Peterborough and Stamford Hospitals NHS Foundation Trust
Peterborough and Stamford Hospitals NHS Foundation Trust (PSHFT), one of the first ten Foundation Trusts authorised by Monitor in 2004, had been recognised for its sound financial management and modern services. However, in 2005, the Trust found itself with a deficit of £7.7 million and a forecasted deficit of £1.5 million for the following financial year. PSHFT recognised that it needed to act early to regain financial balance, and looked to Alvarez & Marsal for help. The A&M team acted quickly to develop and implement a plan to improve PSHFT's financial performance. A&M professionals analysed PSHFT's income and expenditures, as well as the stability of its saving plan; worked to ensure that savings were sustainable; and advised on the affordability of a proposed new hospital to be established through a Private Finance Initiative (PFI) project with a capital value of £380 million. Along with PSHFT's executive management team, A&M tested the forecast for the 2006 financial year and determined that there was an actual deficit of £2.4 million. The team devised an action plan to restore the Trust to financial balance in the 2007 financial year, while identifying savings. A&M also made recommendations on the affordability of the PFI project. Currently, A&M is assisting PSHFT with the implementation of its savings plan.
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