Manage Financial Resources - Assignment
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Added on 2020-01-16
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This report is on "managing financial resources in the health care sector". Management of finance is one of the main tasks of an organization because without it business entity is not in a position to implement strategies on time. The present report is based on Silloth Nursing and Residential care home whose main objective is to provide patients with high-quality services. This report will describe the ways to manage financial shortfalls and analyzing the factors that have an impact on the availability of financial sources.
Manage Financial Resources - Assignment
Added on 2020-01-16
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MFRD in HSC
Table of ContentsINTRODUCTION ..........................................................................................................................3TASK 1............................................................................................................................................31.1 Principles of costing and business control systems...............................................................31.2 Identifying information which is required to manage financial resources............................31.3 Assessing the regulatory requirement for the management of finance .................................41.4 Evaluating the system for managing financial resources in the health care sector ...............4TASK 2............................................................................................................................................42.1 Identifying the diverse source of income in the context of health care sector ......................42.2 Analyzing the factors that have impact on the availability of financial sources ..................52.3 Different types of budgeted expenses associated with health care sector ............................52.4 Evaluating the manner in which decisions are made about budgeted expenses ...................5TASK 3............................................................................................................................................63.1 Ways to manage financial shortfalls......................................................................................63.2 Explaining the action that can be undertaken to suspect fraud .............................................63.3 Evaluating the budget monitoring arrangements within the health and social careorganization .................................................................................................................................6TASK 4............................................................................................................................................74.1 Identifying the information which is required to make monetary decisions ........................74.2 Finding relationship between the services delivered, cost and expenses .............................74.3 Evaluating the impact of financial aspect on individual using health care services .............74.4 Suggesting ways to improve health care services .................................................................8CONCLUSION................................................................................................................................8REFERENCES ...............................................................................................................................9
INTRODUCTION Management of finance is one of the main tasks of organization because without itbusiness entity is not in position to implement strategies on time. In the competitive businessenvironment, for the attainment of success it is highly required for the firm to deliver qualityservices to the patients. For this purpose, health care organization needs to invest money in R&Dactivity for finding the best alternatives ways to offer services to people at affordable prices. Thepresent report is based on Silloth Nursing and Residential care home whose main objective is toprovide patients with high quality services. In this, report will describe the manner throughwhich care organization can manage financial shortfalls and thereby would become able to makeoptimum use of monetary resources. TASK 11.1 Principles of costing and business control systems In accordance with the cost principle, manager of care home is required to gatherinformation about the amount spent on each activity. On the basis of this aspect, it is theaccountability of higher authority of Silloth care home to identify the cost level and therebydrafts suitable budget. Moreover, without having information about the cost level manager of thefirm would not be in position to make assessment of cost level. Thus, by making assessment ofexpenses that are incurred to perform the activities are evaluated to analyze the cost level. Hence,by summing up all the expenses cost is assessed by the manager of care home. Further, throughundertaking standard costing system care unit can assess deviations and thereby would becomeable to undertake control measure. On the basis of such aspect, by making evaluation ofbudgeted figures in against to the actual spending level manager of care unit can easily assess thedeviations (Martin, 2016). Hence, by making assessment of causes of deviation firm can takesuitable action within the specified time for further improvements. Hence, by practicing controlsystem firm can achieve success to the significant level.
1.2 Identifying information which is required to manage financial resourcesInformation is required by care home for managing the financial resources moreeffectually includes cost, activity etc. To deliver better services to the patients Silloth care homehas to incur direct and indirect cost. Direct cost associated with the care unit includes ambulance,bed charges, medicines etc. All such costs are related to offering services directly to the patients(Finkler and et.al., 2016). On the other side, indirect cost includes promotional, maintenance,depreciation on equipments etc. all such expenses are the one which Silloth care home has toincur for serving patients in the best possible way. In this, by identifying the cost effective wayof performing each activity care organization can manage monetary fund’s in the best possibleway. Along with this, to manage the financial resources care should make focus on assessing theareas that accounts for high expenses. Moreover, without having information about such aspectmanager of care unit would not become able to avoid redundant business practices.1.3 Assessing the regulatory requirement for the management of finance Companies which are listed on London stock exchange is required to prepare and publishfinancial statements at the end of accounting year. Moreover, investors and other stakeholdersmake decision regarding investment by making evaluation of final accounts (Bosch and et.al.,2016). Hence, it is one of the main regulatory requirements which Silloth residential and carehome should fulfill. Besides this, care organization also requires to prepare final accounts byfollowing the rules and regulations of IFRS (International financial reporting standards) and UKGAAP (Generally accepted accounting principles). IFRS contains accounting rules andregulations that helps in including the feature of fairness as well as reliability in the financialstatements. Thus, by following such guidelines Silloth care home can meet legal requirements inthe best possible way. 1.4 Evaluating the system for managing financial resources in the health care sector By employing the budgetary control system Silloth care home can manage finance in aneffectual way. On the basis of such aspect, by evaluating the actual figures with the standardcriteria manager of firm can measure performance of each department. Moreover, suchcomparison helps in finding the level of deviations and causes associated with it. Hence, byresolving the issue within suitable time frame Care unit can frame suitable strategy that makescontribution in the attainment of goals (Louzon and et.al., 2017). However, it is to be critically
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