The financial pressure is largely attributable to a growing backlog of unpaid Medicaid claims, which have almost doubled since mid-2014, according to the report.
The hospital, which is losing $180,000 a month, will implement the pay cuts Jan. 1, 2018. Only minimum wage workers are exempt from the reductions in pay. The hospital also plans to lay off five to 10 employees. Those layoffs are in addition to the 50 workers who were let go earlier this year, according to the report.
Access the full Crain’s Chicago Business report here.
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