Posted on 02/07/2009 10:55:44 PM PST by STARWISE
The University of Chicago Medical Center will cut costs by $100 million, or almost 7 percent of its budget by 2010, and may reduce its staff significantly, the Center announced last week.
It attributes the restructuring to falling investment and endowment values. It also reaffirmed its commitment to the $700-million hospital pavilion planned for 2012.
Under the plan, which took effect last Monday, the Medical Center will enact several cost-saving measures in an effort to bring down its budget, including the elimination of four vice presidents and 11 other senior executive positions.
Though they could not disclose the specific positions, Medical Center representatives said the executives’ responsibilities will be taken over by other administrators.
The announcement comes after the Medical Center saw one of the most profitable years ever: it made $87.8 million in the fiscal year ending in June 2007. They have not yet released numbers for fiscal year 2008, but even those would not take into account the full effects of the recent fiscal crisis.
“These budget cuts will not be across-the-board. Whenever we can, we’re scaling back or eliminating programs that are tangential to our core mission,” said Medical Center spokesman John Easton of the $1.5 billion operating budget. “Our core medical services will remain the same.”
(Excerpt) Read more at chicagomaroon.com ...
Excerpt:
The medical center last month confirmed a massive restructuring that will trim $100 million in expenses, or nearly 7 percent of its annual budget, amid the economic downturn and unpaid bills owed the hospital from the state Medicaid program for the poor.
And though the hospital has not disclosed the number of layoffs, they are expected to be massive. Sources close to the situation say they are be between 500 and 1,000. The medical center would not comment Saturday night.
Last month, Madara would say only that the hospital is eliminating 15 senior executive jobs, including vice president for community and external affairs, a position that had held been by First Lady Michelle Obama, a former medical center vice president.
Her duties have been taken over by Dr. Eric Whitaker, a friend of her husband, President Barack Obama, and executive vice president for strategic affiliations and external affairs.
Sources also say there could be changes to the program Obama was once involved in, which includes outreach to the South Side community and relationships with community hospitals, including Holy Cross Hospital and Mercy Hospital and Medical Center, to which less seriously ill patients are referred.
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Quite a coincidence of timing.
~~PING!
Her job was to see it it that no indigents arrived at the hospital’s door.
She arranged with city hospitals to take those patients so her hospital could be for the ‘elite’.
It must have been an easy job if another can just absorb it into his dutys.
“Michelle never really worked in this job. Everyone close to the situation knows that this was a political payoff spearheaded by the political hackess u of chi general counsel. They will all rot in hell. “
You got that right. Blago was a novice compared to these goons.
Means she didn’t do anything while she was there. obozo doing his wheelin’ & dealin’ got her the no-nothing job.
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