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So Medical people put it all on the line..

Bernard_Fokke

Captain Fokke
Supporting Member
And these [Unwelcome language removed] kick them in the butt, this is unconscionable.
*******************************
Alteon Health, a staffing company backed by private-equity firm Frazier Healthcare Partners, will cut salaries, time off and retirement benefits for providers, citing lost revenue. Several hospital operators announced similar cuts.
“Despite the risks our providers are facing, and the great work being done by our teams, the economic challenges brought forth by COVID-19 have not spared our industry,” Steve Holtzclaw, the CEO of Alteon Health, one of the largest staffing companies, wrote in a memo to employees on Monday.

The memo announced that the company would be reducing hours for clinicians, cutting pay for administrative employees by 20%, and suspending 401(k) matches, bonuses and paid time off. Holtzclaw indicated that the measures were temporary but didn’t know how long they would last.

In a follow-up memo sent to salaried physicians on Tuesday night, Alteon said it would convert them to an hourly rate, implying that they would start earning less money since the company had already said it would reduce their hours. The memo asked employees to accept the change or else contact the human resources department within five days “to discuss alternatives,” without saying what those might be. The memo said Alteon was trying to avoid laying anyone off.



https://www.propublica.org/article/coronavirus-er-doctors-nurses-benefits
 

PhilFish

Administrator
Staff member
And these [Unwelcome language removed] kick them in the butt, this is unconscionable.
*******************************
Alteon Health, a staffing company backed by private-equity firm Frazier Healthcare Partners, will cut salaries, time off and retirement benefits for providers, citing lost revenue. Several hospital operators announced similar cuts.
“Despite the risks our providers are facing, and the great work being done by our teams, the economic challenges brought forth by COVID-19 have not spared our industry,” Steve Holtzclaw, the CEO of Alteon Health, one of the largest staffing companies, wrote in a memo to employees on Monday.

The memo announced that the company would be reducing hours for clinicians, cutting pay for administrative employees by 20%, and suspending 401(k) matches, bonuses and paid time off. Holtzclaw indicated that the measures were temporary but didn’t know how long they would last.

In a follow-up memo sent to salaried physicians on Tuesday night, Alteon said it would convert them to an hourly rate, implying that they would start earning less money since the company had already said it would reduce their hours. The memo asked employees to accept the change or else contact the human resources department within five days “to discuss alternatives,” without saying what those might be. The memo said Alteon was trying to avoid laying anyone off.



https://www.propublica.org/article/coronavirus-er-doctors-nurses-benefits

why do you think a company like Alteon is running on such slim margins, such that it has to cut during a global pandemic?
 

Bugsy McGurk

President
And these [Unwelcome language removed] kick them in the butt, this is unconscionable.
*******************************
Alteon Health, a staffing company backed by private-equity firm Frazier Healthcare Partners, will cut salaries, time off and retirement benefits for providers, citing lost revenue. Several hospital operators announced similar cuts.
“Despite the risks our providers are facing, and the great work being done by our teams, the economic challenges brought forth by COVID-19 have not spared our industry,” Steve Holtzclaw, the CEO of Alteon Health, one of the largest staffing companies, wrote in a memo to employees on Monday.

The memo announced that the company would be reducing hours for clinicians, cutting pay for administrative employees by 20%, and suspending 401(k) matches, bonuses and paid time off. Holtzclaw indicated that the measures were temporary but didn’t know how long they would last.

In a follow-up memo sent to salaried physicians on Tuesday night, Alteon said it would convert them to an hourly rate, implying that they would start earning less money since the company had already said it would reduce their hours. The memo asked employees to accept the change or else contact the human resources department within five days “to discuss alternatives,” without saying what those might be. The memo said Alteon was trying to avoid laying anyone off.



https://www.propublica.org/article/coronavirus-er-doctors-nurses-benefits
The “best health care system in the world.”
 

Bugsy McGurk

President
why do you think a company like Alteon is running on such slim margins, such that it has to cut during a global pandemic?
Hospitals are taking a financial pounding, since they must provide expensive health care to virus patients, many of whom are uninsured or underinsured. At the same time, their payrolls and other expenses have soared.

Maybe it was a mistake to sabotage the ACA. Just sayin’
 

Bernard_Fokke

Captain Fokke
Supporting Member
why do you think a company like Alteon is running on such slim margins, such that it has to cut during a global pandemic?
Not sure Phil, one would think if it was that bad. which it seems it is, that they'd apply to the Fed for some help.
Lord knows they're pushing money out the door with D12 Cats.
 
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