Hospital must maintain balanced budgets over three years to receive funding
Bartolucci said the funding is not tied to Thursday's Liberal budget, which is expected to fall without the support of the Progressive Conservatives and NDP.
“This money is flowing from the Ministry of Health through the LHINs (Local Health Integration Networks) over a three year period.”
To receive the funding over a three-year period, Health Sciences North will be required to post balanced budgets.
Dr. Denis Roy, Health Sciences North's president and CEO, said he slept very well the night he was told about the new funding.
“It will certainly help our working capital deficit, because we have to pay interest on that amount,” he said.
Only Ontario hospitals that have posted balanced budgets have qualified for similar funding.