Finance in Health and Social Care

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EDEXCEL BTEC HND Health and Social Care Management Unit 14: Managing Financial Resources in Health and Social Care Case Study John and Jill are old students of WLCBMS who have completed their HND in Health and Social Care Management. They are setting up a new dynamic care home in Hounslow. John and Jill contact you to join their team as they remember you had a particular interest in finance. You have a preparatory meeting with some potential investors, one being Hounslow Council. John and Jill ask you to prepare the following points in your report to present to the meeting. TASK 1 LO1 Understand how systems are used to manage financial resources in health and social care 1.1 Explain to the committee the expenditure, budget, capital and potential income for your new dynamic care home. For this part of the report you will need to explain what principles of costing will be used and what would be the most appropriate business control systems to monitor financial information within the home. 1.2 Identify to the committee which information will be needed in order to manage the financial resources. In this part of the report you should consider your business costs. 1.3 Explain to the committee what regulatory requirements need to be considered in terms of legislation, codes of practice and policies when managing the financial resources of the care home. 1.4 In summation of your report, tell the committee your opinion of what would be the best system for evaluating financial resources of your care home. After your meeting with potential investors and the council, you decide to have a meeting with John and Jill to discuss with them some other sources of income. You prepare a PowerPoint presentation to explain your points clearly. TASK 2 LO2 Understand the role of planning in the management of health and social care budgets 2.1 In your
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