Gloucestershire Hospitals Trust is considering a number of cost-cutting measures after over-spending by £2.5m.
Beds at Tewkesbury Hospital look likely to go, and beds at Standish and Delancey could also be affected.
No services at Cheltenham General or Gloucestershire Royal will be lost and a final decision will be made at the end of October.
Other cost-cutting measures being considered include restrictions on recruitment, furniture, equipment, maintenance and a ban on food and drink at meetings.
There will be no redundancies and staff will be consulted before a decision is made.
Paul Lilley, chief executive of the Trust, said: "These measures are necessary because the cost of meeting the current demand for our services exceeds our current income.
"In the first half of the financial year the Trust is currently £2.5 million overspent and in order to control the situation we are looking at many different ways of reducing spending, including the spending on expensive agency staff.
"Our intention is to do everything possible to minimise the impact of any changes."
The Trust employs 7,000 staff across the county and runs Gloucestershire Royal, Cheltenham General, Standish, Delancey, Tewkesbury and Winchcombe Hospitals.