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.
More Articles on Hospital Employees:
100 Great Places to Work in Healthcare
Study: BJC HealthCare’s Wellness Program Cut Hospitalizations But Not Costs
Taking Care of Employees: 5 Trends on Hospital Benefit Plans
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.
