Aim of Unit 14 Managing Financial Resources in Health and Social Care
Unit 14 Managing Financial Resources in Health and Social Care would study how the health and social care manager would monitor costs, use effective resource allocation, make predictions and suggest expenditure recommendations. The role of the planning in the budgeting and the need to monitor expenditure would also be examined.Unit 14 health and social care would assist the persons who are in the budgeting and other financial roles in the health care domain and social care sector. It would help them to manage the financial information in the relevant organization.
Learning outcomes
On successful completion of health and social care unit 14 a learner will:
- Understand how systems are used to manage financial resources in health and social care
- Understand the role of planning in the management of health and social care budgets
- Understand the importance of monitoring budget expenditure in health and social care organizations
- 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, the different dimensions of the financial information of an organization would be discussed like the costs, expenditure, income, cost center, break even, profit would be discussed. The basic software used for monitoring of the financial information would also be discussed. Various kinds of information like the equipment, buildings, and changes in policy, competitive policy and other would be discussed. The different regulatory needs like the audit, legislation on codes of practices would also be discussed. Different sources of income, budget setting, and audit requirements would also be discussed.
LO2. Understand the role of planning in the management of health and social care budgets
In this section the role planning plays in the running of the social care and healthcare budgets would be discussed. The different influences which are financially important like private finance, inter agency partnerships, funding priorities, and outsourcing would be described. The types of budgeting like project management, outsourcing or cost center based would be touched upon. Different decisions like environmental analysis, short and planning on a long term, accountabilities and analysis of cost benefit would also be discussed.
LO3. Understand the importance of monitoring budget expenditure in health and social care organizations
This section would specifically discuss the importance of the budget expenditure in the given context of social care as well as healthcare. Various factors like the cash flow, spreadsheet data, and cost control would be covered. The factors which decide the shortfalls in the finances like the priorities, external income from alternate sources, funds kept in reserve are also discussed. The fraud aspects of the financials like reliability, evidence of fraud, validity and sufficiency of the information would be discussed.
LO4. Understand how systems and processes for managing financial resources influence health and social care services
In this section, the discussion on the managing of the financial resources in the health and social care is done. The various aspects of the financial decisions like the available information, income sources, would be stressed upon in this section. It would also cover the relationship between the delivery of service and the costs, pricing policy, purchasing agreements. It would also cover how the financials affect the sector‘s impact on the individuals. It would give some 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 | explain the principles of costing and business control systems identify information needed to manage financial resources explain the regulatory requirements for managing financial resources evaluate systems for managing financial resources in a health or care organization |
| LO2 Understand the role of planning in the management of health and social care budgets | discuss the diverse sources of income that maybe encountered in health and social care analyses the factors that may influence the availability of financial resources in health and social care organizations review different types of budget expenditure in health and social care organizations evaluate how decisions about expenditure are made within a health or social care organization |
| LO3 Understand the importance of monitoring budget expenditure in health and social care organizations | explain how financial shortfalls can be managed explain the actions to be taken in the event of suspected fraud evaluate budget monitoring arrangements in a health or social care organization |
| LO4 Understand how systems and processes for managing financial resources influence health and social care services. | identify information required to make financial decisions relating to a health and social care service analyses the relationship between a health and social care service delivered, costs and expenditure evaluate how financial considerations impact upon an individual using the health and social care service suggest ways to improve the health and social care service through changes to financial systems and processes. |
Links
Unit 14 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 20 health and social care
Unit 14 Managing Financial Resources in Health and Social Care also has links with the National Occupational Standards in Health and Social Care. See Annex B for mapping.Health and social care unit 14 also has links with the National Occupational Standards in Leadership and Management for Care Services. See Annex C for mapping.