Citing a financial hit from the COVID-19 pandemic, at least 11 TriHealth executives have taken a 20 percent pay cut, according to The Cincinnati Business Journal.
TriHealth, like many hospital systems in the U.S., has suspended elective procedures to help free up supplies and staff to help care for COVID-19 patients. As a result, the system is taking in about half of its normal monthly revenue.
"Like all health systems nationwide, TriHealth has been impacted significantly by the decision to cease elective and nonemergent medical procedures and appointments," TriHealth CEO Mark Clement said in a March 26 memo to employees obtained by the Business Journal.
The effort to conserve cash by cutting payroll expenses is one of the measures the Cincinnati-based system is taking to ensure the hospital system can absorb the financial hit from the pandemic. The pay cuts affect senior leadership, including Mr. Clement.
TriHealth also plans to implement other cost-saving measures, such as reduced hours and furloughs for some employees, according to the report. TriHealth said the goal is to avoid long term layoffs.
TriHealth said it will adjust staffing to meet current needs by transferring employees into critical care areas, allowing extended use of vacation time and financially supporting quarantined staff.