Province gives $20M in COVID-19 funds to North Bay Regional Health Centre
Nipissing MPP Vic Fedeli announced Friday the province is giving $20,222,000 to the North Bay Regional Health Centre.
“Ontario’s hospitals have been on the frontlines of the COVID-19 pandemic and our government is using every tool at our disposal to support them,” Fedeli is quoted as saying in a news release.
“This funding will ensure the North Bay Regional Health Centre can continue to provide high-quality care.”
The province is providing up to $696.6 million this year to help cover historic working funds deficits of qualifying hospitals, with a focus on small, medium as well as specialty and rehabilitation hospitals. The funding aims to help strengthen the financial stability of public hospitals across the province.
“Being a recipient of this funding means that our organization is recognized as highly accountable and deserving of this significant investment which will reduce our historical indebtedness, improve our cash flow and ensure our ongoing viability,” hospital CEO Paul Heinrich said in the release.
The funding is a part of more than $1.2 billion previously announced to help hospitals recover from financial pressures created and worsened by the COVID-19 pandemic
“I want to thank MPP Fedeli and the Ontario government for continuing to make these types of investments, especially at this time when our hospital workers are going above and beyond,” North Bay Mayor Al McDonald said in the release.
“This funding will help ensure that the North Bay Regional Health Centre maintains the high quality of care our community deserves.”
Many Ontario hospitals are struggling with annual funding deficits, which have been exacerbated by the pandemic. To ensure Ontario's hospitals remain on stable financial footing at a critical time, the government said it is allocating the funding to help cover historic working funds deficits for qualifying public hospitals.
A working funds deficit occurs when an organization’s current liabilities exceed its assets. All hospitals that had a working funds deficit in 2019-20 qualified for this funding.