FINANCE: Maidstone and Tunbridge Wells Trust faces significant financial challenges over the next three years, which require “radical solutions”, according to a statement on internal control from chief executive Glenn Douglas.
The statement said the trust had “identified significant financial challenges over the next three years in its medium term financial plan”.
These, it said, related to reductions in income, due to changes in tariff and PCT commissioning intentions, plus increases to the cost base following the full completion of its new hospital at Pembury.
Mr Douglas added: “Although further financial savings through efficiency and productivity improvements may be achievable, the scale of these financial challenges indicates that more radical solutions across the local health community are required to sustain financial viability.
“The trust will continue to work towards additional savings to mitigate the financial impact, but other approaches will and are being explored.”
Mr Douglas’ statement pledges that the trust will maintain quality standards despite the financial challenge facing it.
He said: “The board remain absolutely committed to maintaining the highest standards of patient quality, safety and care. They will not approve any action which compromises the improvements achieved over the last three years.”
Maidstone and Tunbridge Wells NHS Trust internal control statement (see attached, right)
1 June 2011