Mass General Brigham cuts exec pay, projects $2B in losses

Boston-based Mass General Brigham, formerly Partners HealthCare, has cut executive pay, frozen wages for other workers and suspended retirement benefits to help offset financial damage linked to the COVID-19 pandemic, according to Boston radio station WBUR.

The health system has received $314 million in federal grants to help cover lost revenues and expenses caused by the pandemic, but it still predicts it could lose up to $2 billion by the end of the year. 

To help offset the projected shortfall, top Mass General Brigham executives will have their pay cut by 25 percent for one year, beginning July 1. Other leaders, including senior vice presidents, will have their pay reduced between 5 percent and 20 percent, according to the report. 

The health system is also suspending retirement benefits and freezing wages for most employees. The health system's roughly 20,000 workers who make less than $26.50 an hour are exempt. The health system has also suspended capital projects and limited other spending to help avoid layoffs or furloughs. 

Read the full report here

More articles on healthcare finance:
Financial fallout from COVID-19: 10 hospitals laying off workers
Illinois health consulting firm files for bankruptcy
Man beats COVID-19, says $1.1M tab for treatment adds to 'survivor's guilt'

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