While maintaining superb care and ensuring the complete confidence of our patients, we continually seek ways to do things better. This is the legacy of our founders – the Sisters of St. Joseph, who with much forethought, balanced rigorous financial practices and the care needs of tomorrow.
This year, as we celebrate the 150th anniversary of the beginnings of our organization, St. Joseph’s is poised to continue this successful approach that has served our community well for one and a half centuries.
Solid Financial Results
St. Joseph’s ended the fiscal year with an accounting surplus of $20.6 million, primarily achieved through the receipt of additional post-construction operating plan (PCOP) funding in support of growing patient care in our new and redeveloped facilities, and confirmation of Ministry funding above our budget estimates. We have also experienced strong performance with our organization’s investment portfolio due to favourable market conditions. Expenses were within 0.3 per cent of budget – a testament to our collective commitment to financial responsibility.
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 $182.0 million at the end of the year.
Key Investments for Outstanding Patient-Focused Care
Patient-centred care is a driving force at St. Joseph’s, and this year $19.2 million was invested in new equipment and building-related projects, including the opening of our new $2.8 million 18-bed Palliative Care Unit at Parkwood Institute which is comprised of private, home-like rooms that are built to meet the needs of palliative patients and their families. While engaging patients and families, investments were also made to improve the food quality in Parkwood Institute’s Main Building kitchen. This resulted in an excellent outcome – improved dining experiences for patients, as well as operational efficiencies.
St. Joseph’s capital investments were funded by $14.2 million of hospital resources and $5 million of government grants and support from St. Joseph’s Health Care Foundation including $1.2 million of Foundation support for the Palliative Care Unit at Parkwood Institute. The generous support of donors through the Foundation is vital to our ability to invest in the future while responding to care, comfort and research needs.
Uncompromising Quality Despite Funding Pressures
In the face of significant funding pressures in recent years, patient service levels were maintained including approximately 339,000 patient days, 23,000 day surgeries, 47,000 urgent care visits and 965,000 outpatient and outreach visits.
St. Joseph’s met all volume 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.
Much work has been done this past fiscal year to transition to an electronic health record system. The Resource Planning and Audit Committee of St. Joseph’s Board of Directors have been highly engaged in the review and approval of the plan with the first phase be completed in 2019/20 and 2020/21. This year’s surplus solidifies the financial support required to realize this project, and to make additional important investments in much-needed clinical equipment across the organization.
St. Joseph’s is blessed with the support of so many as we continue to address the challenges of growing health care needs and funding pressures. Rooted in strong values, a clear and renewed strategic plan, and proven fiduciary and leadership principles we continue to carry out our mission and ministry of service and exceptional care.
View our full audited financial statements for the year ending March 31, 2019.