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.
Related Articles on Hospital Layoffs:
Nassau Health Care in New York to Lay Off 175, Including 15 Physicians
10 Hospitals or Health Systems Announcing Employee Restructuring
Providence St. Joseph Medical Center in Montana Lays Off 10 Employees
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.
