Trinity Health, a 92-hospital system based in Livonia, Mich., will lay off and reduce work schedules of 1,000 employees, according to the Detroit Free Press, citing a memo to employees from President and CEO Mike Slubowski.
The health system is "losing millions of dollars per day" and needs to reduce costs with the lower revenue base, Mr. Slubowski said, according to the report. "Unfortunately, this requires additional colleague transitions — including position eliminations and severances, extended or new furloughs and extended or new reductions in schedules," he said.
The job cuts, which will begin this week, will primarily affect nonclinical and administrative positions. They come after Trinity announced plans in April to furlough 2,500 employees.
The health system provided an update on its finances in bondholder documents filed June 29. It's projecting operating revenues of $17.3 billion in fiscal year 2021, which began July 1. That's down from $19.3 billion in fiscal year 2019. Trinity hasn't released full-year operating and financial results for fiscal 2020, which ended June 30. During the first nine months of fiscal 2020, Trinity saw revenues decline less than 1 percent year over year to $14.2 billion.
Read the full Detroit Free Press article here.