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The financial viability of its public
hospital system is one of the State’s key risks. Victoria’s public
hospitals had an annual turnover in excess of $7 billion in
2005-06, and managed assets totalling some $7 billion at June 2006.
We have undertaken an assessment of Victoria’s public hospitals’
financial performance and sustainability, using indicators of
short-term solvency and longer-term viability.
Since 2002-03, a period of significant
financial challenge for public hospitals, the financial performance
and position of public hospitals has generally improved.
Nevertheless, several significant indicators of continuing
financial challenge remain.
The Department of Human Services (DHS)
and public hospital boards share the responsibility for financial
performance and management within the sector. While they have
recognised the need to act on the financial challenges, and have
done so, there remains the need to continue to build on and expand
existing initiatives to establish greater financial sustainability
across the sector.
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