Unit 14 Managing Financial Resources in Health and Social Care Assignment Help

Unit 14 Managing Financial Resources in Health and Social Care

Aim of Unit 14 Managing Financial Resources in Health and Social Care

Unit 14 Managing Financial Resources in Health and Social Care will study how a health and social care manager can monitor costs, allocate resources effectively, make predictions, and recommend expenditures. The importance of planning in budgeting and the need to monitor expenditure will also be examined. Unit 14 Managing Financial Resources in Health and Social Care will assist individuals in budgeting and other financial roles in the healthcare and social care sectors. It will help them manage the financial information in their respective organizations.

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 organizations

4           Understand how systems and processes for managing financial resources influence health and social care services.

Unit content

LO1. Understand how systems are used to manage financial resources in health and social care

In this section, we will discuss various aspects of an organization's financial information, such as costs, expenditure, income, cost centers, breakeven points, and profit. We will also cover the basic software used for monitoring this financial information. Additionally, we will delve into different types of information, including equipment, buildings, policy changes, and competitive strategies. We'll also touch on regulatory needs, such as audits and legislation on codes of practice, as well as different income sources, budget setting, and audit requirements.

LO2. Understand the role of planning in the management of health and social care budgets

In this section, we will discuss the role of planning in managing social care and healthcare budgets. We will describe financially significant influences such as private finance, inter-agency partnerships, funding priorities, and outsourcing. We will touch upon different types of budgeting such as project management, outsourcing, and cost centre-based budgeting. We will also discuss various decisions, including environmental analysis, short-term and long-term planning, accountabilities, and cost-benefit analysis.

LO3. Understand the importance of monitoring budget expenditure in health and social care organizations

This section will specifically discuss the importance of budget expenditure in the context of social and healthcare. It will cover various factors such as cash flow, spreadsheet data, and cost control. It will also discuss the factors that determine financial shortfalls, such as priorities, external income from alternative sources, and reserved funds. Additionally, it will address the fraudulent aspects of finances, including reliability, evidence of fraud, and the validity and sufficiency of the information.

LO4. Understand how systems and processes for managing financial resources influence health and social care services

In this section, we discuss the management of financial resources in health and social care. We stress various aspects of financial decisions, including available information and income sources. We also cover the relationship between service delivery and costs, pricing policy, and purchasing agreements. Furthermore, we explore how financials affect the sector's impact on individuals and provide recommendations in this context.

Learning outcomes and assessment criteria

Learning outcomes

On successful completion of this unit a learner will:

Assessment criteria for pass

The learner can:

LO1 Understand how systems are used to manage financial resources in health and social care

1.1      explain the principles of costing and businesscontrol systems

1.2      identify information needed to managefinancial resources

1.3      explain the regulatory requirements formanaging financialresources

1.4      evaluate systems for managing financial resources ina health or careorganisation

LO2 Understand the role of planning in the management of health and social care budgets

2.1      discuss the diverse sources of income that maybe encountered in health and socialcare

2.2      analysethefactorsthatmayinfluencetheavailabilityof financial resources in health and social care organisations

2.3      reviewdifferenttypesofbudgetexpenditureinhealth and social careorganisations

2.4      evaluate how decisions about expenditure aremade within a health or social careorganisation

LO3 Understand the importance of monitoring budget expenditure in health and social care organisations

3.1      explain how financial shortfalls can bemanaged

3.2      explain the actions to be taken in the eventof suspectedfraud

3.3      evaluate budget monitoring arrangements in a healthor social careorganisation

LO4 Understand how systems and processes for managing financial resources influence health and social care services.

4.1      identify information required to make financialdecisions relating to a health and social careservice

4.2      analysetherelationshipbetweenahealthandsocial care service delivered, costs andexpenditure

4.3      evaluate how financial considerations impact uponan individual using the health and social careservice

4.4      suggestways to improve the health and socialcare service through changes to financial systems and processes.

Links

Unit 14 Managing Financial Resources in Health and Social Care has links with, for example:

·      Unit 13: Managing Human Resources in Health and Social Care

·      Unit 27: Managing Quality in Health and Social Care

       Unit 15 Psychology for Health and Social Care Assignment Help.

Unit 14 Managing Financial Resources in Health and Social Care also has links with the National Occupational Standards in Health and Social Care. See

Annexe B for mapping.

Unit 14 Managing Financial Resources in Health and Social Care also has links with the National Occupational Standards in Leadership and Management for Care Services. See Annexe C for mapping

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