Lifespan Facing "Significant" Budget Shortfall
The state’s largest hospital system is facing some unanticipated budget shortfalls. Lifespan isn’t saying yet whether the fix will include layoffs.
Lifespan released a statement saying it had asked employees and physicians to review their budgets and look for ways to trim expenses. No word yet on what immediate steps the organization might take to stem the financial losses - but Lifespan says they won’t compromise patient care and that they’ll "work hard to minimize the impact on...employees."
The company said operating income took a bigger than expected hit during the first half of this fiscal year. It says some factors include lower reimbursement rates from insurers and a growing responsibility to care for patients with no insurance.