Driving Financial Sustainability

Building financial stability in our local NHS

The NHS in mid and south Essex is currently spending more than it receives, leading to a system-wide deficit of nearly £60 million. This unsustainable trend has placed our hospital trust in level four of the national oversight framework led by NHS England. Immediate action is necessary to avoid compromising the quality of care.

Why financial stability matters

As we navigate the road to financial stability, it’s crucial to understand the steps we’re taking and the collective responsibility we share. Our financial health directly impacts the quality of care we provide, and your engagement is key to our success.

The context for change

Several factors contribute to our financial challenges:

• Population growth: An expected increase of nearly 15% over the next 15 years.
• Ageing population: By 2039, 1 in 7 people will be over 75.
• Rising demand: Health and social care demands have outpaced funding.
• Workforce shortages: Significant shortages in key areas (particularly in our provider trusts) increase our costs.
• Cost of living: Rising expenses impact both our operations and the community we serve.

Our strategy for financial recovery

A multifaceted programme focussed our efforts on increasing value, reducing waste, and ensuring the best use of resources across all NHS bodies in our region. Here are some key actions:

• Review of our contracts: Ensuring we get maximum value and exploring ways to deliver better services for less.
• Making sure local people get the most appropriate care, first time: Treating patients in the most suitable settings to avoid unnecessary hospital admissions.
• Medication Management: Prioritising generic prescriptions to maximise patient benefits while reducing costs.
• Team Reprioritisation: Focusing on financial recovery initiatives, which may require pausing other projects.
• Strengthening Governance: Implementing a recruitment freeze and scrutinising every pound spent.

The link between financial stability, quality improvement, and patient safety

Achieving financial stability is not just about balancing the books—it’s about maintaining and improving the quality of care we provide. Efficient use of resources allows us to invest in quality improvement and patient safety initiatives.

Call to action

We need everyone’s participation to achieve our financial recovery goals. Here’s how you can help:

• Be mindful of resource use and identify areas where we can be more efficient.  For more information on our existing ‘Triple Local’ processes to approve all spend, please visit our Finance pages.
• Take part in ICB ‘driving financial sustainability’ training‘ to understand more about key areas of focus and internal processes
• Support our initiatives and be open to changes that prioritise financial recovery.
• Engage in open communication and share your ideas for cost-effective practices.

We are committed to recognising and celebrating the positive impacts of our financial turnaround efforts. Together, we can ensure a sustainable and high-quality NHS for our community.

Course Description

This course is composed of 10 topic-based webinar modules to support you in evidence-based best practice for Driving Financial Sustainability. Mid and South Essex Integrated Care System have created a series of webinars that make up a comprehensive education and training program to improve awareness, understanding, confidence and skills for all types of workforce groups roles right across all parts of our health and care system. The training is for professionals across all sectors (health, mental health or social care and care providers) who are looking for ways to drive financial sustainability within their teams and organisations. This programme encompasses all elements of driving financial sustainability delivered in a series of webinars. ​​​​​​​

Housekeeping

Each of the 10 topic video sessions can be watched in any order and do not have to be viewed all at once in one sitting Any of the topic sessions of interest can be selected by staff, however it is recommended to complete all of the course programme topics in order to gain maximum learning and optimal skills development. The whole course of 10 topic sessions is estimated to take 10 hours to complete. You can stop at any time, returning to the course at your own convenience, where your current position will be stored, allowing you to progress the course until completed.