Sibley Memorial Hospital in Washington, D.C., which is owned by Baltimore-based Johns Hopkins Medicine, is seeking to close a projected budget gap through voluntary employee buyouts, according to documents obtained by The Washington Post.
According to a letter to staff members from Sibley Memorial Hospital President Richard "Chip" Davis, the hospital is projecting a "significant budget gap" in the upcoming fiscal year. Mr. Davis said several factors led to the financial issues, including dwindling inpatient volume, rising expenses and the shift to value-based care, according to The Washington Post.
Under the buyout program, employees would receive one week of pay for every year they were employed by the hospital, up to 12 years. Employees would also get a $15,000 cash bonus.
Employees who want to participate in the buyout program must turn in their applications by Aug. 11, and managers will decide which employees receive the buyouts by Aug. 28. For those who take part in the buyout program, the last day of employment will be Nov. 10, according to the report.
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