Norfolk and Norwich University Hospital to get financial turnaround director
- Credit: Mike Page
A financial turnaround director is being appointed to help the Norfolk and Norwich University Hospital (N&N) improve its financial position.
This is one of a number of actions agreed with NHS Improvement, of which foundation trust regulator Monitor is a part.
Other actions include developing and implementing a short-term financial recovery plan and a plan to improve its finances in the longer term.
The director is being appointed by the N&N, and will be accountable top its chief executive.
They will advise the trust on how to implement these recovery plans and NHS Improvement will work closely with the trust to support it to carry out the necessary changes quickly.
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The trust has also volunteered and been selected as one of a number of NHS organisations to take part in the Financial Improvement Programme (FIP), designed to help trusts develop the skills, capacity and capability to make immediate significant savings as well as longer term savings.
Only trusts with significant potential for return on investment were selected.
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As part of its first steps in the FIP the trust would have needed to appoint an expert to make sure the trust has robust financial recovery plans and who will oversee the delivery of its improvements.
The trust's appointment of a turnaround director will fulfil this function.
Marianne Loynes, regional director at NHS Improvement, said: 'We will work closely with the N&N to help it get its finances back on track and improve the way it is run so it can continue to deliver quality care to patients.
'With our help the trust will appoint a financial turnaround director, who will provide expert advice and guidance to the trust and steer its progress in the Financial Improvement Programme.
'This additional support will help the trust pick up the pace of these improvements.'
NHS Improvement will continue to support the trust to reduce waiting times for patients.
Mark Davies, chief executive of the N&N, said: 'The N&N is determined to take action to deal with the deficit while ensuring the best possible quality of care for patients is maintained.
'We are pleased that the trust successfully applied to be part of a voluntary national programme run by NHS Improvement, and the N&N is keen to benefit from the expert support that this will provide.
'It is clear that much of the challenging financial position is about demand, not inefficiency.
'From externally verified analysis, the N&N is the most efficient teaching hospital in the country.
'This came out of the recent national NHS productivity and efficiency review by Lord Carter of Coles.
'The demand we are faced with is rising relentlessly and we are treating more patients who require more complex care.
'Our staff are doing an amazing job but they are under significant daily pressure which is not sustainable.
'This is why our plan to expand is crucial in both providing the best possible care to patients and bringing our finances back into balance.
'A total of 95% of acute hospitals are in deficit, showing that many trusts are facing the same issue.
'But locally, we are committed to demonstrating that we are using taxpayers' money as efficiently as possible.
'We welcome the extra support and management capacity that the N&N's appointment of a financial turnaround director will bring.'