Financial Resource Management in Health and Social Care (Report)

This report comprehensively examines financial resource management within the context of health and social care, using Silloth Nursing and Residential Home Care as a case study. It begins by evaluating costing principles, business control systems, and the information necessary for effective financial resource management, including relevant legislation and regulatory requirements. The report then analyzes various income sources, factors affecting financial resource availability, and different types of budget expenditure. It delves into how expenditure decisions are made and addresses managing financial shortfalls and fraud. Furthermore, it explores budget monitoring arrangements and the information needed for sound financial decision-making, including the relationship between health and social care services. The report provides a detailed assessment of financial management practices, offering insights into the complexities of resource allocation and control within the healthcare sector.

MANAGING FINANCIAL
RESOURCES IN HEALTH
AND SOCIAL CARE

INTRODUCTION
Financial resources are the only elements required to access the operations and functions
of business in better manner (Rockey and Collins, 2010). Costing principle and the business
control system defined with practical business environment. Information needs to manage
financial resources. The system for managing financial resources in health and social care are
also analysed in this report. Planning and the management of health and social care budgets are
analysed on the basis of health and social care case scenario. The importance of monitoring
budget expenditure in health and social care organisations. The systems and process for
managing the financial resources affected by social care services. Silloth nursing residential and
home care is opted to address the requirement of project.
TASK 1
1.1 Evaluate the principles of costing and business control system
Principle of costing
Costing is the main aspect considered effective with creating the plans and objectives
with business control process. Costing can helps the managers to determine total amount of
resources available at their disposal. There are various types of cost which is associated with
health-care are variable, semi variable, direct or indirect costs. Silloth nursing and Residential
care home required to manage the cost of administration of £2500 as direct and £3500 as indirect
expenses in the form of selling and distributing expenses.
Business control system
This is a system that gathers essential data and utilizes them to examine the execution of
services related to health and social care as human activities, condition of human body, and
adjustments related to financial transactions and development. This is the process of controlling
of overall cost of operations and management (Siano, Kitchen and Giovanna Confetto, 2010).
The process mainly associated with managing the operations by reducing the conflicts and gaps
occurs due to fraud, abuse, errors and management of funds. There are type of methods are used
in business control process such as reconciliation method, expenditure management and
regulatory regarding audit. Silloth nursing and Residential care home may utilise the above
business control tools to maintain transparency and control with in organisation.
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1.2 Analyse the information require to manage financial resources
There are type of informations used to analyse and present them as per the financial
expenditure subject to obtain the financial statements and management reports are the main
source of getting information. There are numerous financial data and information are used to
administrate cost for better financial forecasting and decision making. As per the balance sheet
of Silloth Residential and home care the assets are analysed as £915596 and liability was carried
out as £5868 such as income and expenditure statement. There is an evaluation of profit and loss
account that presents £31450 for the year 2018. These information helps in managing the
operations and management for better understanding and evaluation. For administration it is
important to perform in best and productive way by managing financial information with the
prime objective and plan. Additionally extraordinary instruments regarding proper reporting of
activities and plans are also require to demonstrate the functions of business in various form.
1.3 Legislations and regulatory requirements for administration of financial resources
There are type of legislations and regulatory requirements followed by organisations.
Laws and legislations helps in managing the flow of operations and requirements of business for
better control and discipline (Swayne, Duncan and Ginter, 2012). Rules and legislations that are
formed under GAAP for keeping records are to be consolidated subject to frame financial
information is made conceivable. There are different sections that determines arrangements to be
trailed by health and social consideration part thus it is to be consented and a case of it is
readiness of records which is to be finished by all. Another framework which is utilized is review
related, which is a program in which configuration is made about how the data will be gathered
and systems are monitored under the financial rules and legislations.
1.4 Evaluate the system for managing financial resources in health and social care
Various type of tools are utilized to incorporate evaluating procedure, budgetary
planning, maintaining the accounting records that are identified as financial management and
planning. All the data which is required by social care from various sections can be organised to
assist the IT framework. It prompts appropriate capacity, operating and sharing of data. The
documents are made can be exchanged by utilizing electronic figures which is considered cost
effective. Management information system may be used for better financial management within
Silloth Residential Home Care. As they include a few systems so it is required that preparation
ought to be given to staff by which they can utilize programs in appropriate way. Records will be
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comprehended in better way and regions in which upgrades can be made that are useful for all
are also perceived. So the majority of this will be done with the end goal to deal with the assets.
TASK 2
2.1 Various sources of income that may be encountered in health and social care
It is important to have better financial resources form better sources. There are different
sources of income used by organisations for fulfilling the requirements of business (Weisfeld,
2011). Income form individuals and management functions are required to mange with different
financial requirements. Financial resources are managed on the basis of accounting activities and
plans such as managing the long term financial projects, for payment of suppliers and acquiring
assets and buildings. There are type of financial resources may be effective for Silloth
Residential and Home Care;
 Credits that are taken from communities and different organizations which are built up
with the objective of providing financial help to required areas. The primary association
which give assets to private consideration homes in UK human and well-being
administrations office.
 Grants form government is the administration help which is required for the reason to
help individuals as gift or foundations.
2.2 Factors that impact the availability of financial resources in H&S care entities
Type of factors affect the availability of resources such political, environment,
legislations and social factors. In the process of fund collection there are various factors which
affect the working and it includes expenditure made by government (Balabanova and et. al.,
2012). Some of the groups are such are which are excluded from the list and they are not
provided any help by government. It is important for managing the section for assessing the
requirements of business for better change and development. There are major two factors may
affect the operation of Silloth Residential and Home care such as;
 Relations form other business: It is one of the essential factor that plays vital role in
managing the availability of financial resources for future growth and sustainability.
 Generating financial help form society: This helps in managing the interest and
formation of financial help subject to develop the financial stability and change.
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2.3 Different types of budget expenditure in health and social care organisation
Budgets are the method that help in incorporating the changes and the requirements of
business for better use and development. Different budget plan are used under budgetary process.
As per above given case scenario Silloth Home Care had a budget of £3571 for electric profiling
beds and two special tilt chairs. Budgets helps to determine the expected utilisation of financial
resources for a particular time period and helps in managing the find out the difference creating
criteria. The management of these chairs would be based upon following budgets;
 Coordinate work costs which is connected with aggregate number of individuals in
charge of conveying administrations to patients.
 Material Budget which is related with providing food of ordinary restorative cost,
clothing and different things.
2.4 Analyse how decisions about expenditure are made with in health and social care
Decision making is the process which helps management committee and supportive to
analyse the frequency of changes and variations with in financial management (Kim, Trimi and
Chung, 2014). The expenses and managing the flow was mainly recorded essential for managing
the sections and developments with proper management and control. Decision making in Silloth
Residential and Home Care can be done on the basis of outcomes received form various decision
making tools. NPV, IRR and cash flow are some financial decision making tools that provides a
forecast regarding the management if financial resources. Payback period method is one of the
essential aspect tools that provides expected returns and outcomes by implementing the financial
resources and development tools.
TASK 3
3.1 Explain how financial shortfalls are managed
Financial shortfalls can be emerges when the business money related exercises of the
Silloth Nursing and Residential Care Home neglects to meet out minimum expected goals inside
a particular time span (Hansen, Bourgois and Drucker, 2014). It tends to be of numerous routes,
for example, brief and diligent. A well sort out framework is required to beat these money related
shortages. Subject to oversee there circumstance the consideration Home needs of vital measures
with the end goal to oversee, survive and kill them. Some of them are talked as follows:
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Controlling budgetary assets: As, assets are considered as most proper piece of a
business. It very well may be overseen by appropriate arranging, sorting out and assessment
measure that can assist them with attaining objectives of Home consideration.
Credit control: It will help in diminishing awful obligations and expanding
organization's money streams.
Overseeing Financial streams: The essential reason of shortages is related with income
administration since most of financial resources is utilized while making any arrangements in
regards to advancement of health facility administrations (McColl-Kennedy and et. al., 2012).
3.2 Actions can be taken in the event of suspected fraud
Silloth Nursing and residential care Home is a medical coverage transportability and
responsibility act that is related with false cases. Subject to discover such sort of circumstance
care home need to execute extortion administration control framework. Certain control and
extortion report is should be pursued.
 Distinguishing proof of false enquiry.
 Plan of right methodology in connection to recognize misrepresentation inside an
association so future destinations can be achieved.
 Finding of guilty party which is related with the extortion.
Assessing the means of occurrence in well sort out way and pass on it to higher experts.
With the utilization of all the above notice process, Silloth Nursing and Residential Home care
can beat their financial frauds. It will assist them with making fundamental arrangement for
getting powerful result in future occasions.
3.3 Analyse budget monitoring arrangements in H&S organisation
An ideal instruments and systems is required to be utilized by Silloth Nursing and
residential care Home to decide their execution and development. Spending checking is a
powerful methods of overseeing money related assets of Care Home administrations. Supervisors
can have the alternative utilize spreadsheet information and money streams sum with the end
goal to assess issues and any unfortunate behaviour. In each association without legitimate
checking they can't get powerful results.
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TASK 4
4.1 Determine the information required to make financial decisions related to health and social
care
Different data related with Care Home are require to be introduced to the best
administration so vital assessment and choices can be made. It can distinguish by utilizing past
information that are as of now done in the recorded frame (Proctor, 2014). The organization's
monetary records are one of the significant devices for gathering distinctive data to make
powerful assessment. Basic leadership methods is an efficient methodology that occur on regular
schedule in Care Home. A portion of the fundamental records are basic as cost-sheet, money
streams explanations, BEP examination Income and costs.
Administration risk is another imperative choice which they required to dissect,
regardless of whether this association can control their hazard and how they are supporting them.
Choice about execution of Care Home administrations is connected with financial specialists as
aggregate sum of benefit and expected venture return they are getting from their capital
speculations.
4.2 Evaluation of relationship between health and social care services
Care is extensive administration conveyances that are satisfy needs and needs of
administration clients. It is distinguished with in the nature of consideration by then of time
required particular changes. With the end goal to give more successful consideration to benefit
client a ton of viewpoints required to be considered. For example, secure and conductive
environment, satisfaction and comfort and outside exercises for the patients. Besides, cost and
use specifically affect nature of administrations given by the Care home association. As
supervisor of Silloth Nursing and private consideration Home, they have to decide key factors
that is influencing the administrations by making appropriate conference with administrations
suppliers and relative relatives to deal with those issues. It ought to be fathomable, proper,
ordinary, protected and secure and economical.
4.3 Financial consideration and impact upon an individual using health and social care services
It has been seen that, in later past the Health-care issues has recorded a standard issues
with respect to cost administration. In this manner, there is a requirement for development in
administration quality clients. In the wake of making legitimate assessment of budgetary and
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operational purpose of perspectives of Silloth Nursing and private consideration Home this
choice is made. It is primarily related with staffs progressing proficient improvement, execution
evaluation on the off chance that they are at risk, checking of their exercises and supervision
amid enlistment. It will be useful to diminish additional weight over the organization and
extraordinary possibility will emerge with the end goal to hold for the most part talented and
experienced individuals.
4.4 Ways to improve the health and social care services through change to financial system and
process
The association between monetary foundations and their framework are more valuable
for investigation ideal outcomes for the patient condition (Adeyemo, 2011). It will decide if they
are subject for any further enhancement. It is connected with investors, banks and financing
experts. Methods for enhancing the quality in Care Home;
Values and features: It is named as advancement at worldwide in national human
services service(NHS). It is essential devices and measures to amend nature of consideration
administrations.
Management of books of accounts: It is fundamental for the social insurance
administrations association to utilize appropriate accounting guideline and direction that can
assist them with controlling their additional expense and costs.
Payments by results: In this specific area where exchange of risk is identified from the
lawful experts or form other social insurance association. The essential destinations of this is to
make utilized of that administrations which is of standard quality.
CONCLUSION
The above report summarises the role of management of financial resources in health and
social care sector. It is analysed that business control system helps in managing the financial
resources. It is illustrated that planning of management of health and social care budgets helps in
utilising the financial resources at required areas. Essentialness of monitoring process for better
financial control and management also considered in this report. With the critical evaluation of
assessment of financial resources summarise that important financial information helps in
decision making process.
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REFERENCES
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