South Bruce Grey Health Centre (SBGHC) has released a Budget Recovery Action plan to address the organization’s projected $1.9M deficit at the end of the 2019/20 fiscal year on March 31, 2019.
SBGHC’s Board of Directors approved the plan at a special meeting held on January 8, 2019 which outlines six strategies to reduce $1.2M in expenses between now and the end of the 2019/20 fiscal year.
“The guiding principle behind all of the strategies in the Action Plan is to maintain high quality patient care and ensure that we continue to have four strong, viable hospital sites,” says Michael Barrett, SBGHC President and CEO (Interim). “The strategies are intended to create efficiencies that will have minimal impact on patients and staff, and in many cases, these opportunities should have been explored regardless of our financial position.”
The Budget Recovery Action Plan was developed by SBGHC’s Senior Leadership Team and Board of Directors, in close consultation with the organization’s Corporate Medical Advisory Committee, made up of physician leads from each of the four hospital sites.
“The hospital has engaged the physician groups at each of our sites to solicit feedback on the budget recovery action plan strategies,” explains Dr. Lisa Roth, SBGHC Chief of Staff. “The success of our budget recovery will be dependent on our physicians and staff working closely together to utilize our beds more efficiently, and ensure that our patients are receiving care in the most appropriate setting.”
“The SBGHC Board has endorsed this Budget Recovery Action Plan as we believe that it will allow us to address the financial pressures we are experiencing, bring our expenses to the appropriate level to operate within the revenue we receive, and return our organization to a balanced position,” explains Larry Allison, SBGHC Board Chair. “And it will most importantly ensure we continue to provide high quality patient care.”
Implementation strategies will be finalized in the coming weeks with input from SBGHC’s staff and Patient and Family Advisory Council.