The PSI Foundation was established in 1970 by the physicians of Ontario with the original capital of Physicians Services Incorporated, the doctor-sponsored prepaid medical care plan.

The Foundation was established with the mission of improving the "health of Ontarians."

Physicians from across Ontario remain involved as members of the Foundation’s House of Delegates as well as part of the governing board of directors for the Foundation.

The Foundation’s granting interests are in two areas: education of practising physicians and health research with an emphasis on research relevant to patient care.