In Your Capacity as a Financial Controller You Are Requested to Explain What Mechanisms Would You Adopt to: (a) Ensure Regular Monitoring of the Business (B) Alert Respective Internal Stakeholders Particularly When an
Finance
Msc. Health Service Management
Question
You are the financial Controller responsible for the compilation and monitoring of Allied
Services Budget which budget encapsulates the
Occupational Therapy, Physiotherapy & Speech therapy services with in an NHS region. The region covers a General Acute hospital, Rehab hospital as well as an Elderly hospital
In your capacity as a Financial Controller you are requested to explain what mechanisms would you adopt to:
(a) Ensure regular monitoring of the business
(b) alert respective internal stakeholders particularly when an adverse variance seems probable Articulate also which information would you make use of to achieve (A) and (b) above and what reporting structures would you deem appropriate to achieve your objectives.
Allocating Budgets
The budget allocated depends on:
The time period
What one aims to achieve in line with the over all strategy of the business
Targets to be reached
Past Years budget
Future projections
Allocating Budgets
Budgets based on the cost of:
Number of therapy sessions
Length of therapy sessions
Type of therapy session
Size of Region
Demographics
Regular Monitoring of The Budget
To effectively monitor the budget allocated, each hospital should produce data for each allied service per cost center and where possible down to patient level for each allied service for each hospital within the region.
Such data should be ideally be produced monthly
Regular Monitoring of The Budget
Such data should include:
Past Reports
The actual budget for that period
Actual expenditure to date
Future expenditure commitment
Actual balance remaining for the period
Forecast Outturn
Forcast Outturn Variance
The importance of Regular Monitoring
The need to optimally use public resources as pressures on the public
Msc. Health Service Management
Question
You are the financial Controller responsible for the compilation and monitoring of Allied
Services Budget which budget encapsulates the
Occupational Therapy, Physiotherapy & Speech therapy services with in an NHS region. The region covers a General Acute hospital, Rehab hospital as well as an Elderly hospital
In your capacity as a Financial Controller you are requested to explain what mechanisms would you adopt to:
(a) Ensure regular monitoring of the business
(b) alert respective internal stakeholders particularly when an adverse variance seems probable Articulate also which information would you make use of to achieve (A) and (b) above and what reporting structures would you deem appropriate to achieve your objectives.
Allocating Budgets
The budget allocated depends on:
The time period
What one aims to achieve in line with the over all strategy of the business
Targets to be reached
Past Years budget
Future projections
Allocating Budgets
Budgets based on the cost of:
Number of therapy sessions
Length of therapy sessions
Type of therapy session
Size of Region
Demographics
Regular Monitoring of The Budget
To effectively monitor the budget allocated, each hospital should produce data for each allied service per cost center and where possible down to patient level for each allied service for each hospital within the region.
Such data should be ideally be produced monthly
Regular Monitoring of The Budget
Such data should include:
Past Reports
The actual budget for that period
Actual expenditure to date
Future expenditure commitment
Actual balance remaining for the period
Forecast Outturn
Forcast Outturn Variance
The importance of Regular Monitoring
The need to optimally use public resources as pressures on the public