Pay cuts, layoffs hit the C-suite

Pay cuts, layoffs hit the C-suite 
Becker's Hospital CFO Report; by Alan Condon; 9/25/24 
Health systems are increasingly trimming executive positions and pay to stabilize their financial footing amid rising operational costs, workforce shortages and inflationary pressures. Springfield, Mass.-based Baystate Health will see three top leaders depart, effective Oct. 23, including Chief Quality Officer Doug Salvador, MD, Chief Information and Digital Officer Kevin Conway and Chief Human Resources Officer Kristin Morales-Lemieux. ... Similarly, Providence, R.I.-based Lifespan has cut 20% of its executive roles as part of a broader restructuring effort aimed at reducing overhead costs and directing more resources to patient care. The restructuring has led to the departure of key figures, including Crista Durand, who served as president of Newport (R.I.) Hospital since 2014. ... Corvallis, Ore.-based Samaritan Health Services recently laid off 1% of its workforce and temporarily reduced executive pay to counteract financial losses. ... For hospital executives across the country, these cuts serve as a stark reminder that restructuring may be inevitable to maintain operational viability. As the healthcare landscape evolves, systems will continue to seek ways to reduce overhead, streamline decision-making, and focus on financial sustainability.