FINANCE: Imperial has said its Cost Improvement Programme target for 2011-12 will be 15 per cent of controllable costs.
The west London trust’s tripartite formal agreement said the 2011-12 Cost Improvement Programme target had been caused by a brought forward underlying deficit from 2010-11, combined with cost pressures and a reduction in the service level agreements with commissioners.
The report, sent to the strategic health authority NHS London and the Department of Health, anticipated other losses in income for education and research and tariff changes affecting Academic Health Science Centres - of whihc Imperial is one - particularly hard.
The document said “clinical and financial sustainability is achievable in the context of a long term strategic development plan.”
The trust had originally planned a Cost Improvement Programme of £70m and a reduction in patient activity of £19m.