Unit14: Managing Financial Resources in health and social care

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          Unit14:

Managing Financial Resources in health and social care










Unit code:
R/601/1615

QCF level:
4


Credit value:
15





• Aim
The aim of the unit is to enable the health and social care manager to develop understanding of how to control their expenditure against fixed budgets.
• Unit abstract
This unit will equip the health and social care manager with the knowledge and understanding needed to monitor costs, make predictions, evaluate the process of effective control of resource allocation, including shortfalls, and make recommendations for expenditure. Most importantly, it will emphasise the key factors of both efficiency and effectiveness.
Health and social care managers need to understand the role of planning in the management of financial budgets and the importance of monitoring and managing expenditure. This unit is most appropriate for those who hold responsibilities for managing budgets in a health or social care workplace or who have access to financial information and processes within an organisation. The unit is designed to develop knowledge, skills and understanding in the key areas and covers how systems and processes for managing financial resources influence a specific service for individuals.
• Learning outcomes
On successful completion of this unit a learner will:
1 Understand how systems are used to manage financial resources in health and social care
2 Understand the role of planning in the management of health and social care budgets
3 Understand the importance of monitoring budget expenditure in health and social care organisations
       4 Understand how systems and processes for managing financial resources influence health and social care services.
Unit content
1 Understand how systems are used to manage financial resources in health and social care
Costing and business control systems: costs, income, cost-benefit analysis, expenditure, budget, capital, cost control, cost centre; outsourcing, competitive tendering, forecasting, profit, break even; basic software for monitoring financial information within an organisation
Information: business costs eg people, equipment, finance, buildings, consumable items, administration; income streams; trends and external influences eg changes in policy, competitive factors, legal requirements
Regulatory requirements: legislation and codes of practice, audit, accountability, policies
Systems: sources of income, how budgets are set, administration of budgets, cost centres, accountabilities, audit requirementsBCG Matrix Growth share matrix
   2  Understand the role of planning in the management of health and social care budgets
Diverse sources of income: public, private, voluntary; local, national
Influences on resource availability: funding priorities, agency objectives and policies, private finance, outsourcing, inter-agency partnerships, government policies, geography, type of service
Types of budget: cost centre, project management, outsourcing contract
Decisions about expenditure: environmental analysis, accountabilities, priorities, short-,medium- and long-term planning; cost-benefit analysis; financial risk, project management
  3 Understand the importance of monitoring budget expenditure in health and social care organisations
Information for monitoring expenditure: cash flow, controlling costs, spreadsheet data, training needs
Financial shortfalls: priorities, virement, reserve funds, alternative external income sources; implications for individuals within the service
Suspected fraud: analysing financial information for reliability, validity and sufficiency; reporting, evidence of fraud
Understand how systems and processes for managing financial resources influence health and social care services
Financial decisions: responsibility for decision making, information available, sources of income, priorities etc
Relationship between service delivery, costs and expenditure: cost-benefit, pricing policies, purchasing arrangements
Impact on individuals: quality of service, access to service
Recommendations: options available, supporting evidence, information to be presented for discussion by financial decision makers

Learning outcomes and assessment criteria

Learning outcomes
Assessment criteria for pass

On successful completion of
The learner can:

this unit a learner will:








LO1 Understand how systems are

1.1
explain the principles of costing and business control

used to manage financial


systems

resources in health and

1.2
identify information needed to manage financial

social care




resources







1.3
explain the regulatory requirements for managing




financial resources



1.4
evaluate systems for managing financial resources in a




health or care organisation






LO2 Understand the role of

2.1
discuss the diverse sources of income that may be

planning in the management


encountered in health and social care

of health and social care

2.2
analyse the factors that may influence the availability of

budgets




financial resources in health and social care








organisations



2.3
review different types of budget expenditure in health




and social care organisations



2.4
evaluate how decisions about expenditure are made




within a health or social care organisation





LO3 Understand the importance

3.1
explain how financial shortfalls can be managed

of monitoring budget

3.2
explain the actions to be taken in the event of suspected

expenditure in health and




fraud

social care organisations









3.3
evaluate budget monitoring arrangements in a health or




social care organisation





LO4 Understand how systems

4.1
identify information required to make financial decisions

and processes for managing


relating to a health and social care service

financial resources influence

4.2
analyse the relationship between a health and social

health and social care




care service delivered, costs and expenditure

services.









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.




Guidance
Links
This unit has links with, for example:
Unit 13: Managing Human Resources in Health and Social Care
Unit 27: Managing Quality in Health and Social Care.
This unit also has links with the National Occupational Standards in Health and Social Care. See Annexe B for mapping.
This unit 
This unit also has links with the National Occupational Standards in Leadership and Management for Care Services. See Annexe C for mapping.
Essential requirements
It will be necessary for tutors to advise learners about the scale of service to be investigated for learning outcome 4. The service will encompass several cost centres but, for a large organisation, must focus on an appropriate local dimension sufficient to enable learners to meet the requirements of the unit.
Employer engagement and vocational contexts

Learners will benefit from discussion of different systems and practices within their experience in health and social care. It will be necessary to draw on information from health and social care organisations in order to meet the assessment criteria.

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