"1794 silver dollar worth $10M for sale by New Jersey dealer; 'This coin is the Holy Grail'Ruby Tuesday has shut down more than one-third of its restaurants this year as the chain buckles under pandemic pressures and an aging customer baseTenet Healthcare Furloughs Hit MA As CEO's Pay SkyrocketsShow full articles without "Continue Reading" button for {0} hours.
On May 28, Tenet shareholders will hold an advisory vote on executive compensation. (Reuters) - Hospital operator Tenet Healthcare Corp has put around 10% of its workforce on furlough due to a reduction in elective surgeries and other services brought about by …
A large part of compensation comes from stock. All rights reserved.Tenet Healthcare furloughs 3,400 hospital workers, citing lost revenue from halt on elective surgerieshttps://www.linkedin.com/in/paul-o-donnell-a476948/ The company had some $350 million in excess cash at the end of 2019, and in April began the process of refinancing debt to increase borrowing capacity to $2 billion.
)Several other top Tenet executives saw their compensation rise by more than $1 million between 2018 and 2019, and the company hired Saum Sutaria last year as chief operating officer with a compensation package of nearly $14 million. But those hospitals are organized as nonprofits, as are hospitals in the Partners HealthCare network like Newton-Wellesley.Even with its cash reserves, the federal stimulus and a larger credit line, Tenet — like other health care companies — is likely doing everything it can to reduce costs during coronavirus, Minnick said.
The employees worked in areas where services were suspended or cut back.Odessa Regional Medical Center has furloughed about 60 employees, and another 50 are on reduced hours. Tenet's stock has dropped since the coronavirus pandemic began, but the value is expected to rise as the crisis subsides.
The cuts also help hospitals to reserve personal protective equipment. "A Tenet spokesperson said those cuts do not affect "direct bedside nursing care positions for COVID and care for patients with urgent medical needs."
The local impact of Tenet's furlough plan came to light last week when the Massachusetts Nurses Association, which represents nurses at Saint Vincent Hospital, rang the alarm. Many nurses work on a flexible schedule, which means their shifts can be canceled based on need at the hospital. Tenet executives said most of the affected employees work in corporate and non-patient care positions, and will keep their health care benefits during the furlough. FRAMINGHAM, MA — The Dallas-based company that operates three major for-profit hospitals in Worcester and MetroWest is ordering furloughs for nurses and medical workers as the coronavirus pandemic cuts into revenue-generating services like elective surgery.Meanwhile, Tenet Health CEO Ronald Rittnemeyer's compensation rose 62 percent in 2019 to over $24 million.
Other employees will have to work shortened days or reduced workweeks. Saint Vincent CEO Carolyn Jackson, for example, is taking a 10 percent cut during that time, a Tenet spokesperson said. "They were already a lot leaner coming into 2020," Bentley University finance professor Kristina Minnick told Patch this week after reviewing the company's financial statements. The spokesperson would not say how many workers will be furloughed at Saint Vincent and the MetroWest Medical Center hospitals.Counting the new cuts, the company has furloughed about 10 percent of its workforce in recent months, including non-medical corporate workers.
Other company executives are contributing 10% to 20% of their salaries.Earlier this month, Tenet said it was seeking a $1.5 billion advance on its Medicare payments, one of the key provisions in the CARES Act designed to bolster hospitals’ cash flow. Bentley University's Minnick said shareholders could vote against the compensation.
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