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 financial ratios to establish a limit.
Under the Health and Social Care Act 2012, the Trust must ensure its income from NHS services exceeds its income from other sources (e.g. private patients)
The Papworth Hospital 2013/14 financial plan was accepted by Monitor earlier this year and included a number of projections for 2013/14.
2013/14 financial plan accepted by Monitor:
|Financial risk rating||4|
|Income & expenditure surplus||£6.7m|
|Capital expenditure||£5.8m (full year)|
|Cash||£43m (year end)|
|Private patient percentage||5.1%|
The plan also included Capital Investment schemes for 2013/14.
Capital investment schemes proposed 2013/14