3.2 Interpret organisational budgets in health andsocial care.

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Unit HSC703: Managing Finance in the Health and Social Care Sector 

Level 7 Diploma in Health and Social Care [610/1483/7]

Unit code: F/650/4194
RQF Level: 7

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Unit Aim
The aim of this unit is to introduce key financial concepts and tools for managers in health and social care. The unit considers 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.

Learning Outcomes and Assessment Criteria

Learning Outcomes
When awarded credit for this unit,a learner will:

Assessment Criteria
Assessment of this learning outcome will require alearner to demonstrate that they can:

1. Understand the role of financial information in managing health and social care organisations.

1.1 Explain the importance of accounting and finance management in the context of a healthand social care organisation.
1.2 Evaluate how financial software is utilised withinthe accounting functions of organisations.
1.3 Describe how key financial ratios are used byhealth and social care organisations.

2. Understand the different sources of finance available for the health and social care organisations.

2.1 Differentiate between long- and short- term business finance needs of health and socialcare  organisations.
2.2 Explain the benefits and limitations of various sources of finance available to an organisation.
2.3 Evaluate the process of budgetary control andrevenue management in a health and social care organisation.

3. Understand how business decisions in health and social care can be informed by financial  information.

3.1 Explain the rules of double-entry book- keepingand how it is used to maintain financial records.
3.2 Interpret organisational budgets in health andsocial care.
3.3Evaluate capital expenditures and investmentprojects using different investment appraisal techniques.
3.4 Make recommendations for financial management in health and social care organisations

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