Health sector regulator Monitor is set to tackle a financial deficit of £12million at the trust that operates Bassetlaw Hosptial.
The Bassetlaw Hospitals trust, which provides acute and general services to patients across Nottinghamshire, will be supported to improve the way it manages its finances and its long term plans for financial sustainability.
Bassetlaw Hospitals’ finances had rapidly deteriorated since October 2015, after the trust discovered it had been reporting its financial position incorrectly for at least twelve months.
As a result, Monitor has agreed a series of steps with the trust to help it turn around its finances.
The trust will develop robust recovery plans to help improve its financial position in the short term as well as addressing its longer term financial challenges.
It will also make its internal and external reports on financial performance more thorough, following recommendations in a separate report due to be published by the trust.
The regulator will also work closely with the trust’s leadership by providing expert support to help implement the necessary changes quickly and effectively.
Paul Chandler, regional director at Monitor, said:“We recognise the financial challenges faced by Bassetlaw Hospital and will offer expert advice and guidance to help the trust turn its finances around.
“We will work closely with the trust to help it improve its financial position so it can continue to provide quality care to patients in the long term. It’s good to see that the trust has been very receptive to our support and has worked with us closely on agreeing next steps.”
Monitor is also issuing an additional licence condition to help ensure the right oversight is in place. The regulator may take further action if necessary.