The Upstate’s largest healthcare provider is reporting a $16 million loss and warns the shortfall could mean hundreds of job layoffs.
Greenville Health System officials announced the shortfall during a a board of trustees committee meeting Tuesday. GHS officials said cost-cutting moves could prompt the elimination of more than 400 positions. However, they hope the actual number of affected employees will be lower by leaving positions vacant during normal turnover and retirements.
“For GHS to stay on our course, we must remain flexible and committed to our mission and vision. We must continue making transformative investments that advance our strategic priorities,” GHS Chief Operating Officer Greg Rusna said in a statement. “We are committed to finding a way to balance the present and future healthcare environments while, as always, delivering high-quality care.”
Hospital officials said they have started an action plan to address the year-to-date multimillion-dollar loss. The plans include include a reprioritization of capital spending that will reduce the budget by $39 million, officials said. Additional steps will be taken throughout the year.
GHS said it was hurt by a recent move away from fee-for-service and into value-based care (meaning it is no longer reimbursed for Medicaid patients based on services performed). It also said aggressive expansion efforts had drastically raised debt over the past two years, while fewer patients had used to provider than anticipated.