Thursday, March 31, 2016
London Health Sciences Centre
LHSC's 2016/2017 fiscal plan
London Health Sciences Centre (LHSC) announced its fiscal 2016/2017 plan today, which includes the need to realize savings of some $20 million from its $1.2 billion total budget to achieve a balanced financial position. This plan assumes funding in line with last year's level and marks the fifth consecutive year that funding does not offset inflationary pressures.
Savings initiatives for fiscal 2016/17 include:
- 1.5% across-the-board savings target
- Reduction of supply costs
- Administrative cost reductions
- Expanded outsourcing of cleaning
- Repatriation of off-site staff to end lease payments
- Improved access and flow
LHSC will endeavour to minimize impacts to staff by taking advantage of natural attrition and reassignments to absorb any work reductions to the extend possible. Involuntary layoffs are expected to be minimal, if any.
Based upon the $20 million savings target for fiscal 16/17, there will be a reduction in staff hours equivalent to 64.5 full-time positions. The vast majority of these (56.5) are non-clinical positions.
"These are challenging times and we worked hard to ensure that the tough decisions we made will allow us to continue to improve access and flow and care for our patients", says Murray Glendining, LHSC President and CEO. "We are committed to working with all system partners to further advance the comprehensive work that has been underway at LHSC and regionally for the last two years to improve clinical services, streamline access and flow and enhance the patient experience, as we continue to manage our financial health."
Murry Glendining, President and CEO, LHSC is available to speak with media on Thursday, March 31 from 3 to 4pm.
Media Contact:
Michele Martin
Corporate Communications and Public Relations
London Health Sciences Centre
519-685-8500 ext 77767
michele.martin@lhsc.on.ca
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