accordgroup.org.uk /value-for-money
Regulation and compliance
The HCA Governance and Financial Viability Standard outlines expectations for providers to demonstrate that value for money services
are being delivered, and moreover that value for money is embedded in the culture of the organisation. Accord understands the
importance of being able to confidently demonstrate value for money through responsible management of finances and application of
resources, whilst continuing to provide excellent services to customers. The Group’s achievements have been benchmarked against the
requirements of the standard, as below:
Registered
providers shall:
“Have a robust
approach to making
decisions on the
use of resources to
deliver the provider’s
objectives, including
an understanding
of the trade-offs and
opportunity costs of
its decisions.”
26
Accord Group
How Accord Group delivers against these requirements
n Group Board receives regular updates on how agreed business plan objectives are being
implemented
n Financial planning is integrated into business planning cycle. Annual detailed financial plans are
prepared identifying the extent of the financial resources available to deliver the Board’s strategic
objectives and ambitions.
n Opportunity costing is incorporated into the PAP approval process to demonstrate the rationale
behind proposed business and investment decisions. For example the decision to invest or divest
in certain properties based upon asset management intelligence.
n Business planning and objective setting at Board away day. This ensures the commitment of
financial resource aligns entirely to the business plan objectives.
n Board approval of key resource financial allocation documents including the Group budget
assumptions report, Group annual budget and Group financial planning.
n Internal senior management Project Approval Panel (PAP) which reviews all major investment
decisions, business cases and business development opportunities with recommendations to
Board.
n All major services are underpinned by detailed exit strategies. The Group implements these exit
strategies when the future of a service which no longer makes a favourable contribution is being
considered.
n Through rigorous stress testing exercises the Board is clearly sighted on relevant risk events and
application of resources to mitigate against such events in line with the Board’s risk appetite.