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Managing Finance in the Health and Social Care Sector

HSC703

Course CodeHSC703
ECTS

Course Description

The aim of this unit is to introduce key financial concepts and tools for managers in health and social care. The unit gives consideration to the knowledge and understanding necessary for making finance informed decisions in health and social care organisations. This unit should be studied within the contexts of local, national and international legal frameworks and good practice relating to finance.

Course Objectives

The aim of this unit is to introduce key financial concepts and tools for managers in health and social care. The unit gives consideration to the knowledge and understanding necessary for making finance informed decisions in health and social care organisations. This unit should be studied within the contexts of local, national and international legal frameworks and good practice relating to finance.

Key Topics

  1. LO1: Understand the role of financial information in managing health and social care organisations
  2. LO2: Understand the different sources of finance available for the health and social care organisations
  3. LO3: Understand how business decisions in health and social care can be informed by financial information

Course Outline

WeekTopics
1Foundations of Financial Management in Healthcare
2Financial Technology and Accounting Information Systems
3Double-Entry Bookkeeping and Financial Recording
4Financial Performance Evaluation Using Ratios
5Short-Term and Long-Term Financing Needs
6Sources of Healthcare Financing
7Budgetary Control and Revenue Management
MidtermMidterm evaluation
9Interpreting Healthcare Budgets
10Capital Expenditure and Investment Appraisal
11Strategic Financial Recommendations
12Applying Managing Finance in the Health and Social Care Sector in practice: case studies
13Assignment workshop: research, planning and referencing
14Assignment workshop: drafting, feedback and improvement
15Review and coursework completion
FinalFinal assessment and submission

Learning Outcomes

  1. LO1 Understand the role of financial information in managing health and social care organisations
  2. 1.1 Explain the importance of accounting and finance management in the context of a health and social care organisation.
  3. 1.2 Evaluate how financial software is utilised within the accounting functions of organisations.
  4. 1.3 Describe how key financial ratios are used by health and social care organisations.
  5. LO2 Understand the different sources of finance available for the health and social care organisations
  6. 2.1 Differentiate between long and short term business finance needs of health and social care organisations.
  7. 2.2 Explain the benefits and limitations of various sources of finance available to an organisation.
  8. 2.3 Evaluate the process of budgetary control and revenue management in a health and social care organisation.
  9. LO3 Understand how business decisions in health and social care can be informed by financial information
  10. 3.1 Explain the rules of double-entry book-keeping and how it is used to maintain financial records.
  11. 3.2 Interpret organisational budgets in health and social care
  12. 3.3 Evaluate capital expenditures and investment projects using different investment appraisal techniques
  13. 3.4 Make recommendations for financial management in health and social care organisations
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