Kettering General Hospital Foundation Trust has set out plans to tackle a forecasy deficit of £21m in 2014-15.
The figure represents ten per cent of the East Midlands’ trust’s annual turnover, according to recent board documents.
The board has acknowledged that the financial gap will not be plugged in one year, stating, among other measures, plans to deliver £7m in savings through continuing delivery of the trust’s QIPP plan.
It was also disclosed that the board is looking for support from Monitor to approach the Department of Health for £7m of financial support. This is to enable “time for sustainable changes to clinical service in the following years”.
A final £7m is to be delivered through another savings plan, which includes initiatives to market test the supply of some services.
The trust’s outgoing chief executive, Fiona Wise, has written to trust stakeholders laying out the exact nature of the financial challenge ahead.
The sum includes a £7m deficit carried forward from 2013-14; investment in alternatives to A&E totalling £1.3m; and the impact of the national “Nicholson 4 per cent” challenge in the national tariff funding formula for trusts, accounting for £7.8m.
28 February 2014