To achieve each outcome a learner must demonstrate the ability to:
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 resources
1.3 explain the regulatory requirements for managing financial resources
1.4 evaluate systems for managing financial resources in a health or care organisation
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
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
In order to achieve a distinction in a unit • pass and merit requirements achieved
• all distinction grade descriptors achieved
M1 Identify and apply strategies to find appropriate solutions An effective approach to study and research has been applied. Has shown appropriate interpretation of financial information in financial management, in a health and social care setting.
M2 Select/design and apply appropriate methods. The selection of methods and techniques/sources has been justified. Has shown appropriate interpretation and importance of planning a budget in a health and social care setting.
M3 Present and communicate appropriate findings A range of methods of presentation have been used and technical language has been accurately used. Has presented information for managing financial resources in a health and social care setting.
Distinction Descriptors Indicative characteristics Contextualised Indicative characteristics ?
D1 Use critical reflection to evaluate own work and justify valid conclusions. Conclusions have been arrived at through synthesis of ideas and have been justified Has critically evaluated their work and drawn relevant conclusions.
D2 Take responsibility for managing and organising activities. Substantial activities, projects or investigations have been planned, managed and organised. Has demonstrated an effective approach to independent thinking through investigation of activities, in analysing and management of budgets in a health and social care settings.
D3 Demonstrate convergent/ lateral/creative thinking.
Ideas have been generated and decisions taken and problems have been solved. New ideas have been generated in explaining the importance of processes for managing financial resources influence health and social care services
Scenario
Assume you were the manager of one of the BUPA Care Homes and managing financial resources of the organization is one of your responsibilities. You have access to Annual Financial Report for the year 2012 which includes different financial statements for the last financial year. This Report is available on)
To manage the finance of your own organisation, you have to develop understanding of controlling budget expenditures in your organisation. The main income of the care home is the fees paid by the service users and there is very little support available from other partner organisations. To manage expenditures you have to equip yourself 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 the expenditure.
As a manager you need to understand the role of planning in the management of financial budgets and the importance of monitoring and managing expenditure. You have also the responsibilities of identifying the financial resources and managing shortfalls of budgets.
ASSIGNMENT
Based on the scenario above and the BUPA Care Homes (CFG) PLC case study, you are required to complete a REPORT of 2,500 words. You should refer to the assessment criteria and the relevant unit content, when preparing your evidence of assessment.
Task 1 Learning Outcome 1 (1.1, 1.2, 1.3 and 1.4 ) M1,
1.1 Explain what principles of costing and business control systems may be adopted in BUPA.
1.2 What were main heads/amounts of income for BUPA in the last financial year?
1.3 What regulatory requirements need to be satisfied while managing financial resources in BUPA?
1.4 Evaluate the systems for managing financial resources in BUPA ?
Task 2 Learning Outcome 2 (2.1, 2.2, 2.3 and 2.4) M2, D2
2.1 What are the diverse sources of income for BUPA?
2.2 Analyse the factors that may influence the availability of financial resources in BUPA?
2.3 Review different types of budget expenditure in BUPA.
2.4 Evaluate how decisions about expenditure could be made in BUPA
