FINANCE: Peterborough and Stamford Hospitals Foundation Trust expects to make a loss of £54.3m in 2012-13.
The trust’s May board meeting heard that it made a loss of £4.5m in April, slightly less than it expected, and has a £13.2m cost improvement plan for the year. However, with a substantial PFI commitment, Its cash position was expected to become critical halfway through the year. However, its commissioners have agreed to make advance payments to help with this. It has a financial risk rating of 1, which is expects to be the case at year end.
Finance director Chris Preston said: “In the current financial year, the trust plans identify the requirement for significant additional external funding from the Department of Health. This requirement has been acknowledged by both Monitor and the Department of Health.”
The trust is also struggling to meet 18 week targets because of a substantial backlog of patients. It expects performance in the first few months of the year to be below target as it struggles to clear them. It also does not expect to meet the 95 per cent four hour standard for A&E in the first quarter of the year after it only achieved just over 90 per cent in April.