Brockville General Hospital receives $25.6 million from province to address debt
The Brockville General Hospital is set to receive $25.6 million from the province to address accumulated debt.
The announcement was made by Leeds-Grenville-Thousand Islands and Rideau Lakes MPP Steve Clark on Thursday.
In a press release, BGH said it was appointed a provincial supervisor to review the hospital's financial challenges. In the final report, it was determined that BGH was experiencing significant decreases in funding, leading to seriously low working capital.
Because of this, BGH incurred approximately $525,000 in operating interest alone.
"Thank you to our staff, physicians and volunteers who have carried the weight of this debt. This excessive debt resulted in approximately $525,000 annually of interest expenses - has meant less dollars to invest in our people and services," President and CEO of BGH Nick Vlacholias said in a release. "Today's funding announcement of $25.6 million will be used to pay off our debts. More importantly, it enables us to be ambitious in how we invest in local healthcare. To ensure the best for our patients and healthcare workers, BGH is committed to strengthening our role as a local and regional health partner."
The new funding will go to "stabilizing hospital finances and freeing up dollars to invest in healthcare workers and hospital services."