King’s College Hospital NHS Foundation Trust is expecting to see an end-year deficit of £92 million and therefore has been placed in special measures.
NHS Improvement (NHSI) has announced that King’s College Hospital NHS Foundation Trust has been placed in special measures over growing concerns around its financial situation.
The trust was placed in financial special measures the day after the trust chairman, Lord Kerslake, resigned criticising the "unrealistic" approach to NHS finances.
Earlier this year the King’s College Hospital board expected a budget deficit of £38 million for 2017/18. In late October, the trust formally worsened this prediction to £70 million, and last week re-forecast an end-year deficit of £92 million.
The trusts financial position has worsened by £54m, and more than doubled, within only a few months.
Ian Dalton, Chief Executive of NHS Improvement, said;
The financial situation at King’s has deteriorated very seriously over recent months and we have now placed the trust in special measures to maximise the amount of scrutiny and support that it receives.
We understand that the wider NHS faces financial and operational challenges, and other trusts and foundation trusts have large deficits. However, none has shown the sheer scale and pace of the deterioration at King’s. It is not acceptable for individual organisations to run up such significant deficits when the majority of the sector is working extremely hard to hit their financial plans, and in many cases have made real progress.
On a statement on their website, King's reassure patints that business will continue as usual;
We want to reassure our patients and staff that all our services will continue to run as normal. We take NHSI's decision very seriously and are on track to deliver significant savings in this financial year. We look forward to working closely with NHSI to reduce our deficit and improving our financial position.
NHSI say the trust will receive extra help and oversight, with the appointment of a financial improvement director to draw up and deliver a plan to improve its finances.