Majority of Canadians believe COVID-19 pandemic has transformed health care system in Canada
95% of survey respondents highlight physician wellness as critical
Scotiabank, CMA and MD Financial Management announce $15 million Physician Wellness+ Initiative in response
In a recent survey of Canadians to gather their views on the long-term effects of the COVID-19 pandemic, 93% of respondents said that they were concerned about the impact it would have on the Canadian health care system. Nearly all survey respondents (95%) said that the health and wellness of physicians impacts the health of all Canadians1.
Scotiabank, in partnership with the Canadian Medical Association (CMA) and MD Financial Management Inc. (MD), announced today the creation of the Physician Wellness+ Initiative, with $15 million targeted to address the urgent and ongoing health and wellness needs of physicians and medical learners.
“COVID-19 has impacted our communities from coast to coast, and physicians stand at the centre of our country’s ability to respond,” says Glen Gowland, Group Head, Global Wealth Management at Scotiabank. “Scotiabank is proud to have made contributions that will help alleviate challenges posed by COVID-19 and to now contribute additional longer-term funding to support the health and wellness of the medical profession.”
“Being a physician today comes with a great many stressors – diminishing resources, heavy workloads, not to mention the risks associated with COVID-19,” says Dr. Ann Collins, CMA President. “We need to take care of our medical community in order for them to take care of patients. This funding will address the needs of physicians and medical learners by leveraging and bolstering existing health and wellness infrastructure while also extending support in new ways.”
“For more than half a century, MD has proudly supported physicians so they can better focus on their critical role: looking after the health of Canadians,” says Daniel Labonté, President and CEO, MD. “Canadian physicians work to an exceptional standard, and we are pleased to stand behind the Physician Wellness+ Initiative.”
Funds will be distributed to provincial and territorial medical associations and key medical organizations that are deeply rooted in the medical community and best attuned to the needs of physicians in their respective areas and fields. In addition, physicians, their families and their health care colleagues will continue to have access to existing support programs: details can be found here.
Scotiabank, MD and the CMA are dedicated to supporting the medical profession and advancing health in Canada, having committed a total of $34.5 million to date through this collaboration. To learn more, please visit md.ca/physicianwellness.
Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future”, we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of approximately $1.2 trillion (as at July 31, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit our website and follow us on Twitter @ScotiabankViews.
About the Canadian Medical Association
The Canadian Medical Association is the national voice of Canada's medical profession. We work with physicians, residents and medical students on issues that matter to the profession and the health of Canadians. We advocate for policy and programs that drive meaningful change for physicians and their patients.
About MD Financial Management Inc.
With more than 50 years of physician-focused experience, MD Financial Management Inc. (MD) is dedicated to providing financial peace of mind to Canada’s physicians and their families, so they can enjoy what matters most to them while achieving their career and life goals. MD had more than $52 billion in assets under management as of August 31, 2020. MD Management Limited was the first of the MD Group of Companies to be founded, in 1969. MD Financial Management Inc. wholly owns or has a majority interest in its seven subsidiaries (the MD Group of Companies). It provides financial products and services, is the fund manager for the MD Family of Funds and offers investment counselling services. For a detailed list of the MD Group of Companies, visit md.ca.
For media enquiries, please contact:
Global Wealth Management Communications, Scotiabank
Director, Media & Issue Management, Canadian Medical Association
External Communications Manager, MD Financial Management Inc.
1 The online survey of 3,020 randomly selected Canadian adults was conducted by Maru/Blue via the Maru Voice Canada panel, from August 6 to 9, 2020.