The positions are primarily corporate service roles and will not affect patient services, the five-hospital system told Becker’s. Unfilled corporate service positions were also eliminated.
Monument said it will provide severance packages and career guidance services to support laid-off employees and continue to recruit for patient service positions.
A statement sent to employees said that Monument will also trim executive pay by 20 percent, Black Hills Fox News reported.
“Monument Health has experienced significant operational and financial-related challenges over the past two years due to a number of different marketplace factors,” Stephany Chalberg, public relations manager, said in a statement. “This includes two areas that have reached unprecedented levels: the rising costs of medical supplies and staffing, and the continued lowering of reimbursement rates.”
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.