The Ontario government is making good on its promise to help hospitals across the province recover from historic working funds deficits compounded by the COVID-19 pandemic. The province is providing up to $696.6 million to help strengthen the financial stability of public hospitals, with a focus on small and medium-sized hospitals. This funding includes a $8,432,300 investment in the West Parry Sound Health Centre and a $7,712,500 investment in Muskoka Algonquin Healthcare.
“I am very pleased to see the Ontario government provide this funding to support small and medium-sized hospitals throughout the COVID-19 pandemic,” said Parry Sound – Muskoka MPP Norm Miller. “This funding will help to financially stabilize our hospitals, which in turn will allow them to prepare for 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.
“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.”
Since the onset of the pandemic, Ontario has been working with its hospital partners to create unprecedented capacity 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.
Natalie Bubela, President & CEO of Muskoka Algonquin Healthcare, says this working capital increase will stabilize operations, erase the long-standing capital deficit that MAHC has faced and will put MAHC on solid financial footing moving forward. “A financially stable health care organization is vital now more than ever and we are very appreciative of this recognition from the provincial government and the ongoing support of MPP Miller.”
“West Parry Sound Health Centre is grateful to MPP Norm Miller and the government of Ontario for this significant funding announcement that recognizes a historic working capital deficit that has challenged our hospital for many years,” said Donald Sanderson, CEO of WPSHC. “Just as hospitals improve the health of our community, this investment will improve the financial health of our hospital and position us for continued success as we provide vital health programs and services in a post pandemic world.”