Unit 7 Budget Assessment – Effective Financial Planning, Budgetary Control, and Stakeholder Management in Dental Practice
UNIT 7 – Guidance
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Assignment Brief – Unit 7
Establish budgetary and production targets.
Explain how you implement and control your dental practice’s budget for all resources (staffing and stock) and how you work to achieve production targets (UDAs, number of patients, treatments, staffing and sundries).
To provide evidence from your practice in a P&L.
To detail and explain the following budgetary techniques through research~:
- Fixed budgets
- Historical budgets
- Zero-based budgeting
- Income and expenditure budgets.
- Top-down and Bottom-up approach.
To explain the benefits and disadvantages of budgeting.
Manage claims and monitor compliance with claim requirements.
How do you manage claim requirements and monitor compliance with these?
Meet the financial expectations of organisational stakeholders.
What are the financial expectations (To analyse) of stakeholders of your business (patients and their family members/carers, employees, the business owner, regulatory bodies, other healthcare providers), and how do you ensure your business meets these expectations?
To explain the financial terms – cash flow forecast and cash flow management.
To explain financial KPI’s and how you can monitor financial KPI’s.
To explain the purpose of main financial documents including:
Cash flow forecast.
A balance sheets.