Financial Overview

Osler generated positive operating results for the year ending March 31, 2016 ending with an operating surplus of $0.4 million before building amortization and interest.

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Financial Statement

Revenues

Osler’s total revenues increased in 2015-16 by $9.6 million (1.5 per cent). The most significant area of increase was revenues received from the Ministry of Health and Long-Term Care and Central West LHIN in the amount of $11.4 million (2.0 per cent). The increase was related to higher volumes, growth at Brampton Civic and the dialysis program. Patient revenues decreased by $0.9 million (1.5 per cent) due to lower preferred accommodation revenues and less physician Ontario Health Insurance Plan (OHIP) billings.

Expenses

Osler’s total expenses for the year increased by $13.5 million (2.1 per cent) and was driven primarily by staffing costs, which increased by $16.2 million (2.7 per cent). The increase reflects annual salary increases and continuing staff investments required to support higher trending patient volumes. Expenditures for medical/surgical supplies and drugs increased $1.7 million (2.5 per cent) as a result of Osler’s higher patient volumes and inflationary pressures.

Cash Flow and Debt

Osler’s cash balance of $23.3 million at March 31, 2016 represents funding available for approved capital and redevelopment projects that are in progress across the all three sites. Throughout the year, Osler was able to meet all debt repayment obligations.