Spectrum Health Makes Urgent Budget Cuts Because of COVID-19 – 9&10 News

The financial toll of the coronavirus is even hitting hospitals and other health care facilities.

Spectrum Health announced Friday it is making budget cuts because of COVID-19.

Spectrum said they lost millions of dollars in revenue in just one month when non-emergency and non-urgent surgeries were canceled. And expenses increased because of the urgent need for masks, gloves, face shields and other personal protective equipment for staff during the pandemic.

It also expects a drop in patients, saying unemployment and other economic pressures will likely discourage people from seeking medical help.

As a result, executives are taking 40% pay cuts and donating surplus paid time off to team members in need of PTO.

Company matches to employee retirement contributions are suspended from July until December.

And it said more actions will need to be taken to reduce expenses and continue to serve the community.

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Spectrum Health Makes Urgent Budget Cuts Because of COVID-19 - 9&10 News