The pay cuts, which go into effect July 19, are part of the hospital’s plan to respond to financial pressures caused by the COVID-19 pandemic.
Boulder Community Health said that it is aiming to reduce expenses by $3 million per month from August through the end of the year.
The cost-cutting plan also includes mandatory vacation days, canceling market pay raises and suspending the employer match to the employee retirement plan.
“We need to take significant actions to lower our costs and create a financial structure that is economically sustainable while preserving our most valuable resource — our employees — as much as possible,” said Boulder Community Health President and CEO Robert Vissers, MD.
The hospital already had furloughed a portion of its staff to help offset some of the revenue losses due to the suspension of elective procedures.
More articles on compensation:
Massachusetts hospital cuts CEO pay, freezes wages
Erlanger to restore CEO, other leaders’ salaries in August
UHS execs take pay cuts to support employee assistance fund
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
