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….

Chicago Suntimes

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.

original article

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