The health system faces a $61 million budget shortfall, resulting from a culmination of lower reimbursements, decreasing patient volumes and higher levels of uncompensated care. Employees who accept the severance package will be offered severance pay and cash bonuses, according to the report. The health system is not aiming for a certain number of employees to accept the buyout.
The call for voluntary layoffs is just one of several cost-cutting measures Providence is taking to stabilize its finances. Other measures include efforts to save on supplies.
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