Supporting Hospitals with Additional Funding during COVID-19Published on March 23, 2021
The government is providing over $1.2 billion to help Ontario’s public hospitals recover from financial pressures created and worsened by COVID-19. This investment will ensure hospitals can continue to provide the high-quality patient care Ontarians need and deserve.
The province is continuing to work with hospital partners to ensure Ontario’s hospitals have the financial support they need during these unprecedented times.
Working Funds Initiative:
- To ensure Ontario’s hospitals remain financially stable at a critical time, we will be allocating $696.6 million in funding to help cover historic working funds deficits for qualifying public hospitals. Our focus will be on small, medium as well as specialty and rehabilitation hospitals that carry a large fiscal burden due to their unique situations and historical funding challenges.
- Funding is anticipated to flow in the next fiscal year, however hospitals will soon be advised on their possible maximum eligible funding amounts prior to adjustments during the Spring review process.
- As a result of the COVID-19 pandemic, all hospitals have felt financial challenges not only through direct costs, but also through the loss of other forms of revenue such as co-payments for private rooms and the reduction of retail services, all of which contribute to patient care and support clinical services.
- In order to help address these fiscal challenges, the province is setting aside $572.3 million to reimburse qualifying portions of these losses.
- It is anticipated that funding will be received by hospitals in late Summer 2021.
The Ontario government remains committed to supporting hospitals so that they can continue to provide the care Ontarians need and deserve, today and in the future.
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