CSHP, COVID-19, Financial Outlook, and More
CSHP, COVID-19, and the Financial Outlook
At its Mid-Term Meeting, the CSHP Board approved the 2020-2021 budget, after considerable discussion on the consequences and next steps for CSHP in the face of a very high deficit estimate, COVID-19, and the uncertainty around our new normal. On May 23, the Board invited Branch Executives and Affiliated Board Chairs to a presentation and roundtable on how to meet these new challenges and bring CSHP back to financial sustainability.
With the unlikelihood of large conferences resuming any time in the future, CSHP made the decision to cancel the in-person component of PPC in 2021 in Toronto. Over the summer, we’ll investigate new ways of offering the education and networking PPC has provided our members for more than 50 years. The shift away from an in-person event will reduce our net revenues by as much as $150k. In addition, shortfalls in sponsorship, advertising sales, and membership revenues will deepen our reliance on reserves beyond what we had initially projected in our Strategy Towards Sustainability.
On the other hand, CSHP is pursuing all possible government support, such as wage subsidies and emergency government loan funding, which should provide some financial relief.
Cost cutting measures have already been factored into our budget. These include cancelling the in-person component of CSHP’s AGM; reducing the Journal from six issues per year to four; reducing the number of positions and hours of the national staff complement, and postponing the Hospital Pharmacy in Canada Survey until 2021. The decision to postpone stemmed primarily from the impact of COVID-19 on hospital pharmacies’ ability to complete the significant data requested in the Survey during the pandemic.
It’s true that COVID-19 has landed some direct financial hits on the Society. It’s equally true that members are feeling the support and connection of belonging to CSHP. We’ve heard great feedback on the branches’ and national’s webinars, videos, PSN, “tweetorials” and youtubes, our national media presence, and our advocacy with provincial governments and Health Canada. It’s this dedication to delivering member value that will result in a sustainable and strong CSHP.
Hospital Pharmacy in Canada Survey Postponed
In response to the COVID-19 Pandemic, CSHP is postponing the 2019-2020 Hospital Pharmacy in Canada Survey, which would have been launched this spring. Normally held every two years, the Survey compiles data from over 180 hospitals representing 55,000 acute care beds into a single report. Now in its 22nd edition, the Survey and subsequent Report is the leading reference for benchmarking of hospital pharmacy services across Canada.
The postponement will allow CSHP to collect information about COVID-19 and hospital pharmacy making it a more valuable report. The focus of that investigation will be determined by the Editorial Board in the coming months.
The Survey planned to include a modified version for small hospitals for the first time and will continue with this additional lens when data collection begins in May 2021. Normally, the survey would have been distributed to Directors of Hospital Pharmacy early in May with a return date of end of June and expected release in 2022.
AGM Goes Virtual
Because of COVID-19, CSHP cancelled its in-person AGM scheduled to take place in Charlottetown as part of CSHP-PEI’s Education Day. The AGM will be held virtually in October, with the date and time to be confirmed shortly.
Any resolutions for the AGM must be submitted (see submission details here) by August 4.
In-person Component of PPC 2021 Will Not Go Ahead
With so much uncertainty still surrounding the course of COVID-19 and subsequent second waves, CSHP has cancelled the in-person component of the 2021 Professional Practice Conference scheduled to be held in Toronto from January 30 to February 1. Plans for a virtual PPC are underway with a variety of options under consideration, including the traditional winter timing.