Monitor announced last Thursday it would be investigating the Royal Berkshire Hospital for the second time in 18 months following concerns over its failure to meet national waiting time targets and fears it may suffer larger than expected financial losses.

Speaking at the hospital’s board of directors meeting yesterday (Wednesday) chairman Stephen Billingham said that there was pressure to get the budget into a “realistic position” by the end of the financial year, and to give the regulator a fair representation of the finances.

Non-executive director John Barrett added: “Let’s face it. We’re not going to meet the budget.”

Chief executive Jean O’Callaghan told the board that the hospital would work with Monitor to ensure the investigation runs smoothly, and added waiting times had improved in October after 97 per cent of visitors to A&E were seen within four hours.

She said: “I am confident we can manage this. We are working with Monitor to look at the actions we need to put in place to make progress with these issues.

“We’ve had a very good performance in A&E. It’s quite a remarkable turnaround.”

Monitor’s regional director Paul Streat said that since Mrs O’Callaghan’s arrival in August, the trust’s leadership had become more effective, but he stressed that he needed to be certain the hospital was doing enough to improve.

He added: “We are investigating because of problems with the trust’s financial position, and because there are potential concerns with the way it manages patient waiting lists.

“However, we need to make sure the trust is doing enough to fix these problems and improve how the hospital is run for its patients.”

Healthwatch Reading chief executive Mandeep Kaur Sira said that her organisation was working with Monitor by sharing local intelligence it had gathered from the Reading public about waiting times.

She said: “We can also assist individuals in raising concerns with the hospital itself. If consultant-led treatment cannot be offered within 18 weeks of a GP making a non-urgent referral, or within two weeks of an urgent suspected cancer referral, then patients have a legal right to be offered an alternative hospital or clinic that can see them quicker.”

People can give feedback about Royal Berkshire Hospital waiting times by phoning Healthwatch Reading on 0118 902 3912.