HEALTH

Managing Financial Resources in Health and Social Care

Managing Financial Resources in Health and Social Care

Principles of costing and business control systems.

There are general five major principles of costing used in health and social care that are as follows

Cost is related to causes

Abnormal cost is charged in the costing

After insurance cost is actually charged

Post cost does not take into consideration for the future cost

Keeping cost that based on double entry system

Information needed to manage financial resources.

Hospital industry is required to established report that based on the capacity of their running financial system and forecasting their business data according to patient flow (Botswana, 2003), thus is helps them to make forecasting plan budget according to the need of organizational statutory requirements.

1.3 Regulatory requirements for managing financial resources

There is various regulatory requirements need for managing financial resources that mainly related with patient current situation. According to (Clarke, et.al, 1995) The hospital is required to track data over a longer period of time . It aids in the identification of the patients with respect to the screenings and the preventive visits, monitoring how the patients will quantify certain parameters such as blood pressures and vaccinations and right in the end an improvement of the overall quality when it comes to the care in practice

1.4 Systems for managing financial resources

When it comes to the evaluation of your own contributions to placing the needs of individuals at the centre in relation to health, safety and security is the suggestion of the introduction of Electronic Medical Record as a replacement for Electronic health record.

2.1 Surces of income in health and social care.

The retirement of baby boomers generation has create number of financial issues for health care however they are still manage finance through various sources of their diversified income (Mathieson et.al, 2002). There is large pool of the financial resources that available for health care finance. American that is owned by tax payers in United States. Medical aid and Medicare health program are genuine example of it. Private spenders purchase Insurance and such as extra medicine, body scams, visit to specialist to remain fit.

2.2 Factors influence the availability of financial resources

Availability of financial resources in the health and social care organisations have depended on patient flow. In such case, hospital building is required to expand and maintain high quality of Medicare equipments to take well care and offer better services to patient. Competition in market does also influence, in order to take competitive advantage and offer quality services for patients.

2.3 Types of budget expenditure

Health and social care have generally based on four major types of financial expenditures that are

Personal salaries (payment to doctors, nurses, staff, workers etc)

Supplies is drugs, medical and non medical supplies (purchase of medicine and equipments)

Capital investment (construction of new building)

Fund transfer, loan payment and grants

2.4 Expenditure made within a health or social care

Every organization has based on simple phenomena that are to invest their finance in such way that allow them maximum ...