I think that's totally correct although for "grossly overspent their budget " could be seen as financial mismanagement
More likely to be the usual lethal combination of underfunding, wasteful and counter-productive 'targets', use of expensive agency staff because there are not enough doctors and nurses, demographic change (we're all living longer so there are more elderly people needing hospital treatment), and cuts to local authority social services causing 'bed-blocking' of patients who are fit to be discharged but aren't because they can't be properly cared for in the community.
And once Brexit has happened, it can only get worse..........