ROCKFORD, Ill. (WTVO) — OSF HealthCare announced Tuesday that the company is reducing the salaries of its top executives as revenue has dropped “substantially” during the COVID-19 outbreak, as doctors are unable to see patients or perform surgeries.
“Inpatient services, surgeries, clinic and OSF Urgo volumes have decreased significantly over the last three weeks as non-essential services have been shut down and our communities are staying home to reduce the spread of the virus. Our revenue has dropped substantially over that same time period,” the company said in a statement.
Top executives will see a salary reduction of at least 5 percent, OSF said, with some leaders taking a 10 percent reduction.
“It is important for the communities OSF has been called to serve for more than 142 years that we stabilize our financial position and protect our culture so we can continue to serve those communities, and our Mission Partners and their families in Illinois and Michigan,” said Mike Allen, CFO, OSF HealthCare. “Our priority remains equipping our frontlines with the resources they need to ensure the continuation of essential care, while protecting those providing that care.”
As volumes have continued to decline, OSF has been reviewing all options, including moving Mission Partners on a volunteer basis to other areas of need during the crisis. Moving forward for the short term, most non-patient-facing Mission Partners will be subject to mandatory paid time off or, in some cases, unpaid leaves of absence, during which they can apply for the enhanced unemployment benefits enacted by the government.
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