The region says the deficit for the 2012-2013 fiscal year came on expenditures of $973 million.
It says having a balanced budget for the current year will be a challenge as it grapples with the shortfall and tries to meet health goals set by the province.
The region says in a news release that balancing the books won't be done through facility closures or job cuts.
It says it's going to look at better management of resources, managing payroll premiums such as overtime and reducing supply costs.
Regina Qu'Appelle is also lagging behind all other health regions when it comes to meeting the province's goal of ensuring that every surgical patient is offered a surgery date within six months.