Balancing the budget: A remarkable turnaround
The McGill University Health Center (MUHC) is proud to announce the financial results for the 2018-2019 fiscal year.
After years of struggling under the weight of large operating deficits, MUHC President and Executive Director Dr. Pierre Gfeller announced a deficit of just $3 million for 2018-2019. This amount represents 0.3 percent of the MUHC’s $1 billion-plus operating expenses.
“Major efforts were taken this year, and we are working very hard at achieving better results and optimizing our resources,” says Dr. Gfeller. “These are very good results, and I would like to congratulate everyone who has taken part in this.”
This achievement represents a remarkable turnaround for one of the province’s largest healthcare centres for tertiary and quaternary care, especially when considering the $42 million deficit from just four years ago. The cost overruns generated from the move to the Glen site are a distant memory, thanks to the work of previous interim president and executive director Martine Alfonso and her team, who worked to stabilize the financial situation by emphasizing an improved and collaborative working relationship with the Health Ministry.
This turnaround has come despite the rising costs of oncology medications and without impact on innovative medicine, with initiatives such as Opal and the cochlear implant program serving as prime examples of the progressive projects the MUHC is leading.
Dr. Gfeller, who has just completed his first full year on the job, applauded the organizational commitment to improving finances.
“While we highlight these results, what I am most proud of is that we have been able to stay on track without ever losing sight of the MUHC's raison d'être, which is to respond effectively to the needs of our patients and their families while supporting teaching and research.”