St. Joseph’s Health Care London is one of Ontario’s most complex health care organizations. Bringing expert care to hundreds of thousands of people each year we continue to earn the complete confidence of our patients and community through communication, comfort and skill.
Built on the steadfast fiduciary practices of our founders, the Sisters of St. Joseph, we continue their tradition of transparency and sound financial planning. We know that health care is expensive and it is our responsibility to be accountable for every dollar spent in our doors. We acknowledge our obligation to our community to maintain excellent care while always looking for ways to do things better. It is St. Joseph’s goal to always continue the Sister’s tradition of care and careful planning, which has served us and our community well for almost 150 years.
Sound fiscal results
St. Joseph’s ended the fiscal year with an accounting surplus of $9.6 million, primarily achieved as a result of the strong performance of the organization’s investment portfolio. St. Joseph’s also received unplanned post-construction operating plan funding in support of growing patient care in our new and redeveloped facilities which contributed to a balanced budget for the year.
Excluding the unplanned additional investment returns of $7.4 million, St. Joseph’s ended the year with an accounting surplus of $2.2 million. The 2016/17 surplus will enable further investment in strategic capital needs, including the investments required to further enhance the electronic patient record system.
Internally restricted investments support the current and future capital investments and other commitments of St. Joseph’s and totaled $165.7 million at March 31, 2017. St. Joseph’s investments are externally managed by a professional firm under the stewardship of the investment sub-committee of the Board of Directors. Our working capital position also remained healthy with a current ratio of 1.7 to 1.0 at March 31, 2017.
Investing in better patient care
This year, supporting St. Joseph’s care, teaching and research mission, $16.1 million was invested in new equipment and building-related projects. Investments in our facilities totaled $5.9 million and included elevator renovations at St. Joseph’s Hospital and Parkwood Institute, renovations at Mount Hope Centre for Long Term Care, the completion of renovations at St. Joseph’s Family Medical and Dental Centre and the expansion of our Operational Stress Injury Clinic serving veterans at Parkwood Institute. We also invested $10.2 million in new equipment across all of our sites.
These investments were funded by $11.4 million of hospital resources and $4.7 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 2016/17. Total ambulatory visits increased by 6,056 during 2016/17, which is mainly attributable to our service growth plans established with the Ministry of Health and Long-Term Care to increase patient service volumes in our new mental health care facilities and redeveloped space at St. Joseph’s Hospital.
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.
Funding reform continues to present both challenges and uncertainty for all hospitals, demanding a rigorous budget planning process and numerous advocacy efforts to respond to the funding formulas as they continue to be refined. St. Joseph’s is one of only five teaching hospitals in Ontario that is impacted by all areas of the Ministry’s Health-Based Allocation Methodology, which speaks to the complexity of our organization and the many roles St. Joseph’s fulfills in our health system.
We have welcomed funding increases recently announced for 2017/18; however the funding increases continue to fall short of the inflationary pressures St. Joseph’s faces every year. This will continue to present us with financial challenges in the future while we face growing demands on the health system. St. Joseph’s continues to advocate for further funding increases to address these challenges.
Change, funding pressures and growing health care needs in our communities are consistent themes that we will continue to experience in 2017/18. St. Joseph’s continues to rise to these challenges through our mission and ministry of service, rooted in strong values, a clear 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.