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

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- keeping and how it is used to maintain financial records.
3.2 Interpret organisational budgets in health andsocial care.
3.3 Evaluate capital expenditures and investmentprojects using different investment appraisal techniques.
3.4 Make recommendations for financial management in health and social care organisations