Chelsea and Westminster Hospital NHS Foundation Trust on the lookout for healthcare finance innovation
[London, UK] Chelsea and Westminster Hospital NHS Foundation Trust and its charity CW+ have issued a call for expressions of interest to identify innovative solutions that could streamline finance operations, open until 2 September.
Part of the charity’s innovation programme, the initiative is aimed at start-ups, SMEs and larger corporations whose technologies can generate improvements in four different areas:
- Transactional processes
- MI and reporting
- Customer and supplier services
- Risk management.
“We’ve only just started working together, but it’s something that I’ve been interested in for the last six to 12 months,” the trust’s Chief Financial Officer, Sandra Easton, told BJ-HC.
“One of the things that I decided quite early on when starting this programme is, there are lots of things out there, AI robotics (…), but what I want to do is create a centre of excellence where we build the skills and capacity and capability in-house."
Easton said the project team at the trust had already started working on what 'they would like these solutions to be'.
“As soon as we have a partner in place, we will be hitting the ground running and we hope to get this out quite quickly to not lose the momentum that we’ve got at the moment," the CFO added.
The initiative, which is set to focus first on back office solutions and then move towards patient-facing services, is open to innovations that are either ready to be deployed or might need to be adapted for healthcare settings.
CW+ says it will prioritise providers with a strong presence in the capital, an ability to integrate with other IT systems at the trust and a ‘record of disruption in any industry’, and, once the process has been finalised, successful applicants will meet a panel of C-level executives led by Easton.
Chris Chaney, CW+ CEO, added in a later statement:
“Working with our Trust’s CFO and finance team is an excellent opportunity for our Charity’s innovation efforts to expand into non-clinical domains.
"We are delighted to be supporting this initiative and facilitating further collaborations between demand and supply side partners."
Chelsea and Westminster Hospital NHS Foundation Trust received an ‘outstanding’ rating for its use of resources following an NHS Improvement inspection carried out at the beginning of the year.
Earlier this month, Sensyne Health, formerly known as Drayson Health, signed a research agreement with the trust to analyse anonymised patient data by using its clinical AI technology.
As a result, the company said Chelsea and Westminster would receive £5m in equity and benefit from royalties generated by any new discoveries, which the trust would then be able to reinvest back into the NHS to improve patient care.
More information about the innovation in healthcare finance initiative can be found here.
Editor's note, August 9, 2018: This article has been updated to reflect additional information.