FINANCIAL MANAGEMENT

Assessment Criteria In this assessment you will have the opportunity to present evidence that shows you are able to:
LO1 – TASK 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 D1 Evaluate systems for managing financial resources in a health or care organisation
LO2 – TASK 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 M3, D2 Analyse the factors that may influence the availability of financial resources in health and social care organisations
2.3 M3 Review different types of budget expenditure in health and social care organisations
2.4 D1 Evaluate how decisions about expenditure are made within a health or social care organisation
LO3 – TASK 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 M1, D3 Evaluate budget monitoring arrangements in a health or social care organisation
LO4 – TASK 4
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 D2 Analyse the relationship between a health and social care service delivered, costs and expenditure
4.3 M1 Evaluate how financial considerations impact upon an individual using the health and social care service
4.4 D3 Suggest ways to improve the health and social care service through changes to financial systems and processes

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