Leadership and faculty physicians at Maywood, Ill.-based Loyola Medicine will take three-month pay cuts in response to the COVID-19 pandemic, CEO Shawn Vincent said in an interview with Becker's.
The salary reductions will last from May to July.
Mr. Vincent will take a 25 percent pay cut, as will the hospital presidents. Vice presidents and about 600 full-time equivalent physician faculty members will see their salaries reduced by 15 percent.
The salary reductions — which do not affect nurses, respiratory therapist, patient care technicians or environmental services workers — are due to Loyola Medicine's financial situation and the suspension of revenue-generating elective procedures during the pandemic, Mr. Vincent said.
During the public health crisis, the organization saw an 80 percent drop in outpatient services and a nearly 60 percent drop in overall surgical volume.
"Certainly the impact associated with COVID has been very significant, and we opted to make some of these changes at the highest level of the organization so we could protect and maintain the salaries and allow many of our front-line workers to care for not only COVID patients but others," Mr. Vincent said. "We wanted to make sure those individuals could continue to provide the best care they can every day."
Mr. Vincent said he does not intend to extend the pay cuts beyond 90 days. Loyola Medicine has also reduced short-term capital spending, he said.