The University of Cincinnati College of Medicine is furloughing 940 employees to help reduce a budget deficit linked to the COVID-19 pandemic, according to the Cincinnati Business Courier.
The medical school is facing a $10.2 million budget deficit, and the mandatory five-day furloughs are expected to achieve $815,000 in savings, according to a memo sent to faculty and staff June 24 by Andrew Filak Jr., MD, dean of the medical school.
Employees will be required to take the furloughs in July unless an exemption is granted, according to the report.
"We are doing our best to ensure the viability of the college of medicine at this most critical juncture," Dr. Filak wrote in the memo cited by the Cincinnati Business Courier. "Unfortunately, the financial picture is such that we must make difficult decisions and take difficult actions. We all must do our part to work through these current financial stresses as we work to rebuild and recover."
The medical school also is cutting pay of its senior leaders and implementing a hiring freeze, according to TV station WXIX.
More articles on healthcare finance:
Hospitals lose lawsuit against HHS over price disclosure rule
How the 3 largest nonprofit health systems fared in Q3
$30B for hospital upgrades included in $1.5 trillion infrastructure bill