Despite a drop in net income of 76 percent, Beaumont Health said it's providing a $1,000 recognition payment for full-time employees and other financial perks to its staff.
The Southfield, Mich.-based system saw its net income fall to $61.2 million in the nine months ended Sept. 30, compared to $258.6 million net income in the same period one year prior.
The health system saw its operating revenue fall 5.7 percent year over year to $3.29 billion.
For the first nine months of the year, Beaumont reported an operating income of $67.6 million, a 48.4 percent decrease from the same period in 2019.
Nonoperating income for the third quarter fell to $13.2 million, compared to $130.9 million recorded through the third quarter last year.
Yet, in addition to making the $1,000 recognition payments, the health systems said it plans to boost its minimum wage to $15 per hour and increase the shift differential for nursing and some other positions to "invest in our most important asset — our staff," CFO John Kerndl said.
"While 2020 has been a challenging year for all health systems, we have taken steps to lead through the COVID-19 pandemic as well as position ourselves for the future," Mr. Kerndl said.
Those steps also include building the health system's personal protective equiptment inventory and buying supplies and equipment to lead vaccination efforts in the community, he said.