West Middlesex Hospital is set to end the financial year £5 million in the red, bringing its total deficit to £23m.
The hospital, in Twickenham Road, Isleworth, has long struggled with its finances, largely as a result of crippling repayments for its PFI (private finance initiative) rebuilding deal. But it appeared to be getting back on an even financial keel, having recorded a small surplus in each of the last three financial years and forecast another year in the black at the beginning of 2013/14.
A report by the hospital’s board blamed its predicted deficit largely on the loss of an expected £4.7 million from the Trust Development Authority, which is responsible for monitoring and supporting NHS providers.
A West Mid spokesman said moves by NHS commissioners to provide more care out of hospital and closer to people’s homes meant the income from services was lower than expected.
However, he said the expected deficit was not anticipated to affect its plans to team up with Chelsea and Westminster Hospital to achieve foundation status, giving it greater independence from the Government.
“This (the potential partnership) is an exciting opportunity which offers the potential to build on the high quality care we currently deliver and develop our services in an innovative way for our patients,” he added. “As the plans develop our priority remains securing a vibrant future for the West Middlesex Hospital site as a major provider of services to our local residents.”
The hospital’s financial risk rating from watchdog Monitor is two out of five - the second worst available - ruling out an individual bid for foundation trust status.
However, its future appears secure following a major healthcare review, in which plans to promote it to major hospital status while reducing services at other hospitals in north-west London were approved last year.
It has been promised money as part of the changes to improve its maternity and accident & emergency wards, among other services.