Memorial Sloan Kettering Cancer Center in New York City plans to cut less than 2% of its workforce as part of cost reduction efforts, the organization confirmed to Becker’s.
The cancer center faces a budget deficit of more than $200 million for the upcoming year, according to Bloomberg News, and cited rising costs of drugs, supplies and labor as contributing factors.
“Structural deficits are an industrywide issue affecting hospitals and healthcare organizations across the country,” MSK said in a statement. “To close the gap and enable MSK to continue delivering world-class cancer care, department leaders have identified a variety of efficiencies and cost savings. These include reducing spending through program redesigns, decreasing work with consultants, and identifying a limited number of currently staffed positions — less than 2% of MSK’s workforce — that will be eliminated as work is reorganized and reprioritized.”
Employees affected by the job cuts will be notified between late September and Nov. 15.
Leaders are finalizing details and ensuring that patient care is not impacted, according to the statement.
When asked if clinical, leadership or executive roles were affected, the organization said: “Every leader identified a range of actions that will allow their departments to continue to support MSK’s strategic priorities and mission of ending cancer for life while lowering expenses.”
“MSK is focused on reimagining how we work, what we prioritize and where we allocate resources while continuing to invest in the unparalleled clinical care, research excellence and top-tier education that set MSK apart from our peers,” the statement continued. “Our efforts to reduce costs are tied directly to our commitment to preserve the extraordinary work at MSK that isn’t done anywhere else.”
MSK’s 2024 annual report lists 21,175 total staff.
