Welcome to the 2017-2018 Annual Report
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Treasurer's Report

financial report on table

St. Joseph’s Health Care London continues to be one of the Province’s most complex health care organizations today, providing support through a truly unique mix of clinical care and service to a wide range of stakeholders. Bringing the best care each year to those we serve, we continue to earn the complete confidence of our patients and community.

We acknowledge our important obligation to maintain excellence in care while continually seeking ways to do things better. It is St. Joseph’s goal to continue in this approach that has served us and our community well for nearly one and half centuries. Through rigorous financial practices, built on those of our founders, the Sisters of St. Joseph, we continue in the tradition of care and careful planning.

Solid financial results

St. Joseph’s ended the fiscal year with an accounting surplus of $10.2 million, primarily achieved through strong performance of the organization’s investment portfolio and the receipt of additional post-construction operating plan funding in support of growing patient care in our new and redeveloped facilities.

This year’s surplus will enable further investment in strategic capital needs, including the investments required to further enhance the electronic patient record system, as well as the renewal of our clinical equipment across St. Joseph’s.

St. Joseph’s continued to maintain a strong financial position this year, including a healthy working capital position and a current ratio of 1.8 to 1.0.  St. Joseph’s also holds internally restricted investments in support of planned future capital investments and other commitments which are externally managed by a professional firm under the stewardship of our investment subcommittee of the Board of Directors.  Our internally restricted investments totaled $170.1 million at the end of the year.

Investing in better patient care

This year, supporting St. Joseph’s care, teaching and research mission, $17.9 million was invested in new equipment and building-related projects, including the replacement of a SPECT CT scanner, lithotripter unit and the completion of $3.0 million of investments in our Breast Care program, renewing five mammography units.

With the installation of the new mammography units, St. Joseph’s now has the ability to perform contrast-enhanced mammograms and breast tomosysthesis (3D mammography) for our patients.  These cutting edge imaging tools are resulting in more accurate diagnoses, reducing the need for follow-up visits, decreasing unnecessary biopsies, enhancing critical information required by breast surgeons, and speeding up the overall diagnostic process, which improves access to breast assessment for all patients.

St. Joseph’s capital investments were funded by $11.3 million of hospital resources and $6.6 million of government grants and support from St. Joseph’s Health Care Foundation. The generous support of donors through the Foundation is vital to our ability to invest in the future while responding to today’s care, comfort and research needs.

Commitment to our patients 

Despite significant funding pressures experienced by St. Joseph’s in recent years, patient service levels were maintained during the year, including 337,000 patient days, 22,000 day surgeries, 46,060 urgent care visits and 454,000 ambulatory visits.

St. Joseph’s met all performance accountabilities established with the South West Local Health Integration Network.  As a significant portion of our funding is contingent on achieving these performance indicators, meeting all accountabilities is critical and a testament to the contributions of many.

Looking ahead

St. Joseph’s continues to rise to the challenges of growing health care needs in our communities and funding pressures through our mission and ministry of service, rooted in strong values, a clear and renewed strategic plan, and proven fiduciary and leadership principles.

The constant engagement of patients, leaders, physicians, staff, volunteers, donors and our many partners helps to ensure St. Joseph’s can take innovative steps and work in partnership with others to address compelling care needs.

St. Joseph’s is blessed with the support of so many.  Please accept our thanks for helping St. Joseph’s earn complete confidence in everything we do.

View our full audited financial statements for the year ending March 31, 2018.