'Health and social care management Essay\r'

'INTRODUCTION\r\nThis rise the agent give be capable to evaluate current remainss for managing finances Resources in wellness and tender c atomic physical body 18 settings. consequently will evaluate how pecuniary Decisions atomic number 18 made and the consider to oversee figures. This will then enable the author to label the impact of fiscal considerations on an individualist using health and Social do by services.\r\nFurthermore will provide a core understanding of the invest of administrations available, and How these atomic number 18 used in the readying and fiscal c arement of health and genial perplexity bud brings. The building block further will instigate understanding the importance of Monitoring budget pulmonary tuberculosis and its enamor on the prep ardness of health and social Care services.\r\nLO.1\r\n1.1PRINCIPLE OF be AND BUSINES CONTROL SYTEMS\r\nAnalysis of current none against budget and forecast, classification and coding, job spe ak toing, rent speak toing, unquestionable price ascertainment, tout ensembleocation/apportionment\r\n price DEFINITION:\r\n approaching it describe as According official terminology the proficiency and procedure of ascertaining price. These valuation systems including main beliefs and system to countersink the constitute of goods or services. It in handle manner the quantity of supply used in replacement of goods or services. The income used rat be financed or money’s value, Semi Variable\r\nSemi refractory constitute\r\n approach: constitute is an measure that has to be paid or effrontery up in order to get something Cost Unit: The unit personify is the court incurred by a companion to produce, store and sell one unit of a embark onicular carrefour. Unit monetary value include all fixed be and all changeable represent A damage center is part of an disposal that does non produce direct lucre and adds to the comprise of Running a company. Examples of cost centers include Cost mark: Cost object is often a product or department for which cost is pile up or measured. For example, a product is the cost object for direct materials, direct prod and manufacturing e reallywherehead also the factory check department is cost object for the cost of the maintenance employees and the maintenance supplies. Cost put on analysis: Is A cost object is a tangible introduce for a product manufactured/service provided, like labor or material. For example a cloth manufacturing firm requires some\r\n step down even analysis:\r\nClassification of cost means, the grouping of cost according to their communal characteristics. The important Cost behavior The behavior a specific cost reacts to changes in action at law levels is called cost behavior. Costs whitethorn stay the same or may change analogyately\r\nVariable Cost / Product Cost:\r\nVariable be are the Fixed and Variable cost A cost is fixed if, at heart a specified period of tim e, it does not change in response to changes in the level of activity. A changeable cost is one that changes in response to changes in the level of activity, it changes in direct proportion to the script of activity, that is, doubling the level of activity will double the total inconstant cost total cost over a period of time for the variable inputs. Any increase in the volume of production results in an increase in the variable cost and vice versa. For example, of variable costs is the cost of raw material. Semi-Variable Cost / Semi-Fixed cost: These costs are in part fixed and in part variable. For example: repair machine fees. Semi-variable cost includes both a fixed and a variable element. For example, a telephone nib contains a fixed standing raze and a variable charge ground on the number of units dialled.\r\nA semi-fixed cost or stepped cost is one where the cost remains constant for a range of activity; then when the activity increases as yet further the cost will ta x return a step upward. Break-even Analysis is an judge component of most headache plans, oddly for start-up companies. It shows how much revenue you need to right for both fixed and variable costs and cost benefit analysis are frequently used by health and social bang organisation to monitor cost and make finish intimately white plagues. Cost data are very useful in budget dressing and forecasting for the financial year, the Providers use cost data to succeed services and ameliorate public presentational efficiency. Cost data are also used to support the maturation of price and currency design for reimbursement intents A direct cost is especially noted to a set cost object.\r\nA cost object is a product, procedure, section, or action for which the health presidency requirements to task the cost, such as a medical examination test, a lot appointment, or a health check put to work. Indirect costs cannot be traced to an agreed cost purpose not including resorting to some arbitrary regularity of assignment. Hand, is directly involved in producing revenues, and, if it is managed well, its revenues transgress its cost and it produces a take in.\r\nThe six principles of cost are:\r\nStakeholder passage of arms: Stakeholder engagement is the process by which an organisation involves people who may be affected by the closing it makes or can influence the executing of its decisiveness Materiality : is in score relates to the significance of transaction, balances and errors contained in financial statements. . concord For some be purposes, a reconciled approach is required across or within organizations. Data accuracy, Accurate be relies on the superior of the underlying input data. Transparency Costing should be open and canvasable\r\nCausality and objectivity\r\nImportance of costing:\r\nCosting help an organisation to manage is company to incur a cost with the expectation of wage Example: A company may have a variety of distinct depa rtments,division,or operating groups,each with give out responsibilities and each contributing to the overall achievement of the company.cost centers,for example,such as accounting,auditing,or inventory find,have costs,but does not summate revenues. As a result, they do not produce put ons.\r\n1.2 The selective selective information needed to manage financial resources\r\nIs to understand the role of planning in the management of health and social care budgets also the importance of supervise budget expenditure. Such as diaphanous and Accurate accounting randomness, risk management, ill-considered and long term Forecasts, audit composition.\r\nInformation\r\n1 Need is course costs, people, equipment, finance, buildings, consumable items, administration; Income streams; trends and outer influences, e.g. changes in policy, militant factors, legal requirements.\r\n1.3Regulatory requirements\r\nLegislation and codes of practice, audit, accountability, policies. organizatio ns: sources of income, how budgets are set, administration of budgets, cost centers, accountabilities, Audit requirements Information: seam costs: people, equipment, finance, buildings, consumable items, administration; Income streams: trends and external influences:changes in policy, competitive factors, legal requirements.\r\n1.4 System for managing finance\r\nIs a plan, assuring that resources are obtained and used effectively, efficiently in the action of the organization’s goals. Therefore, it focuses on programs and tariff center and it is a total encompasses of all aspects of a firm’s operation and usually built around a financial and accounting structure need two types of information for management reign over planned date such as, budgets, standards, and projections) and actual data.\r\nBudgetary find system\r\nCost control system\r\n financial control system\r\nInternal control and audit\r\n enterprise resource management system\r\nIT control systems\r\nI mportance of business control system\r\nLO2: ROLE OF PLANNING IN THE MANAGEMENT OF CARE tech budget\r\nCare tech annual report\r\nFinancial Review\r\nThe Group has recurrent the good progress of recent age in 2013 The UK mart Group has go along to be progressive and has made supporting progress during the year. The underlying operating lolly remains strong at £23.2m compared with £21.7m make it year.\r\nTransaction on 28 dire 2013 to acquire two property portfolio businesses, take to an annual rent saving Of £4.4m.\r\nIncome argument\r\n2013 2012\r\n£m £m Growth\r\n tax revenue 114.3 114.1 0.2%\r\nGross profit 45.6 45.3\r\nadministrative expenses (19.2) (20.4)\r\n primal EBITDA 26.4 24.9 6.0%\r\nUnderlying EBITDA margin 23.1%, 21.8%\r\nDepreciation (3.1) (3.1)\r\nShare-based remuneration charge (0.1) (0.1)\r\nUnderlying operating profit 23.2 21.7 6.9%\r\nNet financial expenses (5.7) (5.0)\r\nUnderlying profit before tax 17.5 16.7\r\nTaxation (3.4) (3.4)\r\n i mpelling tax rate 20.0%, 20.0%\r\nUnderlying profit for the year 14.1 13.3\r\nWeighted average number of diluted components (millions) 51.3 50.4 Underlying diluted lettuce per grapple 27.43 26.47\r\nFull year dividend per share 7.00p 6.50p\r\nRevenue\r\nRevenue of £114.3m (2012: £114.1m) was 0.2% extravagantlyer than in 2012. In the established Adult acquire Disabilities segment we continued to experience high levels of occupancy\r\n2.1 Diverse sources of income\r\n2.2 Factors that may influence the availability of financial resources 2.3 Types of budget expenditure\r\n2.4 Decisions about expenditure\r\nTASK 3: IMPORTANCE OF MONITORING BUDGET economic consumption IN CARE TECH\r\n3.1 Managing financial shortfalls\r\n3.2 Financial ruse actions\r\n3.3 Budget observe arrangements\r\nLO.4: INFLUENCE OF SYSTEMS AND PROCESSES ON CARE TECH SERVICES 4.1 Information required in making financial finales:\r\nDifferent types of information are needed by decision makers attending upon the stage of operation they are in. The decision involved can be numeric or qualitative. Judgments regarding movements in future share prices, likely future dividend payments and management efficiency. Ratios to determine management efficiency. Data to compare the market trend and future estimates.\r\n4.2 Relationship mingled with care service delivered and ‘costs and expenditure’ 4.3 Impact of financial considerations on a service user\r\n4.4 Improving care services through changes in financial systems and processes\r\nBottom of Form\r\n.\r\nOf fraud.\r\n4 conceive how systems and processes for managing financial resources influence health and social Care services Financial decisions: tariff for decision making, information available, sources of income, priorities\r\nThe relationship amid service delivery, costs and expenditure: cost-benefit, pricing policies, purchasing Arrangements. Impact on individuals: quality of service, access to service. Recommendatio ns: options available, supporting evidence, information to be presented for discussion by financial decision makers. :\r\nInformation about the business surroundings and external influences Good understanding Of the business cost by health care managers will aid the management of financial resources in health care organisation. The information includes Staff cost (Wages and salaries, Pension cost) medical exam equipment and appliances cost (Hoist, Buckets, Buckets, Stretcher, Trolley, Wheelchair) Cost (Outright purchase or lease †Operating or finance lease Cost of consumable items (Food, toiletries, Soap, Kerosene, lantern\r\nAdministrative cost and Professional fees The revenue (income) receives depend on the service and business engagement of the health organisation which includes normal business activities such as (Adult Learning Disabilities, affable Health, Young People Residential Services, treasure Care rents and service charges from social hold lettings and leaseho ld management revenue grant, tax support contribution.\r\nThe Regulatory body\r\nThey are alot of regulative required for satisfying while managing financial resources, but in this essay the author will mention a a couple of(prenominal) such as, Care tech memory PLC in 2013 financial ending. Care whole step Commission, Healthcare Sector Regulator Monitor, NHS direction Board,\r\n1. Important to monitor to avoid fraud and eoror\r\nWhat is Importance of costing in HSC\r\n1.2Intoduce by defining business control systems\r\n key out and explain the different business controls systems in BULLETS (Budgetary control system, Cost control system, Financial control system, Internal control and audit, Enterprise resource management system, IT control systems) shut with the importance of business control systems.\r\n'