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May 09

Managing Financial Resources in Health and Social Care

HND Health and Social Care (Management)

Unit 14: Managing Financial Resources in Health and Social Care

Qualification HND Health and Social Care (management) Level 4
Awarding body EDEXCEL Unit name 14: Managing Financial Resources in Health and Social Care

For assignment help please contact at support@parkeressaysupport.co.uk

LO 1 Understand how systems are used to manage financial resources in health and

social care

AC 1.1 explain the principles of costing and business control systems
AC 1.2 identify information needed to manage financial resources
AC 1.3 explain the regulatory requirements for managing financial resources
AC 1.4 evaluate systems for managing financial resources in a health or care organisation
LO 2 Understand the role of planning in the management of health and social care budgets
AC 2.1 discuss the diverse sources of income that may be encountered in health and social care
AC 2.2 analyse the factors that may influence the availability of financial resources in health and social care organisations
AC 2.3 review different types of budget expenditure in health and social care organisations
AC 2.4 evaluate how decisions about expenditure are made within a health or social care organisation
LO 3 Understand the importance of monitoring budget expenditure in health and social care organisations
AC 3.1 explain how financial shortfalls can be managed
AC 3.2 explain the actions to be taken in the event of suspected fraud
AC 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.
AC 4.1 identify information required to make financial decisions relating to a health and social care service
AC 4.2 analyse the relationship between a health and social care service delivered, costs and expenditure
AC 4.3 evaluate how financial considerations impact upon an individual using the health and social care service
AC 4.4 suggest ways to improve the health and social care service through changes to financial systems and processes.
AC M1 discuss alternative system(s) that might be as effective as the ones identified in (1.4)

 

AC M2 demonstrate your abilities and strength to use a range of of methods and techniques and application of numbers skills in your analysis of data used
AC M3 The work is presented in suitable format and uses correct terminology accurately

 

AC D1 Critically discuss at least two systems for evaluating financial resources and select one as the best system with justification
AC D2 Critically analyse the factors that influence the availability of funds and the barriers to funding in.
AC D3 Demonstrate critical thinking skills in your evaluation of financial management and make recommendations

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EDEXCEL BTEC HND Health and Social Care Management

Unit 14: Managing Financial Resources in Health and Social Care

Assignment title: Task 1How systems are used to manage financial resources in Hsc

Aim of this assignment task

This assignment will enable you to identify and explain how systems are used to manage financial resources in health and social care

  • You should always refer to the assessment criteria and also the relevant unit content, when preparing your evidence for assessment.
  • References / bibliography must be included in all your work.
  • You are not limited in your research or writing.

 

Scenario 1.

You are considering opening a new Care Home-(Life Hope care) for the elderly in partnership with four (4) of your family members or friends. These prospective partners have little or no knowledge of how to set up and run a successful care home or manage financial resources of an organisation. As a student in West London College of Business and Management Sciences (WLCBMS), and studying Managing financial resources, your 4 prospective partners who wants you to ‘produce an information booklet’ on what is involved financially and how their financial contribution can yield returns or be profitable when they set up and run the care home with you.

Include the following in your information booklet:

Task 1 (1.1, 1.2, 1.3, M1, M2 & D1).

  • You must explain with clear examples to your prospective partners the meaning of the principles of costing and business control systems that you have learned at WLCBMS, i.e costs, income, cost-benefit analysis etc.
  • Also you must identify information needed to manage financial resources, i.e business costs-people, equipment, finance, consumable items, administration etc.
  • Explain how the regulatory requirements for managing financial resources-legislation, policies, codes of practice, audit, accountanbility etc will impact on your proposed Care Home.
  • Finally, you must evaluate systems, i.e. sources of income, cost centres, audit requirement etc for managing financial resources in your proposed care home.

M1.You may now discuss alternative system(s) that might be as effective as the ones identified in 1.4

M2. You may also demonstrate your abilities and strength to use a range of of methods and techniques and application of numbers skills in your analysis of data used.

D1. Critically discuss at least two systems for evaluating financial resources and justify one as the your best system.

Assignment title: Task 2- Budget Planning and Management Role in Health and Social Care.

Scenario 2.

Having completed and submitted your information booklet to your prospective partners, on how to set up and run the proposed care home (Life Hope Care) and how to manage financial resources of the home, three days later, they have asked you to come to do a presentaion and question and answer session (Q&A) on the role of planning in the management of health and social care, specifically about how the proposed care home can source funds in the future, and factors that may affect availability of funds and others.

Task 2 (2.1, 2.2, 2.2, 2.4, M3 & D2)

(2.1) You must prepare a powerpoint presentation (ppt) to discuss the diverse sources of income that may be encountered in health and social care settings, i.e public, private, voluntary, local, national etc (2.2) During your (Q&A) session, your prospective partners ask you to analyse the factors that may influence the availability of financial resources in Health and social care organisations, i.e funding priorities,
agency objectives and policies, private finance, type of service, government policies etc.

(2.3) You must remember to review different types of budget expenditure to your proposed health care organisation, i.e cost centre, project management and outsourcing contract during the Q&A session.

(2.4) Also, evaluate factors to influence how your decisions about expenditure are made within health care in your proposed care home or as is done in any other health and social care organisation, i.e. short, medium and long term planning; cost-benefit analysis, environmental analysis etc.

(M3) To achieve M3, you must ensure that your work is suitably presented using correct format and terminology

(D2) You may also critically analyse the factors that influence the availability of finance and the barriers to funding in health and social care organisations if you wants to achieve distinction

Assignment title: Task 3 – Monitoring budget expenditure in Hsc Organisations

Scenario 3.

Now your Life Hope Care Home is up and running well. But after just one year, two of your partners are suspicious that there might be fraud in the accounts’ department because they are not comfortable with the care home business’ accounts. They are considering staff training especially for the accounts department’s employees. Knowing fully well that you have completed a course in Managing Financial Resources in Health and Social Care, they mandate you to prepare a detailed information pack on how to monitor budget expenditure in Life Hope care home or any other health and social care organisations. You are requested to prepare an information pack.

Task 3 (3.1, 3.2 & 3.3)

Your information pack must include the following:

  • An introduction to information for monitoring expenditure, i.e cash flow, controlling costs, spreadsheet data and training needs.
  • Explanation of how financial shortfalls can be managed, considering reserve funds, priorities, virement, alternative external income sources etc.
  • You must explain the actions to be taken in the event of suspected fraud, i.e analysing available financial information for validity, reliability, sufficiency and reporting evidence of fraud.
  • You must also evaluate budget monitoring arrangements for your health care setting.

Assignment title: Task 4 –Influence of Systems and Processes for Managing Fin. Res. in Hsc.

Scenario 4.

Your appointed Manager- Ms Sandra, at Life Hope Care who has been on holiday for some weeks has returned back to work, and has suddenly send you an email requesting you to update and advice her before considering making crucial decisions on the way forward for the Care home. Ms Sandra is asking you to help with crucial information for good decision making. You are required to write a detailed report using ‘Word’ document and make recommendations on the financial resources situation in the care home and attach this information to your email and send the email to Ms Sandra.

Task 4 (4.1, 4.2, 4.3, 4.4, & D3)

Your Report must include the following

  • You must first identify information required to make financial decisions for Life Hope Care, i.e information available, sources of income, priorities, etc
  • You must analyse the relationship between Life Hope Care service delivered, costs and expenditure, by analysing pricing policies, purchasing arrangements and cost-benefit.
  • Also you must evaluate how financial considerations will impact upon Life Hope Care’s residents, considering quality of service or their access to service.

 

  • Now, consider the financial situation of the health care sector due to government spending cuts suggest ways or make recommendations on how to improve your health care service through changes to your financial systems and processes Life Hope Care. You may consider options available, supporting evidence, etc.

(D3) Demonstrate critical thinking skills in your evaluation of financial management and make recommendations

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Learning outcomes

On successful completion of

this unit a learner will:

Assessment criteria for pass

The learner MUST:

Assessment criteria for merit

The learner can:

Assessment criteria for distinction

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 business control systems
1.2 identify information needed to manage financial resources1.3 explain the regulatory requirements for managing financial resources1.4 evaluate systems for managing financial resources in a health or care organisation

 

 

M1: discuss alternative system(s) that might be as effective as the ones identified in (1.4)

 

M2 demonstrate your abilities and strength to use a range of of methods and techniques and application of numbers skills in your analysis of data used

 

D1: Critically discuss at least two systems for evaluating financial resources and select one as the best system with justification

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

M3 The work is presented in suitable format and uses correct terminology accurately

 

D2 Critically analyse the factors that influence the availability of funds and the barriers to funding in.

 

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.

 

D3 Demonstrate critical thinking skills in your evaluation of financial management and make recommendations

Get complete writing help on health care assignments please contact at support@parkeressaysupport.co.uk

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