of financial resources in Care- tech mainly
comprises government policy, rules and regulations, geographical location, financial crisis,
funding priorities, type of services provided by the organization, type of ownership of the
business, policies of local authority, new technologies, national service framework, etc. The
business must possess sufficient amount of funds and financial resources into the organization
for future growth and development of the business.
Business ownership is necessary when it comes to accessibility of financial resources
from the voluntary organisation, private banks, government, public banks, statutory organization.
For example, a private residential place for the care of 33 elderly individuals with 8 staff
members will be entitled to lower grants and loan as compared to the NHS (CCG's) who provide
ample amount of services to the users and have high staff and other agencies.
Geographical location is another factor which influence the availability of financial
resources which mainly includes non- availability of workers and users, financial accessibility in
the particular geographical area, etc. For example, if the services are rendered in the particular
area are elderly then there will be lower chance of accessing to the other financial resources and
grants available.
Local agreement is another factor which includes restrictions and formulation of policies
which hamper the efficiency to carry out the business.
2.3 Reviewing varied type of budget expenditure.
The (Business dictionary,2013) refer budget is an estimation of revenue, cost and
financial resources for the particular financial year. It helps in evaluating the future financial
condition of the organization to achieve desired goals and objectives. It is an effective plan to
estimate the spending. It helps in determining whether the company has enough cash to carry out
particular activities. Budget helps in balancing the income and expenses for the company.
According to (Baker at et.al., 2007) explained that, budget is a road map which helps in
identifying the functioning of the organization. It is also useful for managers in determining
unforeseen circumstances which helps in reduction of future miss- happenings.
It is very crucial for the Care-tech to prepare different types of budgets such as sales
budget, master budget, operational budget, overhead budget, production budget, cash budget, etc.
According to (Mukesh et.al., 2007), sales budget helps Care-tech in determining the growth sales
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of the organization and it also helps in controlling the trade expenses. This helps company in
determining the sales of the company for the particular financial year accurately.
Overhead budget takes into consideration all the cost, excluding labour and raw material
which has been incurred by the company in the particular financial year. This helps company in
evaluating all the current expenses of the company such as tax, utilities material. Master budget
is an effective plan which helps in determining the production and financial plan by considering
all the functions and activities of the business over the particular accounting year. It also helps in
evaluating the expenses of the company by analysing the inflow and outflow of cash and can be
prepared day to day, weekly, monthly or annually.
The budget plan helps Care tech in effective decision making. Different types of budget
are prepared for cost centre, outsourcing contract and project management. Sales budget helps in
evaluating the expected sales for the particular financial year and is the first and foremost step for
the preparation of master budget (Bekaert and Hodrick, 2009).
“Material and utilities budget is also known as operational budget. This mainly includes
raw material for production, spare parts for maintenance, energy consumption and labour time.”
(Wyatt, 2014, p.54)
“Budget for O/H mainly comprise the cash flow budget which takes into consideration
inflow and outflow of cash. This is the most crucial part of the budget plan which helps in
estimating and evaluating the income and expense for the set financial period” (Hope and Fraser,
2003, p.3).
As a financial manger of the Care tech company, it is very crucial for each branch to
formulate a budget plan, which helps in estimating the master budget by considering all the
various different types of budget of the organization. These budgeted plan must be reviewed
regularly on time to evaluate the deviation of inflow and outflow in an organization. This also
helps in reflecting the growth in the cost and expenses of the company. An effective budgeted
plan helps in protecting the business in a strategic mode in order to attain desired aims and
objectives of the Care tech.
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2.4 Evaluation of effective decision about expenditure.
It is very crucial for the Care tech company to take strategic decision which helps in
determining the expenses and expenditure of the company. It helps in expenditure environment
analysis, eliminating emotionality, providing balance, adjusting plan of action, focus on priorities
and much more.
The Care tech company of healthcare system focuses on examining the deviation in the
income and expenditure of the company. As a manager of the Care tech company, it is necessary
to make modifications in order to balance the budget. The manager of the company must also
focus on reducing the expenditure of the company by reducing the expenses and reflecting key
areas for change in the service. For instance, in Adult learning, workers are facing difficulty in
relation with shortage of resources for computers and equipments for Xbox games. As a financial
manger of the Care tech company, it is very important to foresee the budgeted plan in order to
buy the optimum resources required for smooth functioning of the business.
The manager of the Care tech company must focus on the recruiting and selection process
by effectively hiring talented and experienced candidates for the job which helps in carrying out
higher operational performance for the organisation. It is very crucial to determine the situations
which enables workers to perform their task with utmost accuracy and efficiency. It is also very
important to do cost analysis using effective investment appraisal tools such as IRR, NPV or
Payback Period.
Environment scanning and analysis helps in effectively obtaining all the relevant
information regarding events and trends which occurs external of the company and also influence
the decision making of the Care tech company (Kotler and Armstrong, 2006). It is very necessary
to make the accountability and reporting structure into the organization and also set priorities
which helps in strategic decision making.
The financial manger of the Care tech company must focus on risk analysis with the help
of using various effective models such as Global Portal Model, Monte Carlo Simulation and
Sensitivity Analysis. In addition, “Investment techniques used in the organization for corporate
finance which helps in strategic decision making because it mainly focuses on cash flow of the
company(Ross and Westfield et.al., 2010). ”
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The risk analysis helps manager in to foresee the risk and uncertainty which can impact
the smooth functioning and productivity of the business. Risk analysis helps in decision making
and it also helps in analysing the impact of the risk and take necessary measures to reduce the
risk in the organization to achieve higher operational efficiency and productivity.
The financial manger of the Care tech company must be fully aware of the certain period
in order to mitigate the uncertain activities and must be updated with effective staff requirements
and resources.
The financial manager of the Care tech company, I must estimate the finance income
which mainly includes income from sales, internal funders, government and service local funds.
Budgets are effectively monitored in Care tech for higher operational performance and
productivity. The volunteers of the company must be well trained in order to carry out the
services and refrain from charity assistance.
LO 3
3.1 Management of Financial Shortfalls.
Financial Shortfalls is a sum of money by which financial liability exceeds the
availability of cash into the organization in a particular financial year. It is very important to cut
down the financial shortfalls in so that health and social care can achieve the set goals on time
(Hollingsworth, 2008). The project undertaken by the manager might have short term or long
term realization goal. It is very necessary to determine this factor before allocating finance to the
particular project (Kakuma et al., 2011). It is also necessary to keep reserved funds in order to
meet any contingency and emergency which attract large amount of funds.
The manager of the organization must keep a proper track of the inflow and outflow of
cash with proper supported evidence (Chartier, 2014). It is important to control the financial
resources of the healthcare company and also formulate a plan to start streaming more inflows
into the company. Therefore, this helps company in reducing the financial risk during a particular
period.
In case of fraud undertaking, the management of the organization must remain silent
before incriminating someone. The information must be given to the person who has the
authority to take necessary action (Hollingsworth, 2008). After effectively conveying the
information, the manager must take immediate action to avoid stigmatization. A member of the
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company who notices such deceitful act must be cautioned to not take part into such activities in
order to take share of the funds.
3.2 Assessment of the actions to be considered in the event of fraud suspecting.
Fraud is referred to as an act of deception which is intended for personal benefit or gain
(serious fraud office, 2013). There are various different types of fraud under the fraud Act,
(2006) which includes mistreatment of position, failure to disclose important information, false
representation. It is very crucial to suspect such act as it is very crucial for recognized company
like Care tech which can have negative influence on the reputation and goodwill of the company
and funders like employees, management and customers.
A red flag indicates warning signal that usually attract foremost attention (Merriam-
Webster, 2018). The organization must focus on resolving such signalling problems such as
undetermined bank transactions, repeated alteration in bank accounts, unanticipated over draft,
owning priceless goods, hesitant to give data to investigators and much more.
The company should protect themselves from fraud by implementing effective policies
and strategies for fraud detection. The policy must be formulated which helps in evaluating the
wrongdoings of the staff. The policy and procedures must be formulated time to time and must
be effectively communicated with all the staff members.
In case the allegation is regarding misuse of Care tech funds, then it must be reported the
management who will implement the fraud policy guidelines into the organization.
As a financial manger of the Care tech company I must focus on investigating the matter
without any personal biasses and it must also focus on following the procedure of the company.
The manner should seek counselling from higher management or legal advisor from Citizen
Advice Bureau.
3.3 Evaluation of budget monitoring arrangements.
The health and social care organization effectively monitor the budget plan which helps
them oversee all the financial expenses in the organization. Budget monitoring plays a crucial
role in controlling and minimizing the income and expenditures of the company for the particular
financial year (Chartier, 2014).
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As a financial manager of the Care tech company it is very crucial to track and oversee all
the activities and operations of the business. This helps in monitoring any shortcoming and
taking corrective actions which helps financial department in reducing various financial risk.
As a financial manager of the Care tech company, I must monitor the budgeted plan from
time to time and also focus on tracking the progress and development of the company. The
mangers should know the current financial position of the company and also assess the direction
accurately in which the company is headed.
The company should render opportunities for the public, so that they can give their
viewpoints and perception towards the government engagement into the organization (Anthony
and Young, 1999).
“Budget monitoring makes sure that the financial resources of the company are used
accordingly. It must focus on effectively taking into consideration internal and external problems
and opportunities and also take necessary corrective measures accordingly which helps in
attaining organizational goals and objectives of healthcare (Thorne and Piekarski, 1995). ”
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Source: Adapted from (adfam.org.uk, 2013)
LO 4
4.1 Assessment of information required to make financial decisions.
Financial information such as income statement, balance sheet, equity statement, cash
flow statements, management accounting reports, budget reports helps in giving detailed
information about the operations and financial position of the company. It helps in investment
decision, capital budgetary decision, sales and cost decision, etc. This helps in avoiding possible
shortfalls and helps in efficient functioning of Care tech.
The financial information of the company provide all the financial information to the
company which helps in evaluating the past performance and position of the Care tech. The
financial statement of the company also helps in strategic decision making in relation to the sales
and purchases, pricing and income, cost and expenditure, what to produce or what type of service
to render or where to locate, etc. Strategic decision is made by the management of the
organization which helps in making investment decision, performance decision, etc. which helps
in managing risk which leads to future growth of the company.
4.2 Analysing relationship between care service.
The health and social care focuses on providing quality services to the individuals. They
focus on identifying the needs of each individual. The relationship between the health and social
care services delivered and 'cost and expenditure' lies down on the capabilities of the
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management (Chartier, 2014). There are people who can afford the service fee and few does not
have the capabilities to afford such services.
The government policies and regulations specify that all individuals have the right to
access to quality medical aid. It is very crucial for health and social care system to be effective
for all individuals as they have high degree of trust in health and social care system.
The health and social care system must focus on delivering quality care services to the
people at the right time and place, irrespective of the location, cultural backgrounds, irresponsive
of income, etc. Every individual must be treated with standard care, intervention, infrastructure,
confidentiality, dignity etc. (AIHW, 2014). In order to provide assured quality there should be set
standards, policies and procedures well documented. All the employees must experience
effective training and all the audit department must comply with external regulators and take
corrective measures to mitigate risk or mistake.
Cycle source: Adapted from Saint-Patricks college website
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4.3 Evaluation of financial consideration consequence upon a service user.
Financial consideration means amount that is received or given indirectly or directly
through fees, charges, dues, sales, donations and contributions. Financial consideration mainly
use various source of finances to fund expenditure. This largely has impact on the health and
social care service user. The funding for the Care tech has to be done on the basis of priority.
The quality of the services must be improved in order to reach higher operational performance
and productivity. The sections which are generating profit for the organization are the most
profitable and of utmost priority. The services which are rendering loss must be closed.
4.4 Suggestions to improve the care service.
The health and social care sector needs continuous improvement from time to time which
helps management of the organization to focus on more business activities while using finance
for the particular purpose. The health and social care sector can be improved by changing the
financial process and system (Kakuma et al., 2011). This helps in evaluating the performance on
a real time basis. Hiring of competent staff and proper training to employees helps in improving
the health and social care sector (Singer et al., 2011). Estimate accurate cost, computation of per
patient cost and improvisation in consultation helps in improving health and care services.
Incorporation of electronic method and information communication technology in the
reporting system makes work much easier by effectively accessing to financial information from
anywhere and at anytime (Anthony and Young, 1999). Integration of electronic method helps in
reducing human errors such as omissions and commissions. It will help in reflecting all the
financial information with true and fair values. This will also make auditing process easy by
effectively highlighting similar amounts.
CONCLUSION
From the above study it has been summarized that, Costing system is used to calculate the
cost of different expenses related to the company. Regulatory framework provides general
guidelines to the organization to follow the guideline for effective management and improving
the productivity of the organization. It also concludes, diverse source of income in health and
social care by providing health care services to the individuals suffering from mental health,
vulnerable adults with learning inability, foster care and residential services to the young people.
Further this study also evaluates, factors which impact the availability of financial resources.
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This study also includes, Management of Financial Shortfalls and Assessment of the actions to
be considered in the event of fraud suspecting. This study further evaluates, budget monitoring
arrangements. This also summarizes, financial information required to make financial decisions
and also necessary recommendations to improve the care service.
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