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Northumbria Healthcare NHS Foundation Trust was the first to buy out a PFI contract, borrowing £114.2 million from Northumbria County Council in a deal which reduced its costs by £3.5 million per year. [134]
Another controversy was the long term cost of the private finance initiative (pfi) deal to build the hospital: In 2019 it was revealed that University Hospitals Coventry and Warwickshire NHS Trust paid 12.5% of their income per year to the contractor, and that by the end of the contract, they would have spent an estimated £3.7 billion, almost ...
The Norfolk and Norwich University Hospitals NHS Foundation Trust pays the private PFI Octagon consortium in the region of £41 million a year. [4] In 2004, the Association of Chartered Certified Accountants assessed the actual costs at £1.16 billion, or around five times the initial cost of £229 million. [4] Project team: Anshen & Allen ...
The Trust was the first to buy out a PFI contract, borrowing £114.2 million from Northumberland County Council in June 2014 in a deal which reduced its costs by £3.5 million per year. [ 16 ] It was named by the Health Service Journal as the best acute trust to work for in 2015.
It said in 2017 that PFI companies had made pre-tax profits of £831m in the past six years which could have been spent on patient care. [2] In 2022 it pointed out that expenditure on staff, equipment and other capital projects can be cut by an NHS trust, but not their PFI payments. [ 3 ]
A new hospital was procured in 1999 under a Private Finance Initiative contract to replace the old Hereford County Hospital, the Hereford General Hospital and the Victoria Eye Hospital. [1] The new hospital, which was designed by WS Atkins [ 3 ] and built by Alfred McAlpine [ 4 ] [ 5 ] at a cost of £62 million, [ 6 ] opened in 2002. [ 7 ]
In 2014, the Trust planned to buy a new electronic patient record system and sent 14 members of staff to the USA to evaluate the competing systems from Cerner and Allscripts, the final two competing for the £38 million contract shortlisted from eight bidders. A contract was due to be signed in early 2015 with the system implemented in mid-2016.
The first PFI hospitals contain some 28% fewer beds than the ones they replaced. [18] As well as this, it has been noted that the return for construction companies on PFI contracts could be as high as 58%, and that in funding hospitals from the private rather than public sector cost the NHS almost half a billion pounds more every year. [19]