A message from Tonya Sheldon, Chief Financial Officer

FINANCIAL STEWARDSHIP

I am pleased to report on the financial results of St. Thomas Elgin General Hospital (STEGH) for the year ended March 31, 2017.

The hospital ended the year with an operating surplus of $970,714 and a bottom-line deficit of $639,466 when the building related costs are taken into account; this is a dramatic improvement from the deficit of over two million dollars in 2016. This year’s operating surplus was a result of STEGH’s continued Lean transformation journey which was launched in 2011 that shifts focus to designing care and service around the patient experience. This work enables STEGH to meet the continued operating pressures by removing waste from the system and improving safe, quality-driven patient care.

In addition to the operating surplus, STEGH also met all our debt obligations and reduced our long-term debt by $1 million while also investing $4 million in capital equipment and building enhancements.

I would like to take this opportunity to thank all the staff, physicians, volunteers and auxilians who contribute every day to support the operations of the hospital. Also, our many donors who through the foundation have contributed over $2,206,000 towards patient care equipment. Without your support, we would not be able to achieve these results.

SUMMARY STATEMENT OF FINANCIAL POSITION  
as atMarch 31, 2017 (000's)March 31, 2016 (000's)
ASSETS
Current Assets5,8808,234
Restricted Assets1925
Capital Assets64,01261,083
Total69,91169,342
LIABILITIES, DEFERRED CONTRIBUTIONS AND NET ASSETS
Current Liabilities12,27013,306
Long term liabilities and deferred contributions46,34244,097
Unrestricted Net Assets11,28011,914
Restricted Net Assets1925
Total69.91169,342

 

SUMMARY STATEMENT OF OPERATIONS  
Year EndedMarch 31, 2017 (000's)March 31, 2016 (000's)
REVENUES
Ministry of Health and Long-Term Care and South West Local Health Integration Network74,28871,106
Other18,85719,184
Total93,14590,290
EXPENSES
Salaries and benefits54,18254,191
Other37,99236,882
Total92,17491,073
Excess of revenues over expenses from operations971(783)
Other revenue (expenses)(1,610)(1,553)
Excess of revenues over expenses(639)(2,336)

 

SUMMARY STATEMENT OF CASH FLOWS  
Year EndedMarch 31, 2017 (000's)March 31, 2016 (000's)
CASH PROVIDED BY (USED IN):
Operating Activities3,225540
Financing Activities2,1072,703
Investing Activities(7,360)(6,737)
Net decrease in cash(2,028)(3,494)
Cash, beginning of year$3,518$7,012
Cash, end of year$1,490$3,518

 

Basis of Presentation

The information contained in the summary financial statements is in agreement with the related information in the complete audited financial statements. The summary financial statements contain major subtotals and totals from the complete audited financial statements.

Total Revenue by Type

  • MOHLTC and SW-LHIN
    79.75% (74,288,101)
  • Patient
    11.94% (11,125,530)
  • Non-Patient
    6.93% (6,459,082)
  • Preferred Accomodation
    0.83% (775,591)
  • Amortization of Deferred Captial Contributions
    0.53% (497,132)

STEGH Operating Expenses

  • Compensation
    58.8% (54,182,402)
  • General Supplies
    16.4% (15,140,653)
  • Medical Staff Remuneration
    14.6% (13,495,207)
  • Medical and Surgical Supplies
    4.4% (4,064,455)
  • Amortization of Equipment
    2.6% (2,401,735)
  • Drugs
    3% (2,747,081)
  • Short Term Interest
    0.1% (59,463)
  • Bad Debts
    0.1% (83,726)