Effective Financial Shortfall Management and Fraud Response in Care

This report outlines strategies for managing financial shortfalls within a Health and Social Care (HSC) setting, specifically focusing on St. Pattricks Care Home. It details methods such as working within existing guidance, seeking additional allocations from local government, securing loans from approved i...Read More

TASK 3

3.1 How financial shortfalls can be managed
◦ It is essential for business to calculate the financial shortfalls and
implement effective ways through which it can be managed effectively and
efficiently.
◦ For instance, in certain businesses such shortfalls arise due to poor
bookkeeping. Therefore, it is essential for management of St. Pattricks care
home to manage the financial shortfalls by adopting different methods
remedies can be effectively overcome.
◦ Also, it is significant for business to use environment that helps in
transferring the funds between budgets and thus allocating proper
resources so that desired outcomes can be attained.
◦ Following are the different methods that helps in managing the financial
shortfalls by minimizing the expenditure and thus monitoring the budget
within HSC-

Following are the different methods that helps in managing the
financial shortfalls by minimizing the expenditure and thus
monitoring the budget within HSC-
◦ Working within guidance
◦ Additional allocations from local government
◦ Loan undertaken by approved institutions
◦ Charity donations

3.2 Actions to be taken in the event of suspected fraud
◦ It can be stated that it is essential for St. Pattricks care home to undertake
proper actions in the event of suspected fraud so that malpractice can be
overcome.
◦ Business is required to involve different agencies both internal and externals
so that fraud can be detected and person involved in that should be penalized
or punished.
◦ However, it is essential for the care home to obtain secure evidence regarding
the detected fraud so that best control can be done over the person.
◦ Involving forensic accounting and police involvement helps in identifying the
loopholes determined in the financial accounts of the care home.

◦ Further, implementing different individuals such as internal and external
auditors in the care home assists business to determine the loopholes in
the bookkeeping.
◦ Therefore, it helps organization to undertake best actions and thus suspend
the perpetrators so that they can identify the reason of mis-management in
accounts.
◦ Hence, it is crucial for St, Pattricks hospital to take proper actions in the
event of suspected fraud so that malpractices or maladministration can be
overcome and smooth flow of work can be executed in the organization.

References
◦ Drake, P. and Fabozzi, F.J., 2012. Analysis of Financial Statements. John Wiley &
Sons.
◦ Gibson, C., 2012. Financial Reporting and Analysis. Cengage Learning
◦ Siano, A., Kitchen, J. P. and Confetto, G. M., 2010. Financial resources and corporate
reputation: Toward common management principles for managing corporate
reputation. Corporate Communications: An International Journal. 15(1). pp.68 – 82.
◦ Stolowy, H. and Lebas, M., 2006. Financial Accounting and Reporting. Cengage
Learning
◦ Stomierowski, P. and Lorette, K.. 2011. How to Open & Operate a Financially
Successful Personal Financial Planning Business. Atlantic Publishing Company