Managing Finance in Organisations
6 Credits (ECTS)
Managing Finance in Organisations
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Module Description
In this module, learners will acquire a foundational understanding of managing finance in healthcare, encompassing key concepts and practices essential to financial management within healthcare organizations.
They will explore the various sets of accounts necessary for professional use and management purposes, gaining proficiency in financial reporting and analysis tailored to healthcare settings.
Moreover, learners will critically assess the nature of costs, including direct, indirect, sunk, and opportunity costs, enabling them to make informed financial decisions and allocate resources effectively.
The module will also cover capital structure, providing learners with insights into financing options and strategies relevant to healthcare organizations.
Additionally, learners will comprehend the intricate relationship between profit and cash flow, recognizing the importance of cash flow management in sustaining healthcare operations and ensuring financial viability.
Through practical case studies and hands-on exercises, learners will develop the skills and competencies necessary to navigate the financial complexities of healthcare management with confidence and competence.
Entry Requirements
Candidates who apply for this course must possess one of the following:
- a Level 6 degree in a related field;
OR
- a Level 5 diploma or higher diploma and 5 years’ work experience in a supervisory or managerial role.
Preference is given to applicants having a Level 6 degree in a discipline related to the healthcare industry and a minimum of 3 years’ work experience in management within the sector.
Target Audience
The programme is mainly targeted at:
- Nurses and Midwives;
- Nursing Managers;
- Ward Managers;
- Clinic /Department Managers;
- Physiotherapists;
- Social Workers;
- Doctors;
- Professionals allied to medicine, such as paramedics;
- Staff within the pharmaceutical and medical devices industries;
- General Managers without clinical qualifications.
Career Paths
The programme aims to prepare you for senior posts such as
- Chief Executive Officer
- Managing Director
- Head of Department of any healthcare entity such as a hospital, clinic or ward, amongst others
How you’ll be assessed
The course comprises:
- Evening classes for part-time courses.
- Classes held throughout the day for full-time courses.
- Guided learning, presentations, comprising synchronous online discussions, tutorials and/or videos.
- Self-study hours comprising research, reading and assignment work.
Assessment
Assessment is carried out via two mandatory components:
- Modular Assessment
- Dissertation Assessment
The programme includes different forms of assessment which allow for and promote students’ critical engagement. The formative and summative assessment tasks may include an in-class assignment and/or a home-based written assignment using diverse assessment tools which may take the form of online and in-class discussions, examinations, case studies, reports, proposals, essays, and presentations, etc., as applicable to the diverse modules.
Learning Outcomes
Competences:
At the end of the module/unit the learner will have acquired the responsibility and autonomy to:
- Identify the financial flows such as tax-based, social/private insurance and structures in Healthcare organisations.
- Classify costs as direct, indirect, sunk and opportunity cost.
- Critically analyse, compare and contrast costing and budgeting in a private vs. public Healthcare organisation.
- Identify cash inflows and outflows in own Healthcare organisation.
- Interpret the cash flow statement of own Healthcare organisation
- Carry out financial-based decisions for the prosperity of own Healthcare organisation
- Compile financial statements and reports required for own Healthcare organisation
- istinguish between Purchase Orders, Invoices, Quotes and Receipts
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Critically analyse the fundamentals of Costing and Budgeting in Healthcare
- Analyse the principles and of accounting and finance in relation healthcare systems
- Evaluate the role and function of financial management (in general)
- Identify which financial statements and reports are required for the operation of a Healthcare organisation
- Critically analyse the elements of a Budget and Cash Flow Statement
- Critically analyse the elements of a Purchase Order, Invoice, Quote and Receipt
- Critically analyse the nature of costs and the budgeting process
- Critically analyse capital structure, Cash flow and profit
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Articulate the different roles of accounting and financial management in terms of their use in healthcare organisations
- Apply and critically appraise fundamental techniques of costing and costing systems
- Plan and control costs and budgets by applying critical understanding of The Fundamentals of Healthcare Finance and Financial Flows
- Plan Healthcare Investments in relation to critical analyses of investment theory
- Apply and critically evaluate the uses and drawbacks of alternative investment appraisal techniques in dealing with resource constrains and within the context of dynamic healthcare systems
Judgment Skills and Critical Abilities:
The learner will be able to:
- Examine Healthcare organisational objectives in line with financial management
- Evaluate the financial structures adopted in own Healthcare organisation
- Assess current processes for drawing up budgets and forecasts in own Healthcare organisation
Module-Specific Communication Skills:
The learner will be able to:
- Communicate feedback to key stakeholders during different stages of change implementation
Module-Specific Learner Skills:
The learner will be able to:
- Evaluate own learning on financial-based decisions to identify strengths and weaknesses and opportunities for improvement.
Module-Specific Digital Skills and Competences:
The learner will be able to:
- Navigate through the online learning platform to find assignments, discussion boards, literature, tutorials etc.