Canadian Healthcare Technology Logo
  • Issues
    • Current Print Issue
    • Print Archive
  • Advertise
    • Publishing Schedule
    • Circulation
    • Unit Sizes and Rates
    • Mechanical Requirements
    • Electronic Advertising
    • White Papers
  • Subscribe
    • Print Edition
    • e-Messenger
    • White Papers
  • Events
  • Vendors
  • About Us

GE [April2023]

GE [April2023]

Enovacom – Nova Hospital

Enovacom - Nova Hospital

Infrastructure

Peterborough hospital finds misplaced $57 million

January 7, 2015


Peter McLaughlin

PETERBOROUGH, Ont. – The Peterborough Regional Health Centre misplaced $57 million last year, the hospital’s leader says. The hospital released a corrected financial statement in December for the fiscal year that ended March 31.

According to an article in the Peterborough Examiner, interim CEO Dr. Peter McLaughlin (pictured) said a review discovered the money – a significant portion of the hospital’s budget – was mistakenly placed in a restricted account not accessible for ordinary hospital expenses.

The account is for future capital or operating costs when the money could have been used immediately, Dr. McLaughlin said. He blamed “accounting errors.”

“These errors are unacceptable,” he said. “And the senior team, led by the CEO, and the board, are very much accountable for these errors.”

Officials haven’t said why former president and CEO Ken Tremblay – who dug the hospital out of a $50-million debt – stepped down in November. His abrupt departure came after he had signed a new contract to stay on as CEO until 2018.

McLaughlin wouldn’t discuss his predecessor’s departure.

The newly rediscovered cash, when applied against existing liabilities, leaves the hospital with $32 million to spend on infrastructure and technology to improve patient care, he said.

The hospital will also implement measures to strengthen its internal financial controls, such as creating a system of independent, internal financial audits that will report directly to the board and senior team, “so that these types of errors don’t happen again.” he said.

Asked how the situation was related to Tremblay’s exit, Dr. McLaughlin said he could not comment as he “would be breaking privacy law.”

“In my new role as interim CEO, I, along with the board, am accountable for the implementation of the stronger internal financial controls,” Dr. McLaughlin said. “We will continue to be accountable to our community for the care we provide and to good stewardship of our resources. We are confident in our future coming out of this financial review and the changes that have been made.”

A week after Tremblay’s departure, three more top executives departed and officials again would not say if they were fired or if they quit. Arnel Schiratti (director of strategic communications), Cathy van Leipsig (director of corporate services) and Michael Moore (chief transformation officer) no longer work at PRHC.

PRHC later issued a written statement to clarify that those three departures were not related to the financial review.

The good news resulting from the situation is that the hospital now has $32 million of “accessible cash that puts us in a stronger financial position than we thought we were in,” Dr. McLaughlin said. “That part of it is good news for our hospital and our community.” The money is being earmarked for infrastructure improvements and technology to aid patient care.

“We are facing significant financial challenges as we go forward,” he said, noting the hospital is “ever more dependent” on its foundation and donors. “We have $70 million of ageing medical equipment which is going to have to be replaced over the next four years.”

The money could also help move the hospital “into the 21st century with paperless systems,” said Dr. McLaughlin.

PreviousNext

WP [900×150]

WP [900x150]

News and Trends

  • Breakthrough in data-sharing leads to better practices
  • Ottawa Heart Institute expands remote monitoring to surgical patients
  • Grandfather’s death inspires next generation of wound care technology
  • New Virtual Cockpit software gives technologists remote access to CT scanner
  • Apollo enterprise imaging solution moves to AWS cloud
More from the Print Edition

Subscribe

Subscribe

Free of charge to Canadian hospital managers and executives in nursing homes and home-care organizations. Learn More

Follow us on Social Media!

Follow us on Social Media!

Nihi Fall 2023

Nihi Fall 2023

Advertise with us

Advertise with us

Sectra SaaS

Sectra SaaS

Change Healthcare [2]

Change Healthcare [2]

Zebra

Zebra

Medica 2023 [2]

Medica 2023

WP [900×150]

WP [900x150]

Advertise with us

Advertise with us

Sectra SaaS

Sectra SaaS

Change Healthcare [2]

Change Healthcare [2]

Zebra

Zebra

Medica 2023 [2]

Medica 2023

Contact Us

Canadian Healthcare Technology
1118 Centre Street, Suite 207
Thornhill, Ontario, Canada L4J 7R9
Tel: 905-709-2330
Fax: 905-709-2258
info2@canhealth.com

  • Quick Links
    • Current Print Issue
    • Print Archive
    • Events
    • Vendors
    • About Us
  • Advertise
    • Publishing Schedule
    • Circulation
    • Unit Sizes and Rates
    • Mechanical Requirements
    • Electronic Advertising
    • White Papers
  • Subscribe
    • Print Edition
    • e-Messenger
    • White Papers
  • Resources
    • White Papers
    • Writers’ Guidelines
    • Privacy Policy
  • Topics
    • Administrative Solutions
    • Clinical Solutions
    • Companies
    • Continuing Care
    • Diagnostics
    • Education & Training
  •  
    • Electronic Records
    • Government & Policy
    • Infrastructure
    • Innovation
    • People
    • Privacy and Security

© 2023 Canadian Healthcare Technology

The content of Canadian Healthcare Technology is subject to copyright. Reproduction in whole or in part without prior written permission is strictly prohibited. Send all requests for permission to Jerry Zeidenberg, Publisher.

Search Site

Error: Enter a search term

  • Issues
    • Current Print Issue
    • Print Archive
  • Advertise
    • Publishing Schedule
    • Circulation
    • Unit Sizes and Rates
    • Mechanical Requirements
    • Electronic Advertising
    • White Papers
  • Subscribe
    • Print Edition
    • e-Messenger
    • White Papers
  • Events
  • Vendors
  • About Us