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JNB159 Financial Resource Management

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Question:

Task 1–Understand how systems are used to manage financial resources in health and social care.
 
I.A clear, outline explanation of the principles of costing and business control systems as they apply in a residential home for elderly individuals and, to help her, you include specific examples linked to residential care.  
 
By using the data given, calculate the cost of one resident per month 
    Average variable cost     = £1,200/month 
    Fixed cost           =£900,000/year 
    Number of beds      =65
II.An identification, in the form of a list with examples, of the information she will need if she is successfully to manage her financial resources.
III.An explanation of (with examples from health and social care) of the regulatory requirement for managing financial resources.       IV.An evaluation of computer software, Open Accounts, Cool care and CareSys as a means of managing financial resources in a residential care home.
 
Task 2 – Understand the role of planning in the management of health and social care budgets.
 
Your friend lives hundreds of miles away so your next collection of advice for her has to be in the form of a letter.  In your letter, you start to tell her about income and expenditure by; 
 
I.Discussing the different sources of income there might be for her new care home.                                                                               II.Analysing how the following factors can influence the availability of finance for her care home.                                                           Government spending 
Social deprivation index  
Private finance
III.Reviewing some types of budget which can be relevant to residential care homes:                                                                               Cost centres 
Project management budgets 
Outsourcing (which is where residential homes fit in) 
IV.Evaluating how decisions about expenditure have to be made in a residential care home.
Task 3 –Understand the importance of monitoring budget expenditure in health and social care organisations
Your friend is worried about what might happen if her income falls below her home’s expenditure levels so you provide her with some advice by: 
I. Prepare a cash budget for next three months ending December 2016 and explain how cash budgeting can help her manage budget shortfalls, with practical examples linked to residential care. While answering this question you must consider additional allocations from local government, service reductions and self-generated income.  
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