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As a Community Health user, I have to say that laying off hospital employees strikes me as an odd (not to mention somewhat unsettling) way to deal with the labor shortages that are driving the rising labor costs.
They made bad investments in the market which, best I can tell, constitute the entire loss they’re seeing. Lost $160 million but lost nearly $200 million in the market.
As a result of those, they’re punishing their likely already-overworked staff by stretching them thinner and giving people who use their hospital system even worse service.
+1
I note that all of the $160.9 million dollar loss was contained in the $196.7 million investment portfolio loss meaning employee based operations offset $ 35.8 million of that likely mostly unrealized paper loss in the investment portfolio due to temporary market conditions . So the CEO wants to punish his employees for conditions far beyond their control.
Looks like the Community investment managers should be the first to go.
Malfeasance seems to describe this situation.
CRT People and HR need to be the first on the pink slip
They shut down their Community TouchPoint operation, which helped A LOT of Seniors in the city. Helped keep them in good health, bus passes, physician visits, food delivery, left several employees without a job, they came in on a Friday, met with employee alone and let them all go. Such a sad thing to see this part of help in the community go away.
I would be curious to know how much of the $196 million investment loss was unrealized (loss in market value) versus realized (loss on sale of investments)? Also, what was the cashflow from operations (positive or negative) and how much of this cashflow is being paid to the highest level executives?
The CRT programs at all these hospitals are costing these systems millions, yet, they keep expanding them.
Please define a CRT program at Community.