Managing Financial Resources in Health and Social Care - HNC/D Report

This report, addressing HNC/D Unit 14, focuses on managing financial resources in health and social care. It begins by identifying information requirements for financial decision-making, emphasizing the use of financial statements and patient data management within Care Tech Plc. The report then analyzes the relationship between health and social care service delivery, costs, and expenditure, highlighting the direct correlation between investment in quality services and associated costs. It evaluates the impact of financial considerations on individuals utilizing health and social care services, including factors such as income, affordability, and service costs. Finally, the report suggests ways to improve service delivery by initiating changes in financial systems and processes, advocating for better performance evaluation and adherence to accounting principles. The report concludes with a list of references including books and journals related to health and social care management.

Managing Financial
Resources in Health
and Social Care

TABLE OF CONTENTS
 TASK 4
 4.1 Identifying information requirement for making financial decisions in health
and social care
 4.2 Analysing relationship between health and social care service delivered, costs
and expenditure
 4.3 Evaluating financial considerations impact upon an individual utilising health
and social care service
 4.4 Suggesting ways for improving service by initiating changes in financial
systems and processes
 CONCLUSION
 REFERENCES

4.1 Identifying information requirement for making
financial decisions in health and social care
 The information with regards to
financial aspect is required so that
financial affairs may be handled in
a better manner.
 Financial controllers at Care Tech
Plc should use financial statements
such as income statement, balance
sheet, cash flow statement etc

CONT.…
 Management of Care Tech Plc
should maintain complete track of
information with regards to
patients. It involves type of
infection, diagnosis method
deployed, date of admit etc in
spreadsheet accurately.
 This provides with better
information transparency as every
information about the patients and
other information are recorded in a
better manner.

CONT..
 Moreover, by taking information,
decision-making can be made with
reference to recurrence of frequent
infections, diagnosis and patients in
effective manner.
 Cash books should also be
maintained in financial department
in health and social care. On the
other hand, sound decision-making
is required so that business may be
able to attain transparency of the
transactions occurred.

4.2 Analysing relationship between health and social
care service delivered, costs and expenditure
 The connection between cost, services and expenditures are direct.
 It implies that for an organisation to attain benefits by delivering quality
services, it has to make investment in competent employees, facilities and
equipment necessary for the health care.
 In simple words, quality services highlights increased investment. This is
evident from the fact that when quality services are to be imparted by Care
Tech Plc,

CONT…
 On the other side, there is also
direct relation between the demand
for services and cost incurred for
offering such services.
 This means that when demand for
services maximise, then total
expenditures are automatically
elevated by the organisation.
 While, unit costs, in certain cases is
reduced because of economy of
sales.

4.3 Evaluating financial considerations impact upon
an individual utilising health and social care service
 Financial considerations having
impact on an individual are
individual's income, affordability,
seriousness level and type of
disease, cost of living or living
standards and associated cost of
service delivery at the hospitals.
 Another factor includes expensive
service delivery may block persons
who cannot afford services.

Cont…
 On the other hand, it can be said that
organisation have to get into account
where source of finance to fund the
expenses. Availability of sources
affects services directly or indirectly.
 It means that when firm raises price of
particular service, high price has to be
paid by patient for covering costs.

CONT..
 Care Tech Plc requires services
which are generating profits in the
best manner possible.
 On the contrary, it requires putting
an end on loss-generating services
so that profits may not get eroded.
This means that profitability of
different services determines
availability of services in effective
manner.

4.4 Suggesting ways for improving service by
initiating changes in financial systems and processes
 Hereby, it is suggested to
properly manage financial
resources including monitoring and
evaluating overall performance.
 Most of financial systems are
enabled only for end of year. There
is an absence of real-time
performance evaluation by
management.

CONT..
 The accounting principles should be adopted and misrepresentation of data
and information must be avoided.
 Effective and efficient control systems must be implemented.
 Changes being applied by organisation must be cater to service user's needs.
They should be served with more flexibility, timely and accurately.

References
Books and Journals
 Challis, D. and et.al., 2018.Care management in social and primary health
care: the Gateshead Community Care Scheme. Routledge.
 Epstein, M. J., 2018. Making sustainability work: Best practices in managing
and measuring corporate social, environmental and economic impacts.
Routledge.
 Glasby, J., 2017. Understanding health and social care. Policy Press.
 Munro, M. and et.al., 2016. The Prince Edward Island conceptual model for
nursing: a nursing perspective of primary health care.Canadian Journal of
Nursing Research Archive.32(1).