Beaumont Health System, with locations in Michigan's Oakland, Macomb and Wayne counties, and Detroit-based Henry Ford Health System plan to give approximately 40,000 employees their first pay raises since 2008, according to a Detroit News report.
The two systems said they can restore pay increases due to improved finances. Beaumont, for instance, had a net operating income of $19.4 million through April, approximately $7 million more than predicted. Henry Ford earned $60.1 million in 2010.
Beaumont will increase its wages by $15.7 million by giving its more than 17,400 employees a 2 percent raise in July, with employees in high-demand fields, including pharmacists, medical coders, nurse anesthetists and some physical therapy workers, receiving a 3-5 percent raise. Last fall, Beaumont awarded employees up to $750 in bonuses and froze health insurance premium contributions for 2011.
Henry Ford will give its approximately 23,000 employees a 2.5 percent raise, starting July 22, in addition to employees' average group performance bonuses of $325 in December. Henry Ford is also matching employees' retirement plans to pre-2009 levels. Employees will receive an additional bonus in early 2012 depending on whether certain goals for the year are met.
Read the Detroit News report on Beaumont and Henry Ford Health Systems.
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The two systems said they can restore pay increases due to improved finances. Beaumont, for instance, had a net operating income of $19.4 million through April, approximately $7 million more than predicted. Henry Ford earned $60.1 million in 2010.
Beaumont will increase its wages by $15.7 million by giving its more than 17,400 employees a 2 percent raise in July, with employees in high-demand fields, including pharmacists, medical coders, nurse anesthetists and some physical therapy workers, receiving a 3-5 percent raise. Last fall, Beaumont awarded employees up to $750 in bonuses and froze health insurance premium contributions for 2011.
Henry Ford will give its approximately 23,000 employees a 2.5 percent raise, starting July 22, in addition to employees' average group performance bonuses of $325 in December. Henry Ford is also matching employees' retirement plans to pre-2009 levels. Employees will receive an additional bonus in early 2012 depending on whether certain goals for the year are met.
Read the Detroit News report on Beaumont and Henry Ford Health Systems.
Related Articles on Hospital Finance:
Phoebe Putney Releases Financial Information to Public
Atlanta's Grady Memorial to Cut 120 Jobs
Former Employees of California's Redlands Hospital Awarded Over $17M