Peterborough and Stamford Hospitals’ NHS Trust Financially Unsustainable
As per reports, a health regulator monitor has found that the financial condition of Peterborough and Stamford Hospitals NHS Trust is not sustainable. The report by the watchdog claims that a new hospital built under private finance initiative (PFI) poses significant risk to the future of trust.
It emerged that trust was working well at present but it is likely to suffer losses of about £38m a year under the current circumstances. Monitor's Contingency Planning Team (CPT) discovered that the trust had built up a deficit of £37m at the end of 2012-13.
It is learnt that it needed support of £44.1m form the Department of Health. Presently, another report from Monitor is awaited by the trust; however, it is known to have saved £13.4m. The trust said it focused on delivering the best of patient care and finding another £13m in cost improvement savings.
It is expected that the trust will continue with deficit of at least £38m in the next five years while it will encounter cash shortage of about £40 m annually.
"We now expect the CPT to advise us what practical options are available to close the financial gap and ensure continuity of service to patients", said Stephen Hay, from Monitor.
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