Florida's Mount Sinai Medical Center cuts nearly 1,000 jobs

Mount Sinai Medical Center in Miami Beach, Fla., has cut 983 jobs to help offset losses incurred from the COVID-19 pandemic, according to the South Florida Business Journal. 

The medical center told investors May 20 that it reduced its workforce by furloughing 775 employees and permanently laying off 208 employees. 

Mount Sinai President and CEO Steven Sonenreich told the Business Journal that the workforce reductions affected employees in nonclinical positions, including revenue cycle management staff.

The furloughs reduced payroll by $3 million in April and the layoffs are expected to save the system $11.1 million in payroll expenses this year. 

"We are trying to be responsible as fiduciaries, and we are protecting the organization, not only today, but heading into the future and trying to reduce our expenses as much as we possibly can," Mr. Sonenreich told the Business Journal. "That requires some very difficult decisions."

In the first quarter ended March 31 the medical center stated that it lost $10.7 million from operations as patient volume dipped. It expects to incur a bigger hit in the second quarter, which will include April and May, according to the report. 

Read the full article here.

More articles on healthcare finance: 
Mass General Brigham posts $1.6B loss in Q2
New York hospital lays off 70 after denial of federal funding
Hospitals blast CMS decision to double down on price transparency

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