COVID-19 has had a huge impact on the business side of Spectrum Health and they are addressing their financial woes.

According to WOOD, with most people focused on ventilators, masks and the proper equipment that medical people need to do their jobs safely, people are not thinking about the revenue side the hospitals.

One way Spectrum Health makes their money, is regular appointments and a variety of surgeries and procedures and because of the outbreak those things are not happening right now.

Plus, the Spectrum area health systems are spending a years' worth of money in one month buying all the protective equipment needed to fight this pandemic.

So the bottom line is expenses are up and so some cuts are going to have to be made in order to keep the hospital business a float.

WOOD-TV8 shared a list of cuts that Spectrum Health will be making to balance the loss in revenue:

  • Matching contributions to employee retirement accounts has stopped from July through the end of the year.
  • Tina Freese Decker, the president and CEO, will take a 40% reduction in pay and her team will take a 30% reduction.
  • Executives are giving their surplus paid time off to its Close Enough to Care fund to help workers in need of extra PTO.
  • In the future, some positions may be terminated. These positions are not roles that care for patients.

While Spectrum Health is in the business of saving lives, this is just a short reminder that it is still a business.

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