Papworth Hospital became a Foundation Trust on 1 July 2004, following many years as an NHS Trust. As a Foundation Trust, Papworth Hospital submits regular financial information to the independent regulator of Foundation Trusts, Monitor.
Monitor rates the performance of Foundation Trusts against predetermined criteria. These include a number of financial indicators which are consolidated together to give a financial risk rating for each Foundation Trust from 1-5 (5 being the lowest risk rating with no regulatory concerns) and a governance risk rating of green, amber-green, amber-red, red (green being the lowest risk rating with no regulatory concerns).
Monitor also sets borrowing limits for the Trust using a formula of four financial ratios to establish a limit. The number of private patients that can be treated is also set by Monitor, which caps the level of private patient income as a percentage of total patient income for each Trust.
The Papworth Hospital 2010/11 financial plan was accepted by Monitor earlier this year and included a number of projections for 2010/11.
Papworth Hospital Annual Plan 2011/12 ()
2010/11 financial plan accepted by Monitor:
|Financial risk rating||4|
|Income & expenditure surplus||£4.3m|
|Capital expenditure||£2.8m (full year)|
|Private patient percentage||4.5%|
The plan also included Capital Investment schemes for 2010/11.
Capital investment schemes proposed 2010/11
15 May 2013
Papworth gains national recognition for TAVI
17 April 2013
Patients Give Papworth Top Scores