Shore Memorial Hospital in Somers Point, N.J., offered buy-outs to 368 employees this week in an effort to eliminate about 90 positions, according to a Press of Atlantic City report.
Of those offered a severance package, 57 were also offered early retirement. The employees must make their decisions by Dec. 9.
The non-profit, 296-bed hospital will continue its $115 million expansion, which includes a surgery pavilion, medical offices and parking garage. The project is expected to be completed by summer 2011.
Hospital President and CEO Ron Johnson said the job cuts are a result of decreased patient admissions and Medicare payments, along with rising costs of uncompensated care, according to the report.
Mr. Johnson has taken a 10 percent decrease in compensation, while hospital vice presidents and administrative directors are taking 5 percent cuts, according to the report.
Read the Press of Atlantic City report on Shore Memorial Hospital’s buy-outs.
Read more about hospital employment or layoffs:
-5 Hospitals Implementing Mass Layoffs or Job Cuts
-10 Key Considerations for Medical Staffing in a Changing Healthcare Workforce
-7 Ways to Avoid Legal Pitfalls When Implementing Mass Layoffs
Of those offered a severance package, 57 were also offered early retirement. The employees must make their decisions by Dec. 9.
The non-profit, 296-bed hospital will continue its $115 million expansion, which includes a surgery pavilion, medical offices and parking garage. The project is expected to be completed by summer 2011.
Hospital President and CEO Ron Johnson said the job cuts are a result of decreased patient admissions and Medicare payments, along with rising costs of uncompensated care, according to the report.
Mr. Johnson has taken a 10 percent decrease in compensation, while hospital vice presidents and administrative directors are taking 5 percent cuts, according to the report.
Read the Press of Atlantic City report on Shore Memorial Hospital’s buy-outs.
Read more about hospital employment or layoffs:
-5 Hospitals Implementing Mass Layoffs or Job Cuts
-10 Key Considerations for Medical Staffing in a Changing Healthcare Workforce
-7 Ways to Avoid Legal Pitfalls When Implementing Mass Layoffs