NHS companies have different drivers for change, structures and levels of risk. This means that there are also different ways to measure the new NHS company’s success.
How to measure the new company's success needs consideration at the planning stage. Companies need to know how they are delivering against their objectives so they can report and manage their progress.
One widely agreed measure was that if the business delivers a comparative or better standard service than the trust for the same or lower cost it is successful.
To help understand what success looks like, we have worked with experts in the sector and put together the following list of key success criteria for NHS companies:
- Delivering in line with the business plan
- Financial independence from the trust and providing a contribution back to the trust
- Maintaining a strong relationship with the trust
- Supporting the same ethos and values across the trust structure
- Developing the right business leadership with the right commercial and market facing skills
- Day-to-day business running smoothly, allowing time for strategic planning
- Clarity on the business’ goals and a clear vision of the future agreed by the trust and the company
- Establishing an appropriate company structure and governance arrangements to support the business
Read ‘NHS companies – An enterprising approach to health (PDF) [ 1884 kb ]’ for case studies of companies that are set up to respond to the market and highlight what is achievable by adopting the appropriate structure and maintaining a commercial focus.