Our financial recovery plan has two tracks:
First is the careful restoration of portions of our clinical practice at the Medical Center so that we can take care of those patients who will suffer harm if deferred longer and we can generate some additional revenue. We are working on a proposal to the State DOH and Monroe County on how this could be done safely.
The second element of our plan is cost reduction. Even if we begin to recapture more of our normal revenues in the next couple of months, we can’t erase the financial gap that’s been created. As was outlined in a messages to all staff and faculty on April 15, April 28, and June 4, cost reduction activities include a hiring freeze, eliminating the annual Wage and Salary increase, reducing retirement contributions, delaying the wage compression adjustment, and cutting capital spending.
Additionally, we will undergo a temporary furlough program for employees that started in May. The type and duration of these furloughs will vary. We hope to conclude the furlough period by the end of August, but unfortunately, our ability to predict the duration of these furloughs is limited because of the continued uncertain course of the disease, and the state and county mandates to reopen our economy more fully.