Ontario Supporting St. Joseph’s Healthcare During COVID-19Published on September 10, 2021
Additional Investment will Help St. Joseph’s Healthcare Continue to Provide High Quality Care to Patients
To help strengthen the financial stability of public hospitals across the province, the Ontario government is providing up to $696.6 million this year to help cover historic working funds deficits of qualifying hospitals, with a focus on small, medium as well as specialty and rehabilitation hospitals. This includes $28,127,600 for St. Joseph’s Healthcare in Hamilton.
“To support hospitals in managing the financial pressures created and exacerbated by COVID-19, our government is providing the funding needed to maintain the high-quality patient care Ontarians expect and deserve,” said Donna Skelly, MPP for Flamborough-Glanbrook. “Our government remains committed to supporting our hospitals throughout the pandemic and into the future.”
This funding is a part of the over $1.2 billion investment previously announced to help hospitals recover from financial pressures created and worsened by the COVID-19 pandemic, while ensuring they can continue providing the high-quality care Ontarians need and deserve. This funding will also help to ensure that Ontario’s hospitals are able to respond to any scenario as the COVID-19 pandemic evolves.
Many Ontario hospitals are struggling with annual funding deficits which have been exacerbated by the pandemic. To ensure Ontario's hospitals remain on stable financial footing at a critical time, the government is allocating this funding to help cover historic working funds deficits for qualifying public hospitals
“Ontario’s hospitals have been on the frontlines of the COVID-19 pandemic and our government is using every tool at our disposal to support them,” said Christine Elliott, Deputy Premier and Minister of Health. “This funding will ensure Ontario's hospitals can continue to provide high-quality care to all Ontarians and that our hospital system is ready to respond to any scenario this fall.”
“St. Joe’s continues to be very grateful for the government’s continued recognition and support of our hospital in these challenging times,” said John Aldis, Senior Vice President, Finance and Corporate Services of St. Joseph’s Healthcare Hamilton. “This latest funding will help us address the increasing demands on our hospital’s cash and working capital over the last few years and most recently through the pandemic.”
Since the onset of the pandemic, Ontario has been working with its hospital partners to create unprecedented capacity and prepare to respond to any scenario. The government remains committed to supporting hospitals so that they can continue to care for Ontarians today and in the future.
- A working funds deficit occurs when an organization’s current liabilities exceed their current assets. All hospitals that had a working funds deficit in 2019-20 qualified for this funding.
- As part of a wider, comprehensive surgical recovery plan to provide patients with the care they need, the Ontario government is investing up to $324 million in new funding to enable Ontario’s hospitals and community health sector to perform more surgeries, MRI and CT scans and procedures, including on evenings and weekends.
- Under the 2021 Budget, Ontario is investing an additional $1.8 billion in the hospital sector in 2021-2022, bringing the total additional investment in hospitals since the start of the pandemic to over $5.1 billion. This includes creating more than 3,100 additional hospital beds to increase capacity and reduce occupancy pressures caused by COVID-19.
- Ontario Ramping Up Efforts to Reduce Surgical Wait Times
- Ontario Supporting Hospitals with Additional Funding During COVID-19
- 2021 Budget - Ontario’s Action Plan: Protecting People’s Health and Our Economy
- Improving Health Care in Ontario
- Hallway Health Care: A System Under Strain
- Visit Ontario’s COVID-19 vaccine web page to view the latest provincial data and information on COVID-19 vaccines.
- Visit Ontario’s COVID-19 information website to learn more about how the province continues to protect the people of Ontario from the virus.