Independent regulator Monitor has published a list of lessons to be learnt following recent failed foundation trust applications. In new guidance published this week, Monitor said common reasons for failure were lack of transparency in board reporting, limited savings plans and breaches of the private patient income cap.
The guidance came as a number of trusts announced that they would look to merge, rather than pursue applications and become autonomous foundations.
Since September ten trusts have been authorised as foundation trusts but a further 74 acute and 18 mental health trusts are yet to achieve the status. All NHS trusts must either become a foundation trust or merge with one by March 2014.
In preparation for these changes, trusts need to show that they are financially stable, have appropriate market share and are operating as efficiently as possible within budget. This is why implementing business intelligence tools – like Ardentia’s Patient Level Costing and Activity Flow Analytics – which facilitate robust financial analysis could be key in the process of achieving foundation trust status.
Read the full article on HSJ.



