The five-hospital health system said it is furloughing the workers until Sept. 30 and cutting compensation for top executives by up to 30 percent to help offset financial damage tied to the COVID-19 pandemic.
“The COVID-19 pandemic has led to significant financial challenges for healthcare organizations across the country as a result of the decreased patient volumes and the continuing fight against the virus,” the health system wrote in a statement, according to the report. “Unfortunately, Memorial Health System is not immune from these pressures.”
Memorial Health System is one of nearly 270 hospitals and health systems across the nation to furlough employees in recent months.
More articles on healthcare finance:
10 latest hospital credit rating downgrades
How much federal COVID-19 aid are safety-net hospitals getting? A state-by-state analysis
State-by-state breakdown of 130 rural hospital closures
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
