Managing Financial Resources in Health

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

The evidences towards this assignment should include: Report

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 Holdings Plc.

Your report should cover and incorporate all tasks and learning outcomes within the suggested word count of 4,500 (± 10%) 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 2016 the link below:
http://www.caretech-uk.com/~/media/Files/C/Caretech-UK/reports-and-presentations/annual-report-2016.pdf

LO1 – TASK 1
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
1.2 Identify information needed to manage financial resources 1
1.3 Explain the regulatory requirements for managing financial resources 1
1.4
D1 Evaluate systems for managing financial resources in a health or care organisation 1
LO2 – TASK 2
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
2.2
D2 Analyse the factors that may influence the availability of financial resources in health and social care organisations 2
2.3 Review different types of budget expenditure in health and social care organisations 2
2.4 Evaluate how decisions about expenditure are made within a health or social care organisation 2
LO3 – TASK 3
Understand the importance of monitoring budget expenditure in health and social care organisations 3.1 Explain how financial shortfalls can be managed 3
3.2 Explain the actions to be taken in the event of suspected fraud 3
3.3
D3 Evaluate budget monitoring arrangements in a health or social care organisation 3
LO4 – TASK 4
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
4.2
D2 Analyse the relationship between a health and social care service delivered, costs and expenditure 4
4.3 Evaluate how financial considerations impact upon an individual using the health and social care service 4
4.4
D3 Suggest ways to improve the health and social care service through changes to financial systems and processes 4

In addition to the PASS criteria, this assignment gives you the opportunity to submit evidence in order to achieve the following MERIT and DISTINCTION grades
Grade Descriptors Indicative characteristics Contextualisation
M1 Identify and apply strategies to find appropriate solutions Complex problems with more than one variable have been explored
&
Activities have been managed

To achieve M1 learners must discuss at least 3 sources of income (including public and private) relating those with the case study context and how they improve overall business performance. (AC 2.1)
OR
To achieve M1 learners must evaluate how financial considerations impact upon an individual using health and social care service with examples and relevant/authentic citations. (AC 4.3)
And
To achieve M1 learners must submit the work on time.
M2 Select/design and apply appropriate methods/techniques A range of sources of information has been used

To achieve M2, learners must use appropriate resource materials for the assignment including the use of books, journals, publications, text and the Internet throughout their assignment. Additionally, learners must cite all references and sources of material used both for in-text citation and reference page within the assignment by using Harvard referencing style. (ALL ACs)
M3 Present and communicate appropriate findings The appropriate structure and approach has been used

To achieve M3 learners must use appropriate structure and sequence throughout the assignment. The work must be concise and succinct, developing academic arguments in an orderly manner following the case scenario consistently. (ALL ACs)
D1 Use critical reflection to evaluate own work and justify valid conclusions Conclusion arrived at through synthesis of ideas & justified
To achieve D1 learners must critically evaluate how decisions about expenditure are made within a health and social care organisation. You must support your arguments with evidence from the case study drawing a justified conclusion showing in-depth use of various financial data, and contextual/circumstantial variables. (AC 2.4)
OR
To achieve D1 learners must evaluate systems for managing financial resources in a health and social care organisation with supporting evidence from the case study and drawing a justified conclusion supported with genuine outlook towards the issue and academic references.
(AC 1.4)
D2 Take responsibility for managing and organising activities The importance of interdependence recognised and achieved

To achieve D2 learners must critically analyse the relationship between a health and social care service delivered, costs and expenditure showing the relationship (interdependence) between service delivered, cost and expenditures. Your analysis should be backed by appropriate research. (AC 4.2)
OR
To achieve D2 learners must critically analyse the factors that may influence the availability of financial resources in health and social care organisations. Learners must clearly show the relationship between these factors and their influence on financial resources. (AC 2.2)
D3 Demonstrate convergent/lateral/creative thinking Innovation/Creative thought have been applied
To achieve D3 learners must demonstrate creative and innovative thinking while suggesting ways to improve the health and social care service through changes to financial systems and processes. (AC 4.4)
OR
To achieve D3 learners must critically evaluate budget monitoring arrangement in health and social care organisation. You should also suggest innovative ways of budget monitoring with adequate justification. (AC 3.3)

THIS UNIT IS UNDER HEALTH AND SOCIAL CARE
( TOPIC: Managing Financial Resources in Health and Social Care );