Cancer treatment center, Memorial Sloan Kettering, announces job reductions due to rising expenses.
Memorial Sloan Kettering Cancer Center Announces Job Cuts Amidst Financial Challenges
New York City-based Memorial Sloan Kettering Cancer Center (MSK) has announced plans to cut jobs as part of an effort to lower expenses and address a projected budget deficit of over $200 million for the upcoming year.
In an email sent to MSK employees on Monday, the hospital group revealed that the job cuts are necessary to address the financial challenges it is currently facing. The message, which was viewed by Bloomberg News, did not specify which departments would be subject to cuts.
MSK has already taken steps to reduce expenses, including closing some open job postings. As of last year, the hospital group employed 21,175 people.
The hospital group is planning to cut less than 2% of its workforce, with the job cuts scheduled to take place over the next two months. Despite the cuts, MSK remains committed to providing world-class cancer care to its patients.
The specific departments at MSK that may be affected by staff reductions due to the projected budget deficit have not been publicly disclosed.
The job cuts at MSK come as hospitals across the country grapple with financial challenges caused by the COVID-19 pandemic. Many hospitals have seen a decrease in revenue due to cancelled elective surgeries and increased costs associated with treating COVID-19 patients.
MSK is not the only hospital group facing financial challenges. Last month, New York-Presbyterian Hospital announced plans to cut 1,000 jobs, and Mount Sinai Health System has also announced layoffs and furloughs.
Despite the challenges, MSK remains committed to providing the best possible care to its patients. The hospital group has been at the forefront of cancer research and treatment for over a century, and has earned a reputation as one of the world's leading cancer centers.
As the situation continues to evolve, MSK will work to find ways to address its financial challenges while maintaining its commitment to providing the highest quality care to its patients.
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