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Assignment Briefs 10-10-2022

Critically evaluate sources of finance for modern healthcare and apply financial management techniques

MOD006934 Managing Finance in Health and Social Care Organisations

Coursework

Assessment

Coursework

Assessment code:

010

Academic Year:

2022/2023

Trimester:

1

Module Title:

Managing Finance in Health and Social Care Organisations

Module Code:

MOD006934

Level:

7

Module Leader:

 

Weighting:

100%

Word Limit:

3,000 words

This excludes bibliography and other items listed in rule 6.83 of the Academic Regulations: http://web.anglia.ac.uk/anet/academic/public/academic_regs.pdf

Assessed Learning Outcomes

LO1: Knowledge and Understanding: Critically evaluate sources of finance for modern healthcare and apply financial management techniques;

LO2: Knowledge and Understanding: Apply and critically evaluate techniques for budgeting, costing and pricing for healthcare decision-making;

LO3: Intellectual, practical, effective and transferrable skills:

Construct a Strategic Business case to obtain funding;

LO4: Intellectual, practical, effective and transferrable skills: Systematically analyse information and draw conclusions from such analysis, critically appraising the validity of such conclusions from the perspective of different stakeholders considering strategic management issues

Submission Deadline:

Please refer to the deadline on the VLE

 

WRITING YOUR ASSIGNMENT:

  • This assignment must be completed individually.
  • You must use the Harvard referencing system.
  • Your work must indicate the number of words you have used. Written assignments must not exceed the specified maximum number of words. When a written assignment is marked, the excessive use of words beyond the word limit is reflected in the academic judgement of the piece of work which results in a lower mark being awarded for the piece of work (regulation 6.74).
  • Assignment submissions are to be made anonymously. Do not write your name anywhere on your work.
  • Write your student ID number at the top of every page.
  • Where the assignment comprises more than one task, all tasks must be submitted in a single document.
  • You must number all pages.

SUBMITTING YOUR ASSIGNMENT:

In order to achieve full marks, you must submit your work before the deadline. Work that is submitted late

– up to five working days after the published submission deadline - will be accepted and marked. However, the element of the module’s assessment to which the work contributes will be capped with a maximum mark of 40%. Create a spreadsheet model to predict the effects of the proposed child-only diabetes clinic over the course of the following five years. Critically evaluate the proposal by using investment appraisal techniques

Work cannot be submitted if the period of 5 working days after the deadline has passed (unless there is an approved extension). Failure to submit within the relevant period will mean that you have failed the assessment.

Requests for short-term extensions will only be considered in the case of illness or other cause considered valid by the Director of Studies Team. Please contact DoS@london.aru.ac.uk. A request must normally be received and agreed by the Director of Studies Team in writing at least 24 hours prior to the deadline. See rules 6.64-6.73: http://web.anglia.ac.uk/anet/academic/public/academic_regs.pdf

Mitigation: The deadline for submission of mitigation in relation to this assignment is no later than five working days after the submission date of this work. Please contact the Director of Studies Team -DoS@london.aru.ac.uk.           See    rules                                                      6.112                 –                                   6.141: http://web.anglia.ac.uk/anet/academic/public/academic_regs.pdf

ASSIGNMENT QUESTION:

Please read the following scenario:

You have been appointed as a financial analyst to a London-based NHS Trust Hospital. You have been told that the hospital plans to open a children-only diabetes unit in East Wing. Senior-level staff were only able to put up a preliminary budget and cost plan. You have been asked to consolidate and analyse the plan, perform financial forecasting and come up with innovative ways to reduce expenses and improve financial performance. Your report should include an appraisal of the proposed project; effective ways of obtaining funding for the project and a recommendation to the hospital.

Background

According to the Royal College of Paediatrics and Child Health, diabetes is an increasingly common long-term condition in children and young people. In the UK, it was projected that 36,000 children under the age of 19 would have diabetes in 2019, up from 31,500 in 2015. The vast majority (90%) of diabetes in children and young people is type 1 diabetes, which occurs when the body is unable to make any insulin. Type 2 diabetes, in which the body makes some insulin but not enough, is far less common in children and adolescents. Diabetes UK reports that there are nearly 1600 children in England living with Type 2 diabetes

Children and families experience psychological trauma as a result of type 1 diabetes` sudden onset, including depression, difficulty adjusting and stress. There is growing evidence to support the advantages of detecting children with type 1 diabetes before they develop diabetic ketoacidosis. Despite having more frequent interactions with medical services in the year leading up to diagnosis, type 1 diabetes is often missed in children. (The British Medical Journal, 2021). Therefore, London-based NHS Trust Hospital will also provide screening via diabetes-associated islet autoantibodies.

The demand for treatment is so high that a London-based NHS Foundation Trust Hospital is considering opening a children-only diabetes unit in East Wing with a total budget of £6 million to treat Type 1 and Type 2 diabetes for the next five years. The NHS Trust will receive £0.5 million at time zero for the initial cost, and the remaining portion of the budget will be dispersed equally throughout the following years.

In addition, diabetes-related ulcers and amputations cost the NHS £1 billion a year, accounting for nearly 1% of the entire NHS budget in England. There are 140 foot and toe amputations every week. To assist prevent ulcers, the GIRFT report advises that every provider have a multidisciplinary foot care service in hospitals, which could lead up to a £117 million saving for the NHS by reducing the length of stay, admissions and readmissions. Therefore, the clinic will also provide foot care services for young patients.

The hospital plans to initiate the following setup: A 1000-square feet medical building will be rented for a five-year term at £20,000 per year. The clinic will purchase numerous pieces of equipment in order to deliver high-quality care, which will cost £0.5 million. The clinic is expected to generate a total of £25,000 per year in revenues from year 2 onwards. The clinic will serve 24/7.

Data file

Equipment costs: £0.5 mln Insurance: £1,200 pa

PC to document care: £1,000 (x5) Utilities: £18,000 pa

Medical supply: £55,000 pa

Islet autoantibody testing: £15,000 pa Foot and amputation: £85,000 pa Screening for MODY diabetes: £25,000 pa Other running costs: £12,000 pa

Overtime costs: £26,000 pa

Paediatric Diabetes Care Team Costs: diabetes specialists: £160,000 pa nursing staff: £200,000 pa pharmacists: £80,000 pa dietitians: £65,000 pa psychologists: £95,000 pa administration: £40,000 pa multidisciplinary footcare team consultants: £140,000 pa podiatrists: £75,000 pa diabetes nurse specialists: £40,000 pa

The required rate of return: 3.5% Inflation: 0%

Assignment Task

You are required to prepare a report, using the information provided above covering the following areas:

a) Create a spreadsheet model to predict the effects of the proposed child-only diabetes clinic over the course of the following five years. Critically evaluate the proposal by using investment appraisal techniques. (25 marks)

b) Revise the proposal in (a) and provide innovative ways to reduce expenses and improve financial budgeting. Identify the type of budgeting that would be suitable for the proposal and explain why. (25 marks)

c) Discuss the traditional sources of financing and explain how they differ from the NHS funding. (25 marks)

d) Identify and discuss at least three management goals for T2 Diabetes Management by referring to the white paper attached. Provide details on how to address them in order to tackle the financial, public health and personal costs of diabetes. (15 marks)

e) Report structure and presentation. (10 marks)

ASSIGNMENT GUIDANCE

In writing your report you are expected to use theoretical tools that you have studied during the course and from your research, and make reference to credible evidence. The format for a report is available on the VLE.

It is expected that you will use more than 10 independently researched academic sources from the ARU library.

ASSIGNMENT CORE READING

Bandy, Gary (2014). Financial Management and Accounting in the Public Sector, 2nd edition, Routledge, London. Available through Kortext and/or ARU Library.

MARKING CRITERIA - MOD006934 Managing Finance in Health and Social Care Organisations

Assignment submissions will be marked with reference to the below criteria, as summarised in Table 1, based on ARU Level 7 generic grading criteria, Table 2

Level 7 is characterised by an expectation of students’ expertise in their specialism. Students are semi-autonomous, demonstrating independence in the negotiation of assessment tasks (including the major project) and the ability to evaluate, challenge, modify and develop theory and practice. Students are expected to demonstrate an ability to isolate and focus on the significant features of problems and to offer synthetic and coherent solutions, with some students producing original or innovative work in their specialism that is worthy of publication or public performance or display.

 

 

Mark Bands

 

 

Outcome

Characteristics of Student Achievement by Marking Band for ARU’s Generic Learning Outcomes (Academic Regulations, Section 2)

Knowledge & Understanding

Intellectual (thinking), Practical,

Affective and Transferable Skills

 

 

 

 

 

90-

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Achieves module outcome(s)

 

Exceptional analysis of key issues/ concepts/ethics with very clear originality and autonomy. Exceptional development of conceptual structures and argument making an exceptional use of scholarly conventions.

Demonstrates exceptional independence of thought and a very high level of intellectual rigour and consistency. Work pushes the boundaries of the discipline and may be considered for external publication. Critically evaluate sources of finance for modern healthcare and apply financial management techniques.

Exceptional analysis of key

issues/concepts/ ethics. Exceptional development of conceptual structures and argument, making consistent use of scholarly conventions. Exceptional research skills, independence of thought, an extremely high level of intellectual rigour and consistency, exceptional expressive/professional skills, and substantial creativity and originality. Exceptional academic/ intellectual skills. Work pushes the boundaries of the discipline and may be considered for external publication

 

 

 

 

80-

 

89%

 

Outstanding analysis of key issues/ concepts/ethics with clear originality and autonomy. Outstanding development of conceptual structures and argument making an exemplary use of scholarly conventions. Demonstrates outstanding independence of thought and a very high level of intellectual rigour and consistency

Outstanding analysis of key issues/concepts/ ethics. Outstanding development of conceptual structures and argument, making consistent use of scholarly conventions. Outstanding research skills, independence of thought, a high level of intellectual rigour and consistency, outstanding expressive/professional skills, and considerable creativity and originality. Outstanding academic/intellectual skills

 

 

 

 

 

 

70-

 

79%

 

 

 

Excellent analysis of key issues/ concepts/ethics. Excellent development of conceptual structures and argument making excellent use of scholarly conventions. Demonstrates excellent independence of thought and a high level of intellectual rigour and consistency. Create a spreadsheet model to predict the effects of the proposed child-only diabetes clinic over the course of the following five years. Critically evaluate the proposal by using investment appraisal techniques

Excellent analysis of key issues/concepts/ethics. Excellent development of conceptual structures and argument, making consistent use of scholarly conventions. Excellent research skills, indepen-dence of thought, excellent level of intellectual rigour and consistency, excellent expressive/ professional skills, and considerable creativity and originality.

Excellent academic/ intellectual skills, and considerable creativity and originality

 

60-

 

69%

Good analysis of key issues/concepts/ ethics. Development of conceptual structures and argument making consistent use of scholarly conventions

Good analysis of key issues/concepts/ethics. Development of conceptual structures and argument, making consistent use of scholarly conventions

 

50-

 

59%

Sound knowledge of key issues/ concepts/ethics in discipline. Descrip­tive in parts but some ability to synth­esise scholarship and argument. Minor lapses in use of scholarly conventions

Sound knowledge of key issues/concepts/ ethics in discipline. Descriptive in parts but some ability to synthesise scholarship and argument. Minor lapses in use of scholarly conventions

 

40-

 

49%

 

A marginal pass in module outcome(s)

Adequate knowledge of key issues/ concepts/ethics in discipline. Generally descriptive, with restricted synthesis of existing scholarship and little argument. Inconsistent use of scholarly conventions

Adequate knowledge of key issues/concepts/ ethics in discipline. Generally descriptive, with restricted synthesis of existing scholarship and little argument. Inconsistent use of scholarly conventions

 

 

30-

 

39%

A marginal fail in module outcome(s).

Satisfies default qualifying mark

Limited knowledge of key issues/ concepts/ethics in discipline. Largely descriptive, with restricted synthesis of existing scholarship and limited argument. Limited use of scholarly conventions.

 

Limited research skills impede use of learning resources and problem solving. Significant problems with structure/accuracy in expression.

Team/Practical/Professional skills not yet secure. Limited academic/ intellectual

 

 

 

 

skills. Limited use of scholarly conventions

 

 

 

20-

 

29%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fails to achieve module outcome(s).

Qualifying mark not satisfied

 

 

Little evidence of knowledge of key issues/concepts/ethics in discipline. Largely descriptive, with little synthesis of existing scholarship and little evidence of argument. Little evidence of use of scholarly conventions.

Little evidence of research skills, use of learning resources and problem solving. Major problems with structure/ accuracy in expression. Team/ Practical/Professional skills virtually absent. Little evidence of academic/intellectual skills. Little evidence of use of scholarly conventions

 

 

10-

 

19%

Deficient knowledge of key issues/concepts/ethics in discipline. Wholly descriptive, with deficient synthesis of existing scholarship and deficient argument. Deficient use of scholarly conventions. Critically evaluate sources of finance for modern healthcare and apply financial management techniques

Deficient use of research skills, learning resources and problem solving. Major problems with structure/accuracy in expression. Team/Practical/Professional skills absent. Deficient academic/intellectual skills. Deficient use of scholarly conventions

 

 

1-

 

9%

No evidence of knowledge of key issues/concepts/ethics in discipline. Incoherent and completely but poorly descriptive, with no evidence of synthesis of existing scholarship and no argument whatsoever. No evidence of use of scholarly conventions.

No evidence of use of research skills, learning resources and problem solving. Incoherent structure/accuracy in expression. Team/ Practical/Professional skills non-existent. No evidence of academic/intellectual skills. No evidence of use of scholarly conventions

 

0%

Awarded for: (i) non-submission; (ii) dangerous practice and; (iii) in situations where the student fails to address the assignment brief (eg: answers the wrong question) and/or related learning outcomes

 

Table 1: Marking criteria

 

 

Fail (less than 30s)

Limited 30s

Adequate 40s

Sound 50s

Good 60s

Excellent/Outstanding/Excepti onal 70+

Spreadshe et model forecasting the impact over the five years of the mental health unit proposal (25 marks)

Little evidence of an information base; little evidence of understandi ng of the discipline.

 

Incomplete and/or incorrect spreadsheet of the financial modelling

Poor application of the case study

Incorrect calculation of NPV

Limited information base; limited understandi ng of the discipline.

 

Partially correct application of the case study

Lack of explaining the figures in the base spreadsheet.

Incorrect calculation of NPV

Complete the base spreadsheet developed in-class workshops.

 

Briefly explain where the figures came from.

Calculation of NPV developed from the base spreadsheet/ company proposal

Critically review the financial outcomes and set out the areas that might be challenged.

 

Calculation of NPV developed from the base spreadsheet / company proposal.

Additionally, calculate the project IRR and payback period

Critically review the financial outcomes and set out the areas that might be challenged.

 

Calculation of NPV developed from the base spreadsheet / company proposal.

Additionally, calculate the project

ARR, IRR and payback period.

In addition to the previous, links between NPV, IRR and r.

 

Refer to approaches of cost of capital calculations.

 

Further critique / challenge the capital elements of the NPV.

 

 

 

 

Revision of the proposal and suggestion s to improve it + identificatio n of the type of budget

(25 marks)

Little evidence of setting out questions related to the proposal

 

Provides a single suggestion that is not justified by using various theories and is not in line with the set of questions.

Does not comment on the type of budget.

Limited evidence of setting out questions related to the proposal

 

Provides one suggestion that is somewhat justified by using various theories and real-life implications.

 

Only comments on the type of suitable budget but fails to justify the reasons.

Set out questions related to the proposal

 

Provide at least one suggestion to improve the proposal and indicate its outcomes by utilising various theories and real-life implications

Comments on the type of suitable budget but fails to discuss other types.

Provide at least two suggestions

, justify your reasoning by referring to real-life examples to improve the proposal and indicate its implications.

Comments on the type of suitable budget but poor discussion or limited discussion on the different types of budgets.

Provide at least 2-4 areas of concern, justify your reasoning by referring to real-life examples to improve the proposal and remodel the proposal by indicating all changes on NPV.

Identifies the type of suitable budget, and justifies it well by comparing it with other budgets.

Make at least four different adjustments to the proposal, justify your reasoning by utilising the health press, and indicate its implications on NPV on the spreadsheet as well as on the quality of care for patients.

 

Identifies the type of suitable budget, and justifies it well by comparing it with other budgets. Not only types but also two approaches to budgeting.

 

 

 

 

 

 

 

 

Sources of finance to raise capital and compariso n to NHS funding (25 marks)

Very limited discussion on related areas, including budgeting and traditional methods of financing.

Limited evidence of identifying the conventional ways of raising capital and NHS

funding,

Some evidence of identifying the conventiona l ways of raising capital and NHS

funding. However, it is descriptive in nature and lacks critical analysis.

Satisfactory analysis of the conventiona l methods of raising capital.

Satisfactory comparison with NHS funding.

Elements of critical thinking.

Good analysis of the conventiona l methods of raising capital. Each method is explained in detail. Good critical thinking when compared with NHS funding.

Each method is explained in detail by referring to its pros and cons. NHS funding is explained in detail and correct conclusions are drawn. Reliable finance books/journal articles are used instead of Internet sources.

Identificatio n of T2 Diabetes Manageme nt Goals (15 marks)

Little evidence of identifying the goals of T2 diabetes managemen t.

 

No details on how to address them in order to tackle the financial, public health and personal costs of diabetes. Create a spreadsheet model to predict the effects of the proposed child-only diabetes clinic over the course of the following five years. Critically evaluate the proposal by using investment appraisal techniques

Limited evidence of identifying the goals of T2 diabetes managemen t.

 

Little evidence on how to overcome the obstacles to attaining these goals in order to reduce the financial, public health, and individual costs of diabetes.

Some evidence of identifying the three goals of T2 diabetes manageme nt.

 

Some evidence on how to overcome the obstacles to attaining these goals in order to reduce the financial, public health, and individual costs of diabetes.

Satisfactory evidence of identifying the four goals of T2 diabetes manageme nt.

 

Satisfactory evidence on how to overcome the obstacles to attaining these goals in order to reduce the financial, public health, and individual costs of diabetes.

Good evidence of identifying the five goals of T2 diabetes manageme nt.

 

Good evidence on how to overcome the obstacles to attaining these goals in order to reduce the financial, public health, and individual costs of diabetes.

Excellent evidence of identifying the six goals of T2 diabetes management.

 

Excellent evidence on how to overcome the obstacles to attaining these goals in order to reduce the financial, public health, and individual costs of diabetes. Critically evaluate sources of finance for modern healthcare and apply financial management techniques

Academic Skills (10 marks)

 

Presentation in terms of structure, language and Harvard referencing

The appropriate report style has not been used or is largely inaccurate. The Harvard referencing format has not been followed.

Very weak academic writing style with numerous grammatical and spelling errors.

The appropriate report style has been used, although structure and content are limited. Limited use of the Harvard referencing format with numerous inaccuracies. Limited academic writing style with many grammatical and spelling errors

The appropriate report style has been used with a basic structure and basic content.

Basic use of the Harvard referencing format with numerous inaccuracies

. Basic academic writing style with many grammatica l and spelling errors.

The appropriate report style has been used with a satisfactory structure and satisfactory content.

Satisfactory use of the Harvard referencing format with some grammatica l and spelling errors.

A good logical structure with accurate expression and content has been used throughout. Good use of the Harvard referencing format with occasional inaccuracies

. Good academic writing style with occasional grammatical and spelling errors.

The appropriate report style has been used or is largely accurate. The Harvard referencing format has been followed. Strong academic writing style with a well-structured format, the correct choice of words and presentation.

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