Comment / HFMA 2014: Pump prime transformation with additional funds, say finance managers

In the wake of the announcement of an extra £2bn for 2015/16, the HFMA conducted a snap survey of members’ views. In total 320 responded, including 78 finance directors or chief finance officers.

While 44% said supporting transformation was the top priority for the new funding, 24% said it should be used to reduce the tariff efficiency requirement in 2015/16. And 12% said it should be prioritised for clinical commissioning groups below their target funding allocations.

HFMA 2014 president Andy Hardy said: ‘It’s encouraging finance professionals recognise the need to change the service and do things differently. It’s a positive response from finance professionals.’

Around one in ten said more money would be needed – 47% said the funding would not be sufficient for the NHS to meet its financial pressures in 2015/16 and further resources would be needed in the future. According to 41% the funding was insufficient, but was all the NHS could expect to receive.

Almost 70% of respondents believed the service would not meet the £22bn saving figure set out in the ‘Five-year forward view’ – 27% said they didn't know, while 4% said it would achieve the desired 2% to 3% annual savings.

The survey results follow the latest HFMA financial temperature check, which said 39% of commissioner chief finance officers and 74% of trust finance directors forecast the financial position at the end of 2014/15 would be worse than 2013/14. And 38% forecast a worse 2014/15 year-end financial position than planned at the start of the financial year. However, despite the deterioration in the financial position, finance directors are positive about the quality of care to patients – 94% do not expect quality to deteriorate in 2014/15.