Questica Blog

Healthcare budgeting, more than just the funding numbers

Canadian provincial and territorial healthcare systems are facing common challenges: an aging population, increase in chronic non-communicable diseases, and rising demand for new (and often costly) healthcare technologies (HillNotes, 2016).

In the decade since the last global recession, these issues have only increased pressure on governments to manage healthcare expenditures in line with economic growth – while still maintaining quality and accessible health services.

Healthcare in Canada is financed by both the public and private sectors
29% Private health insurance and out-of-pocket expenditures Includes most dental and vision care, out-of-hospital prescription drugs, complementary and alterative therapies
71% Funded by municipal, provincial, territorial and federal governments from revenues raised through general taxation The federal government provides funding to provincial and territorial governments for healthcare delivery through the Canada Health Transfer (CHT).

On average, the CHT accounts for 23% of total provincial and territorial government health expenditures. In 2015-2016, the provinces and territories received approximately $34 billion through the CHT.

With these challenges, all levels of government are looking for healthcare innovations that both improve health system performance and reduce healthcare costs.

To remain sustainable for the long-term, healthcare institutions need to invest wisely in solutions that help keep people healthy and the system of care viable. Budget development is one area where innovation can make a significant difference. Paper-based systems and spreadsheet software simply don’t deliver the budget development capabilities for healthcare systems to deal with the financial realities of the future such as better staff planning, case costing and funding scenario modelling.

Our web-based budgeting solutions were purposely developed for the public sector and currently in use with over 600 customers. Questica Budget offers one point of data entry and seamless integration into an organization’s financial system.

Is your hospital or healthcare facility looking for fully featured budgeting technology? Request a demo of Questica solutions today.

Take the first step!