Friday, March 29, 2024

Timer

Financial accountability office says billions must be cut from healthcare in order to balance the budget

First Published:

An independent financial advisor says the province has to make some tough decisions when it comes to its biggest expense, healthcare.

Ontario dedicates 41 cents for every dollar it spends to healthcare and according to the financial accountability office, it’s only going to get more expensive with a growing and ageing population, political promises and increased pay for doctors.

“Health sector spending will increase by an average of 4.6% per year over the next four years which represents a $12 billion increase in spending by fiscal year 2022-2023.” Peter Weltman, financial accountability officer.

But with the Ford government vowing to balance the books and not raise taxes, Weltman says Queen’s Park would have to cut $8.6 billion out of healthcare annually for the next four years.

Where will the cuts come from? The report says that out of the $61.3 billion spent on healthcare this year, over $22 billion is on hospitals, the next largest expense is on physicians and practitioners at over $14 billion.

The independent body didn’t include the Ford government’s plan to re-organize healthcare by dissolving local networks in favour of a super agency called Ontario Health. But it did factor in the Premier’s promise to create 15 000 extra long-term care beds and a recently signed contract with doctors that would see spending boosted by $1.5 billion over four years.

More Top News

Pioneering soccer star helped build foundation for future generations

Lydia Vamos excelled at every level she played at and established herself as one of the early Canadian soccer stars to lay the foundations...

Apartment fire in Hamilton captured on video

An apartment fire in Hamilton was caught on video and shared to social media yesterday. No one was injured but the fire department says that...

What’s open, closed in Hamilton, Halton and Niagara for Easter long weekend

The Easter holiday marks the first long weekend of Spring, and it brings closures that can affect businesses, city services and public transportation. Here’s a...

Ontario school boards suing TikTok, Meta, and Snapchat

Four of Ontario's largest school boards are suing the parent companies of Facebook, Instagram, Snapchat, and TikTok. The boards are alleging the social media platforms...

Evening weather forecast for March 28, 2024

Shelly Marriage shares the forecast for March 28, 2024 and the days ahead.

Experts warn drivers to be careful on eclipse day

Researchers from Sunnybrook Health Sciences Centre in Toronto are warning drivers to beware in the hours before and after the big solar eclipse on...

Ontario school boards suing TikTok, Meta, and Snapchat

Four of Ontario's largest school boards are suing the parent companies of Facebook, Instagram, Snapchat, and TikTok. The boards are alleging the social media platforms...