ThedaCare execs take pay cuts to offset COVID-19 losses

ThedaCare President and CEO Imran Andrabi, MD, will take a 50 percent pay reduction, and other members of the executive team will take a 40 percent cut to help stabilize the Appleton, Wis.-based health system's finances, according to the Appleton Post-Crescent

ThedaCare is projecting a $70 million hit from the COVID-19 pandemic due to declines in patient volume after temporarily postponing elective surgeries and nonurgent clinic visits. The health system's net revenue dropped 40 percent in April, largely due to the suspension of services, Dr. Andrabi said, according to the report. 

The salary reductions are estimated to narrow the health system's loss from $70 million to roughly $30 million, a spokesperson told the Appleton Post-Crescent

Dr. Andrabi said ThedaCare's financial recovery plan will not include mass layoffs or pay reductions for staff who are not in leadership. 

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