REGULATORY action is to be taken against the NHS Foundation Trust that runs King’s Mill Hospital because of its poor financial performance.
Monitor, the independent regulator of NHS Foundation Trusts, has found that Sherwood Forest Hospitals NHS Foundation Trust is in significant breach of two terms of its authorisation; Condition 2 - the general duty to exercise its functions effectively, efficiently and economically, and Condition 5 - its governance duty.
Monitor’s Chief Operating Officer, Stephen Hay, said: “Monitor has stepped in because the Trust’s financial performance has deteriorated.
“It failed to deliver recurrent savings of £10m in the last financial year and made a £5.9m loss in quarter one this year.
“We had already increased our regulatory scrutiny because of financial and governance concerns.”
During the next few weeks Monitor’s Board will consider the most appropriate form of regulatory action to take.