Unit14: Managing Financial Resources in health and social care

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

Marketing essentials

Understanding specific need in health and social care
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

Marketing essentials

Understanding specific need in health and social care
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
4 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

Unit 4 – Personal  and professional development in health and social care

Business strategy assignment help
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.
UNIT 36: SPORT AND LEISURE TOURISM IN THE UK
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.

[recent_posts limit="12"]

Get Assignment help for this assignment at hndassignmenthelp@gmail.com

Comments