Furloughs vs. Profits During a Pandemic and How It Affects Physician Morale
Remember the pandemic? Well, here are some more references showing how physicians were furloughed during the CV19 crisis:
- 1 in 5 doctors has been furloughed or taken a pay cut as the coronavirus pandemic hits hospitals. Some say they’re considering new jobs.
- Pay cuts, furloughs, and layoffs for doctors, nurses, and other healthcare workers are mounting as the coronavirus pandemic hits hospitals
- Some ER doctors are losing pay and hours even as coronavirus rages
- Fairview doctors face furloughs as deaths, hospital expenses rise
- Doctors and nurses are getting hit with pay cuts, layoffs, and furloughs even as they fight the coronavirus pandemic
- COVID-19 Hits Some Health Care Workers With Pay Cuts And Layoffs
- UTAH’S LARGEST MEDICAL PROVIDER ANNOUNCES PAY CUTS FOR DOCTORS AND NURSES AMID CORONAVIRUS PANDEMIC
- Denver Health Executives Get Bonuses 1 Week After Workers Asked To Take Cuts
Why do I bring this up? Because this article just came out:
Here’s a quote:
An analysis by the North Carolina State Health Plan and the National Academy for State Health Policy found that taxpayer-funded COVID relief gave a huge wealth transfer to North Carolina’s seven dominant hospital systems. While patients and rural hospitals suffered, wealthy hospital systems enjoyed record profits and a $7.1 billion growth in cash and investments during the pandemic.
The key takeaways from the piece:
- After taking taxpayer-funded COVID relief dollars, North Carolina’s seven large hospital systems reaped $7.1 billion growth in cash and financial investments from 2019 to 2021.
- Seven systems took $1.5 billion in taxpayer-funded coronavirus relief meant for struggling hospitals, as well as another $1.6 billion in Medicare Accelerated and Advance Payments from 2020-2021.
- The dominant hospital systems did not share their profits with disadvantaged patients.
- There is little accountability at the state or federal level for nonprofit hospitals’ tax exemptions or community benefits.
Is there any chance this is specific to North Carolina? I bet not. The article doesn’t mention if any profits were shared with doctors who had a cut in pay yet worked through the pandemic, but I bet not.
How do you think this affects the loyalty of the doctors working in these systems? How does that loss of trust affect physician retention? How is physician morale at these hospitals?
I think you know the answers.
I am working with two systems right now, but if you want to start a physician retention program, contact me for more info.