Providence Health & Services plans layoffs to cut costs

Providence Health & Services, a 50-hospital system based in Renton, Wash., will implement a cost-cutting plan that involves layoffs, according to The Oregonian.

The system is looking to reduce costs to improve its financial picture. Providence ended 2016 with an operating loss of $255 million on $22 billion in revenue.

David Underriner, CEO of Providence's Oregon division, would not disclose how many employees would be affected by the layoffs, according to The Oregonian.

Providence has 111,000 employees, 15,000 of which were hired in the past two years. 

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