The cost-cutting efforts include volunteer employee furloughs, hour and wage reductions and a hiring freeze. Additionally, the hospital will reduce its retirement contributions and eliminate executive incentive bonuses for this year, the Winston-Salem Journal reported.
Wake Forest Baptist Medical Center is making cuts to make up for millions of dollars spent implementing an Epic electronic medical records system, according to the report. The spending cuts are also a response to industry-wide changes such as reduced Medicare reimbursement, a decline in funding for its medical school and increased use of its emergency department by patients without health insurance, the report says.
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