Essex teaching hospital to improve its finances with Monitor’s support
Southend University Hospital NHS Foundation Trust is set to improve its finances as Monitor helps the trust get back on track.
Following an investigation into the trust’s finances, the health sector regulator has taken action to provide Southend with extra support to turn around its financial position so it can continue to deliver quality services to patients for years to come.
The trust - which provides acute and general hospital services to over 300,000 patients across south Essex - is currently facing a £19.5m deficit. Working closely with Monitor and local healthcare organisations, the trust has agreed to develop robust recovery plans that will set out how it will improve its short and longer term financial position.
Additionally, following a separate investigation by Monitor into the way Southend records the costs of its NHS services, the trust has agreed to develop an action plan to improve its current approach. These improvements will help the trust better understand its financial position and will assist Monitor in setting national prices at a level that adequately covers the cost of services provided to patients.
Marianne Loynes, Regional Director at Monitor, said:
Southend University Hospital is facing financial challenges and needs support to turn the situation around for its patients. Our work with the trust will help it to put the right plans in place to improve its finances, both in the short and long term, so that it can continue to provide quality care to patients well into the future.
This work will complement the support it will get as part of Essex’s Success Regime, so that the trust is doing what it can internally to improve its finances alongside any wider work with the areas’ healthcare organisations.
Monitor will work closely with the trust to ensure changes are made at pace and may take further action if necessary.
Published: 23 March 2016