WakeMed, the hospital system based in Raleigh, N.C., will distribute $7.65 million in bonuses to most of its 7,000-plus employees after exceeding annual financial goals, according to a report by the News Observer.
Checks worth about 2 percent of employees' yearly salaries, will go out on Dec. 3, WakeMed announced in its internal newsletter for employees. The distribution is more than last year's bonus pool of $6.3 million but less than the $13.6 million bonus pool in 2007.
WakeMed reported net income of $45.9 million for the fiscal year that ended in September and an operating margin of 2.23 percent, exceeding budgeted goals.
The hospital recently hired an outside consultant to find ways to boost revenue and cut costs, targeting a 4 percent operating margin for the current fiscal year, and the system will fine-tune its operations and move employees around.
"We're doing what any large, well-managed organization should do in tough times," said WakeMed CEO Bill Atkinson. "We're scrutinizing all our costs, and looking at all our things that should be changed, and we're rewarding our good employees."
Read the News Observer report on WakeMed.
Read more coverage of employee bonuses:
- Hospitals Give Bonuses, Raise Salaries Following Increased Profits
- Detroit's Beaumont Hospitals to Give Bonuses to 17K Employees, Lay Off 50
- UNC HealthCare to Pay $9M in Incentives
Checks worth about 2 percent of employees' yearly salaries, will go out on Dec. 3, WakeMed announced in its internal newsletter for employees. The distribution is more than last year's bonus pool of $6.3 million but less than the $13.6 million bonus pool in 2007.
WakeMed reported net income of $45.9 million for the fiscal year that ended in September and an operating margin of 2.23 percent, exceeding budgeted goals.
The hospital recently hired an outside consultant to find ways to boost revenue and cut costs, targeting a 4 percent operating margin for the current fiscal year, and the system will fine-tune its operations and move employees around.
"We're doing what any large, well-managed organization should do in tough times," said WakeMed CEO Bill Atkinson. "We're scrutinizing all our costs, and looking at all our things that should be changed, and we're rewarding our good employees."
Read the News Observer report on WakeMed.
Read more coverage of employee bonuses:
- Hospitals Give Bonuses, Raise Salaries Following Increased Profits
- Detroit's Beaumont Hospitals to Give Bonuses to 17K Employees, Lay Off 50
- UNC HealthCare to Pay $9M in Incentives