Monitor's Oxford Health NHS Foundation Trust investigation closes
A health watchdog has closed an investigation into an Oxfordshire's NHS trust after concluding it was finding ways to improve its finances.
Monitor was looking at the reasons behind a £3.7m loss by Oxford Health NHS Foundation Trust in the last financial year.
Regional director Paul Streat said the trust had taken "clear action" to strengthen its financial position.
Stuart Bell, the trust's chief executive, welcomed the findings.
He added: "We are glad that Monitor agrees that we are doing the right things and supports our financial plans.
"Our top priority remains providing care to the people we serve and we're pleased that we're able to help people live longer and better.
"We know that our staff are working really hard to deliver this every day."
The health sector regulator had been concerned that the trust was making fewer savings than planned.
But it said it had helped identify "innovative ways" to save £5m this year and additional savings next year.
These include reducing the need to use staff from agencies because of better planning around staff rotas.
Mr Streat said: "Since opening our investigation we have supported the trust as it has developed its plans to improve finances, and we believe it will be able to do this without the need for regulatory action.
"It's good news for patients that the trust has identified ways to save money, as that money will help the trust continue to provide quality care to patients across the area."