The health system embarked on a cost-cutting initiative after experiencing an $8.2 million loss in operating funds last year, according to the report. Medicare reimbursement cuts under the Patient Protection and Affordable Care Act have cost Mary Washington $14 million, while sequestration cuts led to an additional $3 million loss.
So far, the system’s cost-saving measures include trimming positions (although only through attrition) and reducing compensation for employees who receive salary increases for working late-night, weekend and holiday shifts, according to the report. Other suggested ways to reduce spending involve finding less expensive methods to get supplies and renegotiating contracts.
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