Managing Financial Resources in Health Essay

3195 Words Nov 17th, 2014 13 Pages
Introduction
This is a report which is written based on the concept of financial management and the business resources in health care based company (Bryans, 2007). It is aimed to provide emphasis on the impression of costs and control that are available in the social health care settings. It is also required to provide deep examination of the system that are used in the health care industry to provide effective financial and resource management (Groppelli & Angelico, 2000). This ensures that the organization resources are managed effectively to provide adequate returns.
1.1 The principles of costing and business control systems
There are a number of costing principles and business controls which require the company to examine its
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It monitors the operation of health and social care settings and regulates the quality of their services.
Health care sector Regulatory monitor
This is a very important regulatory body which monitors the functions of health and social care settings. This ensures that the health care providers are transparent on their duties and follow certain health care procedures when handling patients (Martin et al, 2010). This is important in establishing high level of transparency and accountability in the management of health and care financial resources.
NHS Commission Board
This a is a very important regulatory body which helps health care settings in developing financial plans, budgets and management of operating activities (Bryans, 2007). This ensures that the financial resources are used according to the financial plan so there is effective financial control as set out in the health care act.
GAAP
This is a regulatory body which requires the company to use accounting principles which are used in the preparation of accounting records (Jones and Atwal, 2009). These ensure that the financial statements are made in accordance with the law and they can easily be understood by all the users who are not financial experts.
1.4 Evaluate systems for managing financial resources in a health or care organization
Financial management is the efficient use of the financial resources to meet the stated objectives of the company.

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