Core Skills in Finance & Financial Management for Clinical Leaders

Improve financial effectiveness by thoroughly understanding the workings of the evolving system

Developed in conjunction with a Senior NHS Finance Director, this course is designed for the many consultants, senior nurses and PAMs who would like NHS finance and business planning demystified to the point of being both understandable and manageable. With particularly emphasis on what it takes to be financially successful in today’s NHS environment, the course balances a detailed understanding of the principles and process of NHS money flow with the practical skills to operate successfully to ensure services survive and thrive in the new market economy.

All participants in this course also receive a free DVD entitled The Successful Business Plan

• Gain key knowledge and insight into the complex world of NHS fiscal management
• Understand the issues which affect service planning and development
• Acquire practical expertise in driving financial success for clinical services
• Read and understand financial documents with confidence and insight
• Learn how to proactively design financial achievement
• Reduce cost whilst improving quality

UNDERSTANDING THE FINANCIAL WORLD OF CLINICAL SERVICES

• Understanding the NHS market economy
• Understanding money flows within the health service – how are they changing and what are the implications
• Impact of NHS White Paper, Darzi, Choose & Book and PbR - critical considerations
• Role of commissioning present and future -the impact of GP commissioning
• Financial terminology: PbR, HRGs, tariffs, reference costs, choose & book, block contracts, SLA and much more
• How does the tariff work?
• Critical management considerations around tariff
• How are services costed and is there a better way?
• Understanding Budgets, Service Line Reporting & Service Line Management
• Making sense of budget and service line reports
• Capital and Revenue spending – the differences
• Purchasing – following the guidelines and rules – local and national
• Understanding Trust responsibilities in relation to finance and fraud
• Standing financial procedures and instructions  - what you need to know

FINANCIAL MANAGEMENT FOR CLINICAL LEADERS

• Understanding financial prioritisation and linking to organisational and directorate goals
• Financial goal setting at a departmental or directorate level
• Balancing financial and clinical needs – developing consensus
• Linking financial management to clinical care
• Understanding return on investment from both fiscal and clinical perspectives
• Proactive management of financial stability
• Developing strategies for recovery from a poor financial position
• Understanding the mindset of the financial team
• Common financial pitfalls

CORE PRINCIPLES IN COST REDUCTION

• First - make sure you understand your finances
• Financial modelling - the relationship between income, cost and activity
• Cost versus cost per episode
• Identifying potential savings
• Testing the potential for savings
• Risk assessment in cost improvement
• Eliciting savings from stafing - the right way
• Organising cost improvement for maximum effectiveness
• Engaging the team in cost improvement, willingly
• Leading & reaching consensus
• Utilising cost improvement to improve quality

A meeting room based course with an engaging mixture of lectures, exercises, discussions and case histories resulting in a high quality learning experience that is stimulating & enjoyable.

These are other courses that provide a good companion to this course.

• Optimising Cost Improvement Programmes at a Service Level