Assignment front sheet Qualification Unit number and title Pearson BTEC Level 4 HNC in Health and Social Care Unit 14: Managing Financial Resources in Health and Social Care Student name Assessors: Dudley Ofori Date issued Submission date Date work submitted 09.01.2017 10.03.2017 Assignment title Managing Financial Resources in Health and Social Care LO Learning outcome Assessment Criteria In this assessment you will have the opportunity to present evidence that shows you are able to: Task no. Evidence (Page no) 1 LO1 Understand how systems are used to manage financial resources in health and social care 1.1;1.2;1.3; 1.4. 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 1 2 LO2 Understand the role of planning in the management of health and social care budgets 2.1;2.2; 2.3.; 2.4. 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 2 3 LO3 Understand the importance of monitoring budget expenditure in health and social care organisations 3.1; 3.2; 3.3 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 3 4 LO4 Understand how systems and processes for managing financial resources influence health and social care services. 4.1;4.2;4.3; 4.4. 4.1 identify information required to make financial decisions relating to a health and social care service 4.2 analyse the relationship between a health and social care service delivered, costs and expenditure 4.3 evaluate how financial considerations impact upon an individual using the health and social care service 4.4 suggest ways to improve the health and social care service through changes to financial systems and processes. Learner declaration I certify that the work submitted for this assignment is my own and all research sources are fully acknowledged. Student signature: Date: In addition to the above criteria, which are PASS criteria, this assignment gives you the opportunity to submit evidence in order to achieve the following MERIT and DISTINCTION grades. You should refer to the qualification specification for further information in the essential indicative characteristics. Grade Descriptor Indicative characteristic/s Contextualisation M1 Identify and apply strategies to find appropriate solutions. Effective Judgements have been made. Has demonstrated effective judgements in the context of your evaluation of different financial systems, decisions and monitoring arrangements Task 1 (mainly in connection to 1.4.) Task 1 (mainly in connection to 2.4.) Task 2 (mainly in connection to 3.3.) M2 Select/design and apply appropriate methods/techniques Relevant theories and techniques have been applied and also justifying all sources of information. Has shown the understanding of principles of costing and applied them accordingly throughout the discussion, analysis and the review of budgets monitoring and planning. Task 1 (mainly in connection to 2.1., 2.2., 2.3) Task 2 (mainly in connection to 3.3., 4.4.) M3 Present and communicate appropriate findings The appropriate structure and approach has been used Has used the appropriate method and structure throughout the work. Task 1, 2. D1 Demonstrate convergent /lateral / creative thinking Effective thinking has taken place in unfamiliar contexts Has demonstrated lateral thinking in context of the management of financial resources, of how decisions about expenditure and budget monitoring are made and how financial considerations impact upon the service user. Task 1, 2 D2 Take responsibility for managing and organising activities Autonomy/independence has been demonstrated Has demonstrated autonomy/independence whilst evaluating and suggesting throughout the assignment. Task 1, Task 2 D3 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 evaluated, analysed and arrived at conclusions in a reflective manner. Task 1 (mainly in connection to 1.4., 2.4.) Task 2 (mainly in connection to 3.3., 4.3., 4.4.) Assignment brief Unit number and title Managing Financial Resources in Health and Social Care Qualification Pearson BTEC Level 4 HNC in Health & Social Care Start date 5th December 2016 Deadline/hand-in 10th March 2017 Assessor Dudley Ofori Assignment title Managing Financial Resources in Health and Social Care Purpose of this assignment This unit will equip the health and social care manager 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 expenditure. Most importantly, it will emphasise the key factors of both efficiency and effectiveness. Health and social care managers need to understand the role of planning in the management of financial budgets and the importance of monitoring and managing expenditure. This unit is most appropriate for those who hold responsibilities for managing budgets in a health or social care workplace or who have access to financial information and processes within an organisation. The unit is designed to develop knowledge, skills and understanding in the key areas and covers how systems and processes for managing financial resources influence a specific service for individuals. Need to read and use the following Case Scenario (you can also use other case studies of your choice, or build own case study from your work experience): Silloth Nursing and Residential Care Home, Audited Financial Statements for year ended 31 March, 2008, Charity Number 223946. Full case Scenario can be found on e-learning below the assignment brief; however, please see an extract from it below: ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2008 Organisation: The general running of the charity is devolved to the Management Committee, which can have 16 members. The Trustees meet on the second Thursday of each month and there are sub-committees covering finance and housekeeping. Details of the current members are given on page 1 of these accounts. The day-to-day running of the Home is delegated to Matron, Mrs. Anne Blair, who is supported by the relevant employees of the charity. Objectives and Activities: The charity's objectives, as set out in its Trust Deed, are that the Home should be used for the purposes of a Sanatorium or Convalescent Institution for the use of the natives of either of the former counties of Cumberland and Westmorland and others. The main objectives and activities for the year continued to focus on the care services delivered. The strategies employed to achieve the charity's objectives are: • providing post-operative convalescence, short and long stay nursing and residential care. • delivering a range of extensive care services within the fee structure. • a continued training programme for all staff, ensuring a highly trained and motivated workforce. • compliance with all health and safety measures, care home legislation and registration requirements. The main area of charitable activity is the provision of nursing care. Our Statement of Purpose focuses on the following core values of care, which are fundamental to the philosophy of the Home: CORE VALUES OF CARE Privacy Dignity Rights Independence Choice Fulfilment Security Respect Equality Volunteers, Gifts in Kind: We are indebted to the members of the nursing home's League of Friends, who work tirelessly to raise funds for the benefit of our residents and the Home. This year the Friends have provided funding of £3,571 for three electric profiling beds and two special tilt chairs. Evidence Check List: Part 1 – Essay on the principles of Financial Management (Task 1) Managing Financial Resources – the role of systems (LO1) -around 500-700 words Managing Budgets – the role of planning (LO2 2) – around 500-700 words Part 2 – Report on Financial Monitoring and Impact on Services (Task 2) Monitoring Budget Expenditure (LO3) – around 500 words Influence on Health and Social Care Services – the role of systems and processes (LO4) - around 500-700 words ----------------------------------------------------------------------------------------------------------------------------------------------- Part 1 – Essay on the principles of Financial Management (Task 1) Managing Financial Resources – the role of systems (LO1 – 1.1., 1.2., 1.3., 1.4., M1, D1, D2) -around 500-700 words In this part of your essay, please give an explanation of the principles of costing and business control systems (1.1) and also explain the regulatory requirements for managing financial resources (1.3.). You also need to identify information – in a specific cases study - needed to manage financial resources. (1.2) and then provide an evaluation of different systems for managing financial resources in the context of the same case study, e.g. Silloth Nursing and Residential Care Home (1.4.) *You may also include examples from your work placement to support your answers* Managing Budgets – the role of planning (LO2 – 2.1., 2.2., 2.3., 2.4., M1, M2, D1, D2, D3) – around 500-700 words In the second part of the essay, you will need to discuss different sources of income (2.1) and then analyse the factors that may influence the availability of financial resources (2.2.). Next, you will have to review some different types of budget expenditure (2.3.) and evaluate the approaches that may be used by staff at different levels to develop and promote effective team working at Silloth Nursing and Residential Care Home (2.4.). *You may also include examples from your work placement to support your answers Part 2 – Report on Financial Monitoring and Impact on Services (Task 2) Monitoring Budget Expenditure (LO3, 3.1., 3.2., 3.3., M1, M3, D1, D2, D3) – around 500 words In the first part of your report, you need to explain how financial shortfalls can be managed (3.1.) and then explain in connection to the case study what types of actions can be taken in the event of a suspected fraud (3.2). Following on from this, you will need to evaluate -in the context of the case study- the budget monitoring arrangements (3.3.). *You may also include examples from your work placement to support your answers* Influence on Health and Social Care Services – the role of systems and processes (LO4, 4.1., 4.2., 4.3., 4.4., M3, D1, D2, D3) - around 500-700 words In the second part of the report, you will need to base your inquiry on the case study and identify the information required to make financial decisions (4.1) and then analyse in depth the relationship between services delivered, the cost and the expenditure (4.2.). Following to this, you then need to express your opinion (evaluate) in regard to how service users have been affected by the financial considerations (4.3.) and then suggest some changes to financial systems and processes, which will lead to an improvement to health and social care services (4..4.). Achievement Summary Qualification Pearson BTEC Level 4 HNC in Health and Social Care Assessor name Dudley Ofori Unit Number and title UNIT 14: MANAGING FINANCIAL RESOURCES IN HEALTH AND SOCIAL CARE Student name Criteria Reference To achieve the criteria the evidence must show that the student is able to: Achieved? (tick) LO 1 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 LO 2 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 LO 3 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 LO4 Understand how systems and processes for managing financial resources influence health and social care services. 4.1 identify information required to make financial decisions relating to a health and social care service 4.2 analyse the relationship between a health and social care service delivered, costs and expenditure 4.3 evaluate how financial considerations impact upon an individual using the health and social care service 4.4. suggest ways to improve the health and social care service through changes to financial systems and processes. Higher Grade achievements (where applicable) Grade descriptor Achieved? (tick) Grade descriptor Achieved? (tick) M1 Identify and apply strategies to find appropriate solutions D1 Demonstrate convergent /lateral / creative thinking M2 Select/design and apply appropriate methods/techniques D2 Take responsibility for managing and organising activities M3 Present and communicate appropriate findings D3 Use critical reflection to evaluate own work and justify valid conclusions Assignment Feedback Formative Feedback: Assessor to Student Action Plan Summative feedback Feedback: Student to Assessor Assessor Signature Date Student Signature Date Internal Verification: Internal Verifier Date IV Signature Agreed grade