Although MaineGeneral Health's operating income is half of what it expected so far this fiscal year, the Augusta-based health system still expects to complete construction plans for a new regional inpatient hospital in north Augusta, according to a Kennebec Journal report.
In the first five months of MaineGeneral's fiscal year, operating income totaled $2.4 million, down from its projection of $4.75 million, according to the report. In order to move forward with the new 192-bed hospital, the health system plans to enact several cost-cutting measures.
Measures include reducing paid-time off for two pay periods for all MaineGeneral employees and three pay periods for senior management and executive leadership, which is expected to save $1.5 million.
In the first five months of MaineGeneral's fiscal year, operating income totaled $2.4 million, down from its projection of $4.75 million, according to the report. In order to move forward with the new 192-bed hospital, the health system plans to enact several cost-cutting measures.
Measures include reducing paid-time off for two pay periods for all MaineGeneral employees and three pay periods for senior management and executive leadership, which is expected to save $1.5 million.
Related Articles on Hospital Finances:
Moody's: Outlook for Non-Profit Healthcare Stays Negative for 2012
Required Capital Ratio: A New Financial Measurement for Hospital Mergers
Transforming Presbyterian Healthcare's Call Center: From Revenue Eater to Friendly Front