NHRMC Protects Employees, Benefits with Cost Savings Measures

May 11, 2020

COVID-19 has forced virtually every health system across the country to incur unexpected expenses and postpone appointments, procedures and surgeries that generate revenue.   According to Becker’s Hospital Review publication, at least 249 U.S. hospitals and health systems have furloughed or laid off employees to help stabilize their financial situation.

NHRMC, for the past 15 years, has held itself to a “no layoffs” standard. NHRMC will continue to honor that position today and for as long as possible.

The financial losses are real, though, so we will have to make adjustments across the NHRMC system to reduce costs. At this time, we will not reduce wages, reduce benefits or lay off employees. Instead, NHRMC will enact a variety of expense management initiatives to help control cost.  For example, these three measures will be implemented to help reduce expenses:

  1. No catering orders may be charged to any NHRMC departments
  2. Business-related education and travel will be deferred until a later date
  3. The majority of open positions will remain open until volume increases to pre-COVID levels

In addition to these initiatives, other specific departmental expense management initiatives will be implemented and communicated by leaders across the organization to ensure that we protect our employees.

Years of fiscal discipline have helped us weather the financial downside of this public health crisis. As we reopen services and facilities, we hope to reverse the losses brought on by the pandemic. If a potential COVID outbreak causes us to delay reopening, NHRMC may have to take additional financial measures.

Please continue to implement cost-savings measures in your individual areas, and if you have a great idea to save money across the system, fill out the form on CapsLive.

As always, our patients, our community, and all of us as team members are our focus – maintaining our financial health is one piece of this. Thank you for your dedication to the health of our community and the success of our healthcare system.