2023/2024 Financial Statements

Lakeridge Health has reported a $37M deficit for the fiscal year ended March 2024, compared to a $56 million deficit in the previous fiscal year.

The financial position was largely impacted by high compensation costs driven by industry-wide health human resources challenges and rate increases associated with labour agreements, as well as funding uncertainties related to these increases. The hospital continues to work with the provincial government to settle an appropriate funding amount for compensation increases. Additionally, supplies costs remained high due to post-pandemic surgical recovery volumes, enhanced safety protocols, and inflationary pressures.

Lakeridge Health continues to address financial challenges through the implementation of operational efficiencies, the development of recruitment and retention strategies, as well as ongoing advocacy with the provincial government.