Achieving financial balance and sustainability in healthcare
Financial control is the vital first step to making the NHS sustainable. It’s the platform upon which long-term transformative change can be built. While individual trusts aren’t always fully in control of their own destiny, and strong leadership is needed at the national level to address the funding gap, there is more that can be done to ensure the processes and systems are in place to avoid financial trouble. The NHS Long Term Plan provides a route map to sustainability - the key remains how to implement it whilst dealing with the day to day.
The lessons shared in this document are important for a successful financial recovery. The efforts to improve the financial performance of organisations are often hindered by over complicating and failing to grasp the basic pillars of change. Improvements in areas such as communication within the NHS and with its stakeholders are a big step in the right direction but more can be done with strong financial control being that vital first step and platform upon which long-term transformational change can be built.
The NHS continues to face unparalleled financial and operational pressure with a deficit of £1.65bn at the end of Q2 2018/19.
In this report, we have used a traditional corporate demise curve to illustrate a range of considerations and priorities for organisations during a journey of financial improvement and recovery. The demise curve refers to the period of time from the decline of an organisation through to its recovery, before becoming sustainable. We have refined this for the NHS and are terming it ‘the recovery curve’.
Our specialists are working with providers across the country to support them through the stress of turnaround and assist them in their journey to transformation. The lessons shared in this document are drawn from that extensive experience and are vital steps to ensuring successful financial recovery.
Specifically, PwC can help you:
Partner, Government and Health Industries Restructuring Leader, PwC United Kingdom
Tel: +44 (0)7787 120228
Director, Operational Restructuring, PwC United Kingdom
Tel: +44 (0)7852 191622