This project helps to know about the system of managing financial resources of health and social care, the system of managing the budget of the health sector and social care, the role of managing and controlling budget in health and social care firms and also the impact of monitoring financial resources in the health sector and social care business.
Table of Contents
1.1 Explain the principles of costing and business control systems.
1.2 Identify the information needed to manage financial resources.
1.3 Explain the regulatory requirements for managing financial resources.
1.4 Evaluate systems for managing financial resources in a health or care organization.
2.1 Discuss the diverse sources of income that may be encountered in health and social care.
2.2 Analyse the factors that may influence the availability of financial resources in health and social care organizations.
2.3 Review different types of budget expenditure on health and social care organizations.
2.4 Evaluate how decisions about expenditures are made within a health or social care organization.
3.1 Explain how financial shortfalls can be managed.
3.1 Explain the actions to be taken in the event of suspected fraud.
3.3 Evaluate the following budget monitoring arrangements in a health or social care organization.
4.1 Identify information required to make financial decisions relating to a health and social care service.
4.2 Analyse the relationship between and health and social care service delivered, costs, and expenditure.
4.3 Evaluate how financial considerations impact upon an individual using the health and social care service.
4.4 Suggest ways to improve the health and social care service through changes to financial systems and processes
Finance is the lifeblood of a business organization. To run the business functions smoothly, finance is the main factor. Every business organization needs to fund to accomplish its activities. All firms are required to money if it is the manufacturing industry or Health and social service. Health and social service organizations collect their funds from various sources to run and control their business functions effectively and efficiently. This project also focuses on the various factors related to the financing collection and control process of Health and social service organizations.
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1.1 Explain the principles of costing and business control systems
Principles of costing
It is very important for the manager to know about the costing principles to set up the cash requirements for running out the Health and social services. According to David Russell et al (2016), Costing represents the procedure of the determination of expenditure of a firm. Additionally, costing provides some information to managers to know about the available funds, and to take a decision on the requirement of funds to run the activities of the firm. The cost can be classified as a variable, semi-variable, fixed, direct, and indirect cost. Costing principles are classified into six types suggested by costing guidance. It includes Consistency, transparency, Data accuracy, Stakeholder engagement, Materiality, Causality, and objectivity (Bracci and Llewellyn, 2012).
The most important principle of costing is consistency. Consistency represents the harmony of the costing method. It should be prepared clearly and transparently. The costing method should organize to find out the exact cost of health and social care and set up the price of products and services. The costing method should clear and consistent to maintain the smooth flow of activities and ensure the quality of the activities of HND health and social care (Bracci and Llewellyn, 2012).
In the sector of health and social care, data must be accurate because it is the basic principle of cost. Inaccurate data leads to the inaccurate decision that negatively affects the HND health and social care. It is very difficult to manage 15-20 patients at a time by one nurse. Therefore, the proper costing method should be prepared based on the proper ledger and trial balance. In these accounts, all information about patients should coordinate like the date of admission of the patient, the number of patients, how long the patient would stay, etc. If HND health and social care record these data, it is very easy to prepare a costing sheet (Bracci and Llewellyn, 2012).
Stakeholders represent the groups who have an interest in health and social care. Stakeholders include employees, patients, shareholders, and other parties. All stakeholders hope that the organization has maintained proper costing for the firm. Proper costing is beneficial, not only shareholders for but also for employees and patients……………..