Baptist Memorial Health Care executives take pay cuts amidst layoffs

Memphis, Tenn.-based Baptist Memorial Health Care CEOs and senior vice presidents will take a 20 to 23 percent pay reduction as part of Baptist’s cost-cutting efforts, according to a Memphis Business Journal report.

Baptist has put a freeze on merit raises and compensation reductions, and those are not the only steps the system is taking to reduce costs. Last week, Baptist announced the elimination of 112 positions.

Baptist's need for more efficient operations stems from a decrease in reimbursements paid by insurance companies and required reinvestment in health IT, personnel and facilities, according to the report.

There are currently no plans to lift the compensation cuts in the near future.

 

 

Copyright © 2022 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars