Our priority as a health and care system is to protect and improve the health, wellbeing and safety of our residents and our workforce by using all our resources in the most effective and efficient way.
Achieving a stable and sustainable financial position is the only way that the health and care system across north east London can deliver our plans to improve the health and wellbeing of local people and communities.
A stable financial position means our workforce can focus on reducing health inequalities and delivering high-quality, effective and compassionate care. It will mean we can make the improvements and changes we need to how we plan and deliver healthcare in north east London.
We have been open and transparent about our financial challenges as an Integrated Care Board and as a health and care system in north east London.
We have agreed a financial recovery plan with NHS England which means that, as a system, we need to achieve a deficit of £35 million by 1 April 2025. We also want to deliver a financially stable future for health and care, which means we will continue to look at efficiency and financial planning to achieve financial balance.
This plan has specific workstreams, focusing on key areas where we know we can make changes and deliver efficiency and transformation while still delivering quality care to our community. Working closely with NHS England, we are also strengthening our financial control processes for both staffing costs and service expenditure.
Despite efforts to date, we are however not meeting our plan and currently have an unmitigated risk to delivering the plan of £127m.
Staff across our organisations are working hard to deliver our plan, but we have much more to do. We know we are already behind on the improvements and savings we need to deliver by April, and all our NHS partners in north east London are focused on delivering our agreed actions and identifying new opportunities to work more efficiently.
We know we still spend too much of our money on services for people who have urgent health needs or are acutely ill. We need to focus on how we work with others to support local people to stay well by ensuring they get the help and support they need to address poor health at a much earlier stage.
Collaboration between health and care organisations, including local councils and the voluntary and community sector, is absolutely key to addressing health inequalities and providing local people with the support they need to start well, stay well and live well.
We are rich in resources in north east London – financial, human, community and social. As an NHS system alone, we have access to more than £4.4bn a year. By refocusing our resources on earlier intervention, prevention and providing community-based services, we can have the most effective impact on the health and wellbeing of local people, on reducing health inequalities within north east London and building a sound financial future together.
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