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Managing Finance in the Public Sector | Report

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Added on  2020-01-23

Managing Finance in the Public Sector | Report

   Added on 2020-01-23

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MANAGING FINANCE IN THEPUBLIC SECTOR
Managing Finance in the Public Sector | Report_1
TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................3Ways in which NHS is funded and operated..........................................................................3How organization is operated.................................................................................................3Information required to report................................................................................................4TASK 2............................................................................................................................................4(A) Analyzing of the financial information available and how it meets accountabilityrequirements...........................................................................................................................4(B) Ways in which financial monitoring and control are achieved........................................4(C) Analyzing the financial decision making process by using examples to explain the process................................................................................................................................................5TASK 3............................................................................................................................................5(A) Tender process of NHS....................................................................................................5(b) Designing criteria and scoring system for the evaluation of tenders and explaining howthis should be used..................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
Managing Finance in the Public Sector | Report_2
INTRODUCTION In this report, NHS is taken into consideration as a public organization and it is evaluatedin terms of fund sources and operations. Financial statements of NHS are also evaluated andcomments are done on the financial monitoring and control. At the end of report, tender processis discussed and scoring system is designed for the organization. TASK 1Ways in which NHS is funded and operatedNHS is chiefly funded from national insurance and general taxation amount. Littleamount of fund also comes from care services like optical care, prescriptions and dental care.There are many sources of funding for the NHS England and tax that people pay is a majorsource of finance for this body (Edwards and et.al., 2009). Every year, budget of NHS England isprepared and amount for same is largely funded by the tax revenue that is largely paid by thecitizens and businesses to the government. From April 2013, NHS budget is largely in the handof new body which is NHS England. Acute services and community care are commissioned bythe local budgeting groups that are led by GP. Other sources of income are as follows.Prescription fee- NHS charges prescription fee from patients and its rate is £8.20 but thisrate is different in Scotland, Wales and Northern Ireland. Hence, this is one of majorsources of income for the firm.NHS dentistry- NHS dentistry charge is £18.80 for an examination, £50.30 for a fillingand £222.50 for more complex procedures. This is also one of the main sources of gettingfund. Limitation of such funding is that if tax rates will be reduced then NHS will haveless amount of fund. Hence, its service quality will become poor if budget will bereduced.How organization is operatedOrganization is operated by NHS England board. There are many types of Directors inNHS like commissioning and operations directorate, strategy directorate, finance directorate andnursing directorate (Kallen and et.al., 2010). NHS England is divided into different areas likeNorth region, Middle land and East region, South region and London region etc. Operationdirectorate is divided into three parts like NHS interim management and support, NHSimproving quality as well as NHS leadership academy. Hence, it can be said that for different
Managing Finance in the Public Sector | Report_3

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