Management of Financial Resources in Health and Social Care (HSC) : Report
Added on -2020-07-23
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MANAGING FINANCIALRESOURCES IN HEALTH ANDSOCIAL CARE
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 ..........................................................................................................................................11.2 ..........................................................................................................................................11.3 ..........................................................................................................................................21.4 ..........................................................................................................................................2TASK 2............................................................................................................................................32.1 ..........................................................................................................................................32.2 ..........................................................................................................................................32.3 ..........................................................................................................................................42.4...........................................................................................................................................4TASK 3............................................................................................................................................53.1 ..........................................................................................................................................53.2 ..........................................................................................................................................53.3 ..........................................................................................................................................6TASK 4............................................................................................................................................64.1 ..........................................................................................................................................64.2 ..........................................................................................................................................74.3 ..........................................................................................................................................74.4 ..........................................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONManagement of financial resources in Health and Social Care (HSC) will help to provideeffective services to the users which help to achieve the objectives and goals of firm. The reportwill cover information and regulatory requirements to manage the financial resources. Budgetexpenditure and management to control and reduce the financial shortfalls will be discussed inthis report. Finally, the report will cover the information required to make financial decisions andrelationship between a HSC service delivered, costs and expenditure.TASK 11.1 There are various costing and business control systems which should be adopted by theCare South Group care home in order to manage the organisation activities effectively andefficiently. Some of them are discussed below:Cost: Cost of the resources should be managed and controlled by the firm such as income,expenditure and cost centre effectively.Expenditure budget: The business should make a budget plan for the expenditures in order todetermine the expenditures of the firm towards resources (Beard and Bloom, 2015).Profit forecasting: Profitability of the firm should also be increased by Care South Group carehome in order to control the business control system towards cost and resources.Monitoring financial information: Financial information is the main part of the firm in order tomanage its financial resources. This will help to increase the profits effectively.Competitive tendering: Competition in the global market nowadays is very normal thatbusiness should analyse its competitors which will help them to evaluate their position in themarket.1.2 Financial information is crucial for the firm in order to manage the resources related tothe financial activities which are discussed below:Business cost: Business cost includes the cost of employees such as salary and other costsrelated to Care South Group care home should be managed by the firm.Equipment: Information regarding equipment will also help business to manage the financialresources effectively. This will also help to increase the profitability which leads towardsaccomplishing desired goals and objectives.1
Assets: Business assets such as buildings, resources, products information should be analysed bythe firm which will help to manage the financial resources in the firm.Trends and external influences: In this global world, the trends are changing very fast that theexternal influences such as political, environmental, social economic and technological changesare affecting the business and financial resources (Borkowski, 2015). The information regardingtrend and influences must be evaluated by the firm. Legal requirements: Legal factors include policies and regulations formulated by thegovernment which should be considered by the firm in order to manage the financial resources inthe firm.1.3 Regulatory requirements such as codes of practice and legislation, accountability, auditand policies will help to manage the financial resources in Care South Group care home.Internal and external audit committee should be organised by the firm. Insurance is also required to manage the commercial risk in the firm.Policies, plans and strategies implementation in order to take care of financialdepartments such as cost and project without enhancing the expenditures effectively.Changes in the rules and legislation will produce risk for the different operationaldepartments which should be managed and controlled well (Bowling, 2014).Investment and cost should be planned for the future expenses.Evaluation of competitor’s policies and plans which will help to manage resourceseffectively in Care South Group care home.Employee’s improvement towards knowledge and skills in order to manage financialresources.1.4 There are various systems associated with the HSC firm in order to manage and controlthe financial resources effectively. Some of them are discussed below:Source of income: Income of source is the main factor to manage the financial resourceseffectively. The HSC homes collect income from donations, government and other parties whichhelp to manage the resources.Budget plan: Budget plan will also help to manage the financial resources as the manager willdetermine the cost of operations in order to manage and control the financial resources.2
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