Loyola University Health System cuts 443 jobs
side note: Even though we hear that the health care industry is “recession proof”, especially as the boomers retire…..that is clearly not the case. Loyola is a major player in the Chicagoland area….will this be the first of many cuts? Will this cause other institutions to follow suit? We hope not….
BY SANDRA GUY
Despite headlines trumpeting health-care jobs as safe, Loyola University Health System in Maywood said Tuesday it will eliminate 443 positions because a growing number of patients cannot pay their bills.
The cuts affect 372 full-time jobs, including 69 vacant positions, at Loyola University Medical Center, and 71 full-time jobs, including seven that are vacant, at Loyola University Chicago Stritch School of Medicine.
The laid-off employees, including 35 managers and 31 nurses, represent 8 percent of the Loyola University Health System work force.
Loyola said it faced a $50 million year-end loss and is being hurt by increases in bad debts and in charity care.
Loyola’s bad debts are up 28 percent from a year ago, to $38.4 million, and its charity care costs have jumped 30 percent in the first nine months of the fiscal year, to $31.3 million.