Cleveland Clinic is attempting to chop $330 million from its budget, and President and CEO Toby Cosgrove, MD, has warned employees that layoffs are a possibility, according to report by The Plain Dealer.
Prior to initiating layoffs, Cleveland Clinic is offering early retirement packages to roughly 3,000 of its 44,000 employees, according to the report.
Cleveland Clinic is cutting costs across the system, with administrative departments cutting 6 percent of their budgets and clinical departments cutting 4 percent, according to The Plain Dealer.
A system spokeswoman pointed to healthcare reform as the reason Cleveland Clinic is slashing its budget. "Healthcare reform has really changed things, and the burden of cost is going to be falling on the patients. We want to make sure we can keep care affordable," she told The Plain Dealer.
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