Grey Bruce Health Services, like many Ontario hospitals, is facing a significant financial challenge – the cost to operate the organization exceeds available revenue by a significant and growing amount. In short, we are spending more money each year on the services and programs we offer than we receive from all funding sources.
All hospitals in Ontario are required by law to submit balanced proposed budgets each year to the Local Health Integration Network, or LHIN, for approval. Hospitals are not allowed to budget for deficits and must operate within their financial means. This has not been an issue for GBHS for the past six years, a period during which the organization consistently generated balanced year end budgets.
That all changed for GBHS with the introduction of a new funding formula for hospital organizations of our size, and we are now faced with making significant changes to our organization in the coming years.
The GBHS Board of Directors has approved a Transformation Action Plan to reduce our costs and increase revenues over the next three to four years in an effort to bring the organization back to a balanced budget position. The Plan calls for a carefully measured, evidence-based approach guided by the corporate strategic plan and our shared corporate values. We will:
- Focus on long-term sustainability and not just quick fixes with limited impact
- Be inclusive, transparent and respectful in engaging all stakeholders and seeking your ideas
- Encourage collaboration and partnerships wherever reasonable to do so
- Leverage creative opportunities and innovations that align services & resources with community needs, and foster excellence in high quality patient-centered care, consistent with the South West LHIN’s Integrated Health Service Plan
If you have questions or comments about our Transformation Action Plan, or wish to receive regular updates, please send an email to: Back2Balance@gbhs.on.ca.