This story was first published in digitalhealth.net
Financial practice measures set out for NHS Foundation Trusts
Monitor is to upgrade its practical support in an attempt to widen its scrutiny of NHS Foundation Trust’s financial performance, including leadership training, turn around advice and buddying arrangements. This will enable it to take action sooner against providers that are not ensuring value for money for patients.
Monitor has also expressed its intentions to consult the sector on changes to its Risk Assessment Framework (RAF), which sets out the principles by which the regulator decides when to investigate foundation trusts, and what action to take to ensure they comply with the conditions of their licence.
David Bennett, chief executive of Monitor, said: “The scale of the operational and financial challenge facing the NHS means we cannot proceed with business as usual. Foundation trusts need to leave no stone unturned to improve their productivity, and we are taking a number of steps to help them meet this challenge.
“Our revised regulatory approach will send a strong signal to all foundation trusts about what they should focus on, including reducing the costs of agency staff and management consultancy. It will also enable us to step in earlier where an foundation trust is in danger of getting into difficulty, or is failing to make maximum use of its resources.”
Monitor has already started a programme of two-day site visits to the 43 foundation trusts who hold the largest deficits and have revealed encouraging results. South Tees NHS Foundation Trust, for example, reduced a forecast deficit of £29.4 million to an outturn of £12.7 million in 2014/15.
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