Exploring how financial flows can be redesigned to find a better way to make money work in the health and care system
Our research looks at how the current NHS funding system works and delivers recommendations for how to put money entering the system to best use for patients.
We worked with the Healthcare Financial Management Association (HFMA) on this research and spoke to NHS finance professionals, non-executive directors and NHS leaders across the country. With the help of the HFMA, we surveyed over 200 finance professionals to understand what they think about the way money works in the healthcare system and how it could be improved.
An integrated model of care is undoubtedly the right direction for the UK healthcare service. Not only does it benefit patients and NHS staff but we’ve seen that it works overseas. The current direction of travel is promising with the Five Year Forward View. But there is an overwhelming desire for change from front line NHS finance staff.
"There is a huge opportunity to better optimise resources, better empower patients and better improve health outcomes. Change is always hard in the NHS but there is a big prize on offer - not just to sustain the system, but to transform it."
We have made several recommendations for short and medium term action, aimed at re-aligning financial flows with the emerging place based architecture of the system, giving systems better long term line of sight over their funding envelope, and ensuring that money is directed towards incentivising better patient outcomes.
"Money talks. The way it is deployed and the objectives it is designed to realise have a huge influence on what individuals and institutions within the care system do."
Our research took place over nine months, drawing upon a wide range of sources, from academics, to finance directors and NEDs. We:
Our steering group oversaw our research. They were key to providing critical challenge to the thought process. Membership of the Steering Group comprised:
We would like to thank all the members of the Steering Group for offering their time, energy and advice and remind readers that the conclusions reached and views expressed in our research are those of the authors only.