Monitor will be taking action to support the specialist Liverpool Hospital to find ways to improve its finances.
An investigation launched in November 2015 has found that the trust will need additional financial support to tackle its predicted deficit of £7.3 million.
The health sector regulator has recognised that significant work has been done by the trust to address its financial problems, but recommended that extra support would help it recover its finances so that it can continue providing quality care to patients.
The trust – which provides maternity, gynaecology and neonatal care services to women throughout Merseyside, and specialist services to patients across the UK – has agreed to work with local and specialist commissioners to develop a strategic recovery plan to find solutions to the financial challenges it faces.
Paul Chandler, Regional Director for Monitor said:
We welcome the hard work the trust has done already and hope that the steps we have agreed with the trust will support it to improve its financial position.
Working closely with commissioners and other local stakeholders to further develop a strategic recovery plan will enable the trust to balance its books and ensure it can keep delivering high quality care for patients into the future.
Monitor will continue to work closely with the trust as it develops and implements these plans.