March 22, 2021 – In response to the financial impact of COVID-19, the provincial government has announced more than $1.2 billion in additional funding for Ontario hospitals that creates financial stability for Arnprior Regional Health (ARH) leading into the next fiscal year.
“Our government recognized the need for timely and targeted investments in the healthcare system to ensure we are able to respond to unprecedented demands caused by COVID-19,” said John Yakabuski, MPP for Renfrew-Nipissing-Pembroke. “These investments will assist hospitals in achieving financial stability while we continue our efforts to mitigate the impact of the virus. While financial support is helping to turn the tide of the pandemic, none of the changes and positive impact could be achieved without the extraordinary efforts and commitment of the healthcare professionals working in numerous sectors across Renfrew County to support the health and safety of our communities.”
The Ontario government will provide ARH with up to $2.3 million in additional, one-time working capital funding to strengthen the organization’s cash position. By having an improved cash position, ARH can continue to support with bridge financing the local vaccination rollout and the ongoing operation of the Renfrew County Virtual Triage and Assessment Centre. The Ministry of Health (MoH) has also committed up to $900,000 in one-time funding to cover lost revenue in hospital operations due to COVID-19 such as reduced parking, decreased preferred accommodations and reduced volumes of WSIB services.
“This is great news for ARH and other small to medium-sized hospitals across Ontario who were forecasting deficits this year due to the unprecedented and unexpected costs and revenue reduction caused by COVID-19,” said Eric Hanna, President and CEO, ARH. “This funding helps ensure hospitals are financially stable and well positioned to deploy resources as we navigate our way out of this pandemic.”
ARH’s exact funding amounts for the working capital and revenue reduction will be confirmed later this spring when the MoH releases further details on eligible costs and/or adjustments to the generic funding formula released today.
“Today’s funding announcement puts ARH in a good position to balance the budget this fiscal year and continue our financial and operational support of the large-scale pandemic-related initiatives in 2021-22,” said Eric.
Read the Ontario government’s media release here.
About Arnprior Regional Health
Arnprior Regional Health (ARH) is a progressive 173-bed organization that includes a fully accredited community hospital, nursing home, primary health care centre and extensive community programs. ARH is a regional hub with a strong history of providing exemplary care to the residents of West Ottawa, McNab/Braeside, Arnprior and Mississippi Mills. As your partner in health, ARH is committed to listening to and responding to meet the needs of those we serve, because together, we create a healthy community.