As a result, Peterborough and Stamford will now:
- develop and implement a robust long-term strategic plan
- make cost savings of at least £13 million in 2015/16 to reduce its overall deficit
- create and implement effective financial plans for the next 2 years
- fully implement its A&E action plan
These legally binding steps follow on from previous action by the health regulator at Peterborough and Stamford following concerns about long A&E waiting times at the trust and its long-term finances.
Monitor has noted that Peterborough and Stamford has made significant progress in improving its A&E service. However, the trust needs to demonstrate it can consistently meet the national target of treating 95% of A&E patients within 4 hours.
Significant progress has also been made by Peterborough and Stamford in improving the performance of its finance team following an independent review.
David Dean, Senior Enforcement Director at Monitor, said:
Peterborough and Stamford has a significant amount of work to do to secure its financial sustainability and consistently provide patients with timely A&E care.
The trust has already shown it is capable of making considerable improvement, so our action aims to help it sustain this progress. However, the emphasis is on the trust to make sure it is doing all it can to provide quality care in as effective and efficient manner as possible.
The regulator will closely monitor the trust’s progress in making these improvements.