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Mayo Clinic announces sweeping pay cuts, furloughs

Posted By: RumorMail
Date: Saturday, 11-Apr-2020 12:33:17
www.rumormill.news/144300

You'd think they would need the nurses, techs etc with a 'pandemic' going on.. ...

******************************

By Catharine Richert

The state’s largest private employer is instituting across the board pay cuts and furloughs to shoulder a projected $3 billion loss this year.

Mayo Clinic’s cost-cutting measures follow its decision in mid-March to halt elective surgeries and procedures — a move that was quickly applied statewide as part of Gov. Tim Walz’s executive order to suspend non-critical medical procedures not deemed essential to save a life.

“The decision to eliminate elective surgeries and outpatient visits was the right decision in terms of protecting the safety of our patients and staff, and also preserving limited PPE (personal protective equipment),” said Chief Administrative Officer Jeff Bolton. “But it has led to significant reductions in revenues.”

Bolton said the hospital in Rochester is at about 35 percent of capacity, while capacity in Mayo’s surgery services is at about 25 percent.

“If you go back to the Great Depression, the institution went through a very similar financial crisis, and salaries were reduced during that period of time,” said Bolton. “There were a lot of actions that were very similar to the ones we are taking today.”

The pay and work reductions, which will apply to all employees at Mayo’s campuses in Minnesota, Florida and Arizona, will start in May, and last until the end of the year. Together, Mayo employs more than 63,000 people.

Other hospital systems, including Essentia Health based in Duluth and M Health Fairview based in the Twin Cities, have also cut staff or reduced hours to make up for lost revenue.

Mayo Clinic executives, including CEO Gianrico Farrugia, will take a 20 percent cut starting this month. Physicians and senior administrators will take a 10 percent salary cut, other salaried employees will take a seven percent reduction, while other workers will be asked to take extended furloughs.

That’s in addition to a hiring freeze, laying off contract employees and halting some construction projects, Bolton said.

Even after these changes, Mayo will face a $900 million shortfall at the end of the year, which will be covered by Mayo’s reserves established over the last decade, Bolton said.


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