Monitor has closed its investigation into Oxford Health NHS Foundation Trust, and is supporting the trust in improving its finances on behalf of patients.
With the support of Monitor, the trust, which provides mental health and community services in Oxfordshire, Buckinghamshire and Wiltshire, has identified innovative ways to save at least £5 million this year and additional savings next year.
The trust has strengthened the way it manages its finances to ensure that it can make these savings, and it is predicting that it will also reduce this year’s financial deficit. Some of the ways it will achieve this include better use of its assets, improved nurse staffing plans and reduced use of agency staff. These improvements will help ensure the trust can continue to provide quality services in a sustainable way.
Paul Streat, Monitor’s Regional Director, said:
Our investigation found the trust is taking clear action to strengthen its financial position. Since opening our investigation we have supported the trust as it has developed its plans to improve finances, and we believe it will be able to do this without the need for regulatory action.
It’s good news for patients that the trust has identified ways to save money, as that money will help the trust continue to provide quality care to patients across the area.
Monitor will continue to provide close support and scrutiny to ensure the trust makes the planned improvements to its finances.