OSF HealthCare has taken steps to address the financial impact of the COVID-19 pandemic. Mike Allen, CFO, OSF HealthCare says the first priority at OSF is to make sure resources are available to address the COVID-19 patients being seen today and those that might come through the doors in the future….
{‘’We have to make sure that we have the resources for our Mission Partners to take care of those patients. Our community needs are depending on us, so that is our first priority,’’ said Allen. ‘’Meanwhile, as we’ve done that we’ve stopped providing non-essential services and our community is sheltering at home. And so our activity is down significantly. Our concern is to make sure that we at OSF – after being here for 142 years – that we’re going to be here for another 142. So we have to take steps in the meantime.’’}
To that end, OSF is reducing the salaries of top executives by at least 5-percent, with some taking a 10-percent reduction. Allen adds other steps are also being taken….
{‘’As part of our workforce management plan during this time of unprecedented times, we are offering a leave of absence to some of our Mission Partners. They will be able to apply for and be eligible for unemployment payment. And they will also be able to retain their benefits as well as their seniority with the organization,’’ said Allen. ‘’We expect this to be temporary. Other Mission Partners will be able to take paid time-off, again, and return to work when our activity levels rise again. And they will also still have their seniority, and they will also have their benefits in place,’’ added Allen.}
Allen says for the past several weeks, OSF has continued to staff its facilities according to the volume of patients. As volumes have continued to decline, he says OSF has been reviewing all options, including moving Mission Partners on a volunteer basis to other areas of need during the crisis.
Allen remains confident about the future….
{‘’We will get through this, and we’re not alone. Every health system in the country is experiencing the same sorts of downturns in revenue that we are here at OSF and across Central Illinois and in Michigan as well,’’ said Allen. ‘’All across the country it’s the same story, and we’re all having to take measures to secure our financial stability during this time of crisis.’’}
OSF HealthCare employs more than 23,600 people at 147 locations, including OSF Sacred Heart Medical Center in Danville and OSF Heart of Mary Medical Center in Urbana.
