FOR IMMEDIATE RELEASE
Failed Shouldice and Centric deal good news for Ontario, say doctors
TORONTO - It’s in the public’s best interest that a risky deal between the Shouldice Hospital and U.S.-controlled corporation Centric was called off, say physicians from Canadian Doctors for Medicare.
Centric Health announced this morning that its deal with Shouldice, a private facility that specializes in hernia operations, had expired. Shouldice is one of the last remaining private facilities grandfathered into Ontario’s health care system, and by law, its sale requires the approval of the Minister of Health and Long-Term Care.
“We’re pleased that the Minister did not rush to approve this sale,” said Dr. Danielle Martin, chair of Canadian Doctors for Medicare. “But if Shouldice still wants to sell, we expect to see the Ontario government facilitate a deal with a non-profit provider.”
Centric Health is a U.S.-controlled corporation that is publicly traded. Unlike a non-profit provider, Centric is beholden to shareholders, which creates increased pressure to produce profits. Profits could come from compromising patient care, charging higher fees for Shouldice’s mandatory 3-night stay, or overcharging the government for its services.
“We don’t want the quality and accessibility of our health care dependent on the whims of the stock market,” said Martin. “Ontario should be working to make sure every health care dollar goes towards patient care, not shareholders’ pockets.”
For more information:
Alissa Von Bargen, Project Manager, Canadian Doctors for Medicare