MANAGMENT OF FINANCIAL RESOURCES

Managing Financial Resources in Social and Health Care



Management of Financial Resources in Social and Health Care

Usage of systems to administer financial resources in health and social care

1. Principles of costing and business control systems.

Ideally speaking the utilization of resources that is carried out in the healthcare organizations such as Silloth must be comprehensive in its nature should be valid and representative. The way trustees are brought into the system, people are welcomed into the charity and they belong to different spheres of life. For further strengthening the business operations, it has been seen that there is a moving and handling team that takes care of the needs of the clients and works closely with them.

1.2- Information needed to administer financial resources.

Current cost analysis and financial evaluation studies have pointed out the primary and secondary data can be put into use when we talk about the information need of healthcare systems. Both of them have their advantages and disadvantages. Primary data is received by the carrying out cost studies and clinical trials. Primary data collection can be prospective as well as retrospective, and thus if gives more flexibility (Scott et al, 2001, p.191). Thus asset allocation can be carried out in a better manner using secondary data that is taken from extracted from national registers. The utility of published resources cannot be denied. Secondary data gives reasonable validity. They are already there in the public domain. Most of the databases comprise of observations. While on the other hand, cost studies in the primary data can be a bit of a challenge (McIntyre et al. 2006, p.858).

1.3- Regulatory Necessities for Controlling Financial Resources

There are different regulations that can be seen having their effect on the financial regulation, most of the times, the organizations such as Silloth will try to negotiate with the regulatory authorities to negotiate about the regulatory requirements. This seems to happen a lot of times in financial regulations. Sometimes what regulatory bodies try to do is that they try to help larger social and healthcare institutes like Silloth to run successfully, and thus it helps their cause. Sometimes, these financial regulations are considered to be burdensome in nature and thus restrict the expansion of financial regulations. Thus when we talk about the management of the financial resources of healthcare institutes, then it can be clearly seen that there is some sort of leeway that has been provided to them (McIntyre et al. 2006, p.858).

1.4- Evaluation of Systems to Manage Financial Resources.

In the times of financial crisis, the management of financial resources to their optimum level is necessary to make sure that all the revenues generated are used to good effect. The change in the overall Government policy has improved due to these considerations. Central Governments are spending more money on healthcare resources these days. It is evident by the fact that expenditure is known to be £ 678 billion in 2010-11. The improvement that can be seen is the system is that ...