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Purpose of this assignment
Managing financial resources in HSC 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. Managing financial resources in HSC 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.
LO1 Understand how systems are used to manage financial resources in health and social care
1.1 explain the principles of costing and business control systems.
1.2 identify 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 organisation
LO2 Understand the role of planning in the management of health and social care budgets
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 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 of monitoring budget expenditure in health and social care organisations
3.1 explain how financial shortfalls can be managed
3.2 explain the actions to be taken in the event of suspected fraud
3.3 evaluate budget monitoring arrangements in a health or social care organisation
LO4 Understand how systems and processes for managing financial resources influence health and social care services
4.1 identify information required to make financial decisions relating to a health and social care service
4.2 analyse the relationship between a 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