Posted on 06/22/2020 10:51:17 AM PDT by CheshireTheCat
Cleveland Clinic is taking cost-reduction measures, including eliminating raises and delaying some capital projects, in reaction to more than $500 million in revenue shortfalls and increased expenses caused by the coronavirus pandemic, the health system said.
The Clinic also reduced operating costs by restricting travel and changing how it manages paid time off, the health system said.
“For the first time since the effects of the 2007–09 recession, the Cleveland Clinic has announced that it will not give pay raises in 2020,” a Clinic statement said. “Our priority is to preserve jobs and not reduce pay for our caregivers. This does not change or devalue the hard work of our caregivers and the commitment they have shown, especially during the COVID-19 pandemic.”
Cleveland Clinic reported an operating loss of $39.9 million in the first quarter of this year, which Clinic chief financial officer Steven Glass attributed “entirely” to COVID-19, according to Crain’s Cleveland Business. That loss compares with a $36.2 million net income for the same period last year...Currently, the Clinic’s revenue from patient services is more than $500 million below projections.
(Excerpt) Read more at cleveland.com ...
Well the popular place to make the cuts these days would be in the Clevaland PD.
And the healthcare that was not delivered during this period will mean poorer outcomes in the future. Non-urgent treatment that was missed could become urgent treatment needed over the next months or years.
My biz has lost a large amount of money from lost operations as we provide consumables for the operating suite. Starting to see it come back but too slow and cuts are being made to compensate (too late and will have an impact once things swing back in full).
And BTW I have friends from my days at a well known hospital (very well known in fact) who say that they are really hurting...for the same reason Cleveland Clinic is.
Not so much as an apology from China.
If I understand it correctly, the vast amount of lost money is from elective surgeries not performed.
And that’s nation wide.
Cleveland Clinic reported an operating loss of $39.9 million in the first quarter of this year, which Clinic chief financial officer Steven Glass attributed “entirely” to COVID-19, according to Crain’s Cleveland Business.
...
They are non-profit and have an endowment of several billion dollars. They’ll get through this fine, and they are a great hospital.
We’re you not down because of Obamacare to begin with? I know a lot of things like Upper Endoscopes that were being done every 2 yrs went to every 3. Supplies were margin edge thin.
Most hospitals are facing declines. Shameful that they now need to layoff these frontline workers in many cases.
I’d prefer we lay off 20% of the local elected officials in the community and take their pay and give it to the local hospital.
I just started with this company 6 months ago. All devices took a hit for about a year or so due to the device tax, but there was some relief that came on implementation... not sure all the details.
People stopped going to hospitals for 4 months.
They were still paying staff.
$$$$$ going out, zero coming in.
It works for the Federal Gov but not in the private sector.
30,000 to admit, throw them on a ventilator 20,000 more, total of 50,000 per patient billed to medicare. Where is this money going
Medtronic saw a uptick on spine simulators, when the FAKE OPIOID crisis forced many Intractable Pain patients to use SNAKE OIL PRODUCTS.
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