We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Managing Financial Resources in Health and Social Care - Essay Example

Comments (0)
ESSAY: FINANCIAL RESOURCE MANAGEMENT OF BUPA CARE HOMES By Name: Course: Tutor: Institution: Date: Introduction This paper delves on outlining and analyzing the how to manage the financial resources in the health and the social welfare. In this paper, BUPA Care Homes is our case study…
Download full paper

Extract of sample
Managing Financial Resources in Health and Social Care

Download file to see previous pages... Be very precise and detailed on the demands you want from each stakeholder, link stakeholders’ interest with your aims, and prioritize. In the BUPA report, they work with the government and other organization to aid in aligning the agenda and long-term policies. BUPA Company should involve all the stakeholders for the proper costing to be enhanced. (Baker 2007,pg.125).   The principle of consistency This principle needs the following of a similar procedure and in case of any change then an explanation to the effect is therefore ideal. BUPA Care Homes should ensure that the auditors follow similar steps in the preparation of the financial statements, without this, any change might make correct interpretation of the financial data impossible (Haldane 2011, pg 134). Principle of Transparency This principle states that for effective costing, it requires openness and honesty visibility in all transactions, ensuring that all information on procurement procedures, opportunities, and processes are well outline and publicized. In BUPA Care Homes, transparency is seen when the Directors read out the annual reports and the audited financial statements (Higgins 2004, pg 118). The materiality concept An item is considered material it affects the decision making process of the users. This is the case when the material is not stated correctly or it is omitted. Materiality concept explains that costing considers the tangibility of an item and the processes involved. In BUPA Care Homes, costing should focus on the tangibility that is attached to the residential homes and the health care service. An error that is too minor to affect anyone’s knowledge of the accounts is immaterial. In the accounts preparation, tangibility and intangibility of an item should be considered, so that resources do not go to waste in the pursuit of further detail. This is usually a very subjective exercise (Field 2007, pg. 105). Objectivity: This principle requires that an accountant should work with the view of promoting the aims. They should be showing high levels of neutrality while executing their duties. The accountants not be biased in their operations. This therefore means that they should keep of implementing their personal responses and wishes. They should be straightforward and focused to the facts as the case guarantees. BUPA Company should ensure that the accountants prepare detailed financial statements that are simple and easy to analyze. The accountants should therefore adopt and implement neutral grounds during the analysis of the financial data and statements (Armstrong 2004, pg 46). Causality principle: In many costing exercises, it has always been noted that the cost of payment for any event or service has a relationship with its cause. The nature of the cause therefore is used in the appropriate allocation and budgeting. BUPA should use this principle; do costing after doing proper investigation and coming with the correct findings about the cause of an occurrence so at to reduce the chances of subjectivity. This is almost similar to the principle of the proximate cause in the cannons of insurance that states clearly that for one to be compensated; the risk that has occurred must relate directly with the property insured. In insurance the compensation cost is usually based on the amount of loss and the premiums paid are based on the nature of the property to be insured (Britton 2007, pg 34). Data accuracy principle The cost of an item is always charged after the ...Download file to see next pagesRead More
Comments (0)
Click to create a comment
Managing Human Resource in Health and Social Care
In the last couple of years, growing attention has been paid to the development of health and social policies. But with the supposed benefits of policy, many share the view that a major drawback of health and social is their failure to make room for issues of human resources.
6 Pages(1500 words)Essay
Managing Financial Resources in Health and Social Care
The Systems for Managing Financial Resources in BUPA 5 Task 2 6 2.1. Diverse Sources of Income for BUPA 6 2.2. The Factors That May Influence the Availability of Financial Resources in BUPA 7 2.3. Different Types of Budget Expenditure in BUPA 7 2.4. Decisions about Expenditure that could be made in BUPA 8 References 10 Task 1 1.1.
5 Pages(1250 words)Assignment
Managing Financial Resources in Health and Social Care
The costs of health related issues should be accommodative and within the reach of clients. For effective administration and finance management, the administration should uphold integrity of budgeting and implementing policies based on effective and sound financial management plans.
4 Pages(1000 words)Essay
Managing finanical in health and social care organization
Thankyou! Measuring the body temp. of neonates presents different issues from those encountered in temp. measurement of adults and older children. The methods used must be accurate and safe for the fragile neonates. Neonates’ temp. measurements are currently
11 Pages(2750 words)Essay
Managing Human Resources in Health and Social Care
Health workers are virtually the custodians of life. Other than utmost qualifications required of the workers, they should also show undoubted degree of professionalism and ethics. Ability to perform does not
3 Pages(750 words)Essay
Health and Social Care Management/ Managing Quality in Health and Social Care
However, with recent developments as reports such as the CQC indicate that there is an improvement in the quality of care. This report evaluates the perspectives of
8 Pages(2000 words)Essay
Managing Financial Resources in Health and Social Care
This paper will discuss the financial management and its significance in the social and health care services. Every organization, whether profit-drive or non-profit, have finance as an
12 Pages(3000 words)Essay
Managing Financial Resources in the health and Social Care
Management of any organization can make an effective and secure financial planning after considering the present financial resources. Care Tech Holdings PLC is an organization which provides support and high quality
12 Pages(3000 words)Essay
Managing financial resources in health and social care
The company must not include abnormal costs with its production costs. Abnormal costs are damages by fire, theft and riots. These costs don’t have any relation with production. If these costs are added in the production cost then it will give
12 Pages(3000 words)Essay
Managing Human Resources in health and social care
The recruitment process in the social care institution must start with identifying and selecting the criteria for the job. The criteria will help the organization to identify the required skills, experience, job designation and other job specifications. The criteria will
12 Pages(3000 words)Essay
Let us find you another Essay on topic Managing Financial Resources in Health and Social Care for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us