ProMedica restructures exec team amid financial struggles

Toledo, Ohio-based ProMedica has made changes to its executive leadership team, the health system confirmed in a statement shared with Becker’s May 24.

Advertisement

The changes are “to better align our changing organization,” according to the statement. It did not specify positions or executives affected. 

“Like many other healthcare organizations, we have been negatively impacted by the rising costs of labor and supplies, along with other economic factors. As a result, we are intensely focused on new initiatives to help ensure a stable and sustainable organization. We continue to be committed to delivering the best health and well-being care to the communities we serve,” ProMedica stated.

The leadership changes come amid financial struggles at ProMedica.

In the three months ended March 31, the health system reported a $126 million operating loss, according to the Toledo Blade.

ProMedica also announced this month that its health plan, Paramount, is laying off about 200 employees after losing a Medicaid contract. Anthem acquired Paramount’s Medicaid contract, and ProMedica said employees affected by the layoffs may have an opportunity to join Anthem or continue in a different capacity with ProMedica.

ProMedica has 11 hospitals and 500 locations in 28 states.

At Becker's 4th Annual CEO + CFO Roundtable, taking place November 2–5 in Chicago, more than 1,500 hospital and health system executives tackle decisions that determine whether organizations thrive or merely survive: protecting margins under cost pressure, choosing where to grow, renegotiating payer relationships, stabilizing the workforce and proving real ROI on technology. This is where leaders work through them together, face-to-face. Apply for complimentary registration now.

Advertisement

Next Up in Leadership & Management

  • Baylor College of Medicine and Texas Children’s Hospital established an affiliation more than 70 years ago in the Texas Medical…

  • Fitch revised Ontario, Calif.-based Prime Healthcare Services’ outlook to positive and affirms its “B” rating.  The revised outlook reflects Fitch’s…

  • Brentwood, Tenn.-based Lifepoint Health, a health system owned by private equity firm Apollo Global Management, has largely grown over the…

Advertisement

Comments are closed.