Managing financial resources Essay

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Outcomes and assessment requirements Assignment title Managing Financial Resources in the health and Social Care Organisations – CARETECH HOLDING PLS Learning Outcome (LO) Assessment Criteria In this assessment you will have the opportunity to present evidence that shows you are able to: LO1 – TASK 1 Understand how systems are used to manage financial resources in health and social care 1.1 D2 Explain the principles of costing and business control systems 1.2 Identify information needed to manage financial resources 1.3 M1 Explain the regulatory requirements for managing financial resources 1.4 Evaluate systems for managing financial resources in a health or care organisation LO2 – TASK 2 Understand the role of planning in the management of health and social care budgets 2.1 M3 Discuss the diverse sources of income that may be encountered in health and social care 2.2 D1 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 – TASK 3 Understand the importance of monitoring budget expenditure in health and social care organisations 3.1 D3 Explain how financial shortfalls can be managed 3.2 M3 Explain the actions to be taken in the event of suspected fraud 3.3 D2 Evaluate budget monitoring arrangements in a health or social care organisation LO4 – TASK 4 Understand how systems and processes for managing financial resources influence health and social care services. 4.1 D3 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 M1 Evaluate how financial considerations impact upon an individual using the health and social care service 4.4 D1 Suggest ways to improve the health and social care service through changes to financial systems and processes Learner declaration I certify that the work submitted for this assignment is my own and research sources are fully acknowledged. Student signature: Date: In addition to the above PASS criteria, this assignment gives you the opportunity to submit evidence in order to achieve the following MERIT and DISTINCTION grades Grade Descriptor Indicative characteristic/s Contextualisation M1 Identify and apply strategies to find appropriate solutions An effective approach to study and research has been applied You will discuss at least three (3) financial considerations that affect and influence funding of care cost in a nursing and residential home (LO 4.3) Make effective judgment on the impact of regulators on the quality of care in the NHS; state at least two regulators and explain their roles (LO 1.3) M2 Select/design and apply appropriate methods/techniques A range of sources of information has been used To achieve M2, you will have to cite all references and sources of material used both for in-text citation and reference page. You will follow the Harvard referecing style through out your assignment. M3 Present and communicate appropriate findings Coherent, logical development of principles/concept for the intended audience The answer should consist of the at least 2 subheadings fully explained: (i) The red flags of fraud (ii) Actions to take in the event of fraud (LO 3.2) Explain the meaning of tecchical terms and functions in the Health organsiation (CCG, Capitation, Private equity) as you discuss the various sources of income for health and social care organisation (LO 2.1) D1 Use critical reflection to evaluate own work and justify valid conclusions Conclusion arrived at through synthesis of ideas & justicfied You will explain and justify the various scheme proposed to improve the health care delivery by changes in the financial systems (LO 4.4) You will discuss the factors that mostly affect and influence availability of resource and suggest how health and social organisation can use that to their advantage (LO2.2) D2 Take responsibility for managing and organising activities The importance of interdependence recognised and achieved You will demonstrate with diagram and table, the budget monitoring arrangement. You will need to provide clear link of the process (LO 3.3) You will identify and explain the six NHS approve costing guidiance. State and explain the categories of cost (e.g Fixed/Variable; Direct/Indirect) and costing concept (cost centre, cost object and cost unit (LO 1.1) D3 Demonstrate convergent/lateral/ creative thinking Innovation/Creative thought have been applied Review the financial statements (Balance sheet & Profit and loss) and draw out at least seven types of information needed to make decision in CareTech (LO 4.1) You need to present the best practice in the health sector in  managing financial shortfall. A reference should be made to an innocative way used in the NSH (LO 3.1) Assignment brief Assignment title Managing Financial Resources in the health and Social Care Organisations – CARETECH HOLDING PLS Purpose of this assignment The health and social act 2012 requires health practionals and social care managers to be more innovate, more productive and more accountable while delivering the NHS, Adult Social care and Public health outcomes (quality, safety and patient experience) By carring out this assignment learners will be equipped 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 in health and social care organisation Scenario You are one of the home managers for CareTech Holdings PLC, a leading UK provider of specialist social care services. You have been invited to present a report to the Directors of the company, MONITOR-NHS and some CCG representatives as part of government review and monitoring of your care home This report is aimed to demonstrate your understanding and knowledge in Planning and managing budget in your home, it will show your skills in resource control and managing shortfall with your ability to make prediction and make recommendation for the future expenditure in CareTech Holding PLC Your report should cover and incorporate all the task and learning outcomes below (3,000 words) You should refer to the assessment criteria and the relevant unit content, when preparing your evidence of assessment. You can access the Annual report of CareTech Holdings PLC for 2013 at: http://www.caretech-uk.com/~/media/Files/C/Caretech-UK/press-release/pr-2013/2013-preliminary-results.pdf or the condenced version of the annual report on STP online; Assignment Folder section Learning outcome 1 (1.1, 1.2, 1.3, 1.4) M1, D2 1.1Explain the principles of costing and business control systems that may be adopted in CareTech Holding PLC. D2 1.2 What were the information needed to manage financial resource for CareTech Holding PLC in 2013 financial ending? 1.3 What regulatory requirements need to be satisfied while managing financial resources in CareThech Holding PLC? M1 1.4 Evaluate the systems for managing financial resources in CareTech Holding PLC ? Learning outcome 2 (LO 2.1, 2.2, 2.3, 2.4) M3 and D1 2.1 What are the diverse sources of income avaialabe to CareTech PLC in the financial year in 2013? M3 2.2 Analyse the factors that may influence the availability of financial resources in CareTech PLC? D1 2.3 Review different types of budget expenditure in CareTech PLC. 2.4 Evaluate how decisions about expenditure could be made in CareTech PLC Learning outcome 3 (LO 3.1, 3.2, 3.3) M3, D2 and D3 3.1 Assuming there was financial shortfall in CareTech PLC; explain how this situation could be managed? D3 3.2 What action you would take if you suspect occurrence of financial fraud in your organisation? M3 3.3 Evaluate budget monitoring arrangements in CareTech PLC. D2 Learning outcome 4 (LO 4.1, 4.2, 4.3, 4.4) M1, D1, and D3 4.1 Identify information required to make financial decisions relating to CareTech PLC D3 4.2 Analyse the relationship between care service delivered and ‘costs and expenditure’. 4.3 Evaluate how financial considerations impact upon a service user. M1 4.4 Suggest ways to improve the care service provided by CareTech PLC through changes to its financial systems and processes. D1