Trust joins new national programme to help improve finances

Imperial College Healthcare NHS Trust has joined a new voluntary financial improvement programme being run by NHS Improvement, to help identify and deliver additional efficiency savings.

The Trust is one of 16 selected to be part of the Financial Improvement Programme (FIP) after 80 trusts volunteered. The selected trusts were chosen because NHS Improvement believes the support will have the most impact at those organisations.

Improving the financial position and returning to a balanced budget, sustainably, is a top priority for Imperial College Healthcare NHS Trust.  Despite delivering cost improvement plans worth £29 million last year (2015/16) the Trust ended the year with a deficit of £47.9 million. This included a one-off adjustment of £17.8 million primarily to reflect a reassessment of the condition of our estate.

Through the FIP, the Trust is working in partnership with PwC, to develop and accelerate its current programme of activities to identify and deliver savings. It will also help the Trust to build skills and capacity to drive efficiencies in the long-term and improve cost management as an organisation overall.

The Trust will maintain its focus on the safety and quality of services throughout the programme.

Dr Tracey Batten, CEO said:

“Like others, Imperial College Healthcare NHS Trust has a financial deficit that is not sustainable. We are working hard to put in place new models of care and develop modern facilities that will improve quality and efficiency in the longer term. Our role in helping to develop a sustainability and transformation plan for our local health system is a key part of that work. But we also have to do all we can to improve our efficiency and cost controls immediately.

“The Financial Improvement Programme provides a great opportunity to use the skills and capacity of external experts to boost our existing cost saving work, identify areas where we can develop and help to secure our financial position for the future.”

More information is available on the NHS Improvement website.