Friday, October 29, 2010
No Bailout For Boston Medical Center
Boston Medical Center announced yesterday that it would reduce its workforce by 119 people as it scrounges for savings to reverse losses projected to reach $175 million in the fiscal year that ends Sept. 30.
Where is their bailout? I mean, banks got billions!
The hospital, which employs almost 6,000 people and treats many of the city’s neediest patients, said that the layoffs would account for only a small portion of the savings it needs and that it is hopeful additional Medicaid money requested earlier this year by the Patrick administration will soon be approved by the federal government.
The hospital also is seeking additional payments through a lawsuit it filed last year against the state, accusing it of illegally cutting payments made to the hospital for treating thousands of poor patients.
Related: The Massachusetts Model: Poor Hospitals Shortchanged By State
Couldn't the lawyers fees pay for care instead?
If no additional funding is found, the hospital, the state’s largest provider of medical care to poverty-stricken families, projects that it will run out of cash reserves by next fall.
“We can not cut our way to prosperity or to even break even. We need additional revenue,’’ Kate Walsh, Boston Medical Center’s chief executive, said in an interview. She added that she did not expect the hospital would get to the point of running out of money, but if that happens, it would probably lead to significant downsizing of staff or consolidation of services with another provider....
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Also see: Boston Medical
Boston Medical Bonus
Boston Medical Center Blood Bank
And they are crying poverty?
Update: 8 Bay State health centers to expand
