Monday, May 25, 2020

WLBT: UMC Expects $100 million Loss

UMC claimed it will lose at least $100 million over the next few months due to the pandemic.  WLBT reported Friday:

An internal email sent to the staff, faculty and students of UMMC shows the financial strain the coronavirus pandemic has put on the hospital.

The email mentions “substantial uncertainty” in what the future holds and the “devastating budget shortfall” on the horizon.

The hospital is currently experiencing a patient care revenue loss of more than $1 million per day since mid-March and their internal projections show a negative $100 million financial impact to their bottom line through September 2020.

According to the email, UMMC only received $17 million of the $375 million sent to health care entities across Mississippi in federal funds.

“To date, about $700 million in federal relief funds have been disbursed to Mississippi health care entities, and thus far, UMMC has received $25 million across the entire health system (less than 4 percent of funding provided to Mississippi health care entities)” the email says.

Dr. LouAnn Woodward, Vice Chancellor for Health Affairs and the writer of the email, says that UMMC has not faced a challenge of this magnitude in its 65 year existence and that it will take “guts, grit and fortitude” to pull through.

Executives at the hospital are now taking budget cuts, having reduced their salaries by 15% beginning in May. These pay cuts will continue for three months. Article.

46 comments:

Anonymous said...

Their revenue is down $1,000,000.00 a day! Why shouldn’t the employees absorb some of this revenue loss, they are not doing work that they don’t have. Do you think restaurant workers are receiving their previous income levels in spite of lack of restaurant revenues? Get over it, most are overpaid to begin with.

Anonymous said...

The catastrophe seems to have possibly put the UMMC on life support. Hope we have a big enough vent for them.

Anonymous said...

12:07, I think we'll all live if restaurant workers go do something else. Not the same if the nurses all go into other professions, especially when fall hits.

Anonymous said...

Yeah sure. Wake me when ummc allows for an independent audit of their books

Anonymous said...

Why do you insist on calling it UMC? It’s UMMC.

Anonymous said...

Restaurant workers are getting unemployment of $600+ the regular amount. They don't want to return to work.

Anonymous said...

sounds like labor needs a pay cut....overpaid employees.

Anonymous said...

That’s about the price of two bottles of tylenol at UMC rates..

Anonymous said...

Why is UMC only getting 4% of the funds?

It's not like it's Provident Health, sitting on 12 Billion in cash.

WTH? THis is our med school, dental school, Level 1 trauma center, etc. A very large employer. Critical to state.

Legislature and Guv need to inquire.

But, hey, betcha Shadrack is out scouring for a 500 dollar embezzlement in Duck Hill and looking the other way. Something is fishy with whoever disbursed these funds.

While UMC has resources more than small hospitals, folks drive from all over the state for specialists. And these folks ARE critical infrastructure.

And, no, the meth head who hit my wife uninsured on the way to his probation job at a restaurant does not deserve 600 extra a week to use on dope, lounging about, while nurses and docs at UMMC are about to be laid off.

Fix this Tater. And Delbert and Gunn need to grow up and get on this, too.

Anonymous said...

“Why do you insist on calling it UMC? It’s UMMC.”

Their website is umc.edu - perhaps you’re confused.

Anonymous said...

As long as they make their PERS contribution.

Anonymous said...

That's what they're "reporting"....probably grossly inflated, and they have their friends in the legislature who can tune up some of that COVID relief money to appear to fill the gap, and they make a $50 million dollar profit. Why else wouldn't they be laying folks off in droves? Good ole'boys will be to the rescue! Wink, nod, smile

Anonymous said...

This is what happens when you build a healthcare system around taking care of taxpayer funded patients with mostly self inflicted chronic conditions.

Anonymous said...

Claim they will lost in the future.
Sounds sort of fishy to me. If they could look into the future why didn't they become more prepared.

Ray Charles said...

Clearly, this must be from being overwhelmed by the Chinese flu, or whatever it is. A blind man could see this.

Anonymous said...

12:56 Their layoffs begin Wednesday.

Anonymous said...

It’s a money grab. Expect all hospitals to start inflating numbers

Anonymous said...

How the vet school up in Starkville doing ?

Anonymous said...

Was this Covid really as bad as reported? Inquiring minds want to know.

Anonymous said...

Sounds like a bit of a stretch UMMC

Anonymous said...

Refer to this institution in proper terms. It's UMMC, not UMC.

Anonymous said...

I would have more sympathy on UMC if they weren’t so busy competing with the private sector. It’s a little discouraging for your own tax dollars to compete against you.

Anonymous said...

"Refer to this institution in proper terms. It's UMMC, not UMC."

That hospital is hemorrhaging money every day, and many of you are fretting about Abbreviations ?

Unbelievable !



Anonymous said...

It was UMC for years. It was only in the last few years that the powers that be sent out memos to local media asking to be called UMMC. Old habits die hard.

Anonymous said...

A lot of you folks will be running to UMMC very soon.

Anonymous said...

I know what you mean 6:26. Every time UMMC steals one of those uninsured cancer patients out from under me I get steamed. Or when they transplant those patients that the private hospitals in Jackson were lining up to transplant, really ticks me off.

Anonymous said...

Look at how private clinics handled it. At my clinic, physicians took > 50% cut in March (with no end in sight), executives took similar. Non-essential, non-medical personnel were furloughed or put on reduced hours. In tough times, you do what you have to do to survive. Why did the UMMC doctors, CRNAs, and executives not take cuts—-starting in March—like the rest of us did? Some of our Personnel even have guaranteed contracts, but the option was either (1) take a reduction or (2) none of us may have jobs if we go bankrupt.

Anonymous said...

Mississippians love to dog on UMC but things would be even shittier here if it did disappear. They have no idea how much of an impact it has on the state.

Anonymous said...

Pretty soon some folks will learn that a little, is better than nothing.

Anonymous said...

Everyone making over a certain amount will be taking a 15% pay cut for the next 3 months at UMC. My wife has worked through this whole thing and will be getting the cut, no assistance or unemployment. Layoffs will probably happen in the near future is the worry.

Anonymous said...

Isn’t UMC a state owned hospital? Any layoffs going on at other state level offices? It’s funny how UMC can play the private institution at times and state run institution others.

Anonymous said...

UMC is the best critical care hospital in MS, hands down.

Anonymous said...

This is typical of government run healthcare... I live in the city of Jackson and I did my residency at UMC then went to St. Louis for a fellowship for 1 yr... I now practice here at a few local private hospitals... I can tell you the administrative costs that this facility has is outrageous. 3 people of each floor that have the same job and purpose. It's not efficient as the private hospitals. Also I can tell you that it would be much worse if not for the patients with private insurance.

Anonymous said...

UMMC was the site of the world's first successful heart transplant.

Anonymous said...

Restaurant workers don't want to go back to work. My son goes to MSU. He just finished his freshman year. He has a summer job waiting tables in Ridgeland, and also another summer job in a different industry (making $13.00 in the second job). So he is working 50 hours a week. Meanwhile, at my job, I am trying to hire workers for $19.50 with health insurance, 401K with a company match, dental and vision insurance, vacation time, holidays, etc. But I can't find workers. Because nobody wants to work. Everybody wants a check, but nobody wants an actual job.

Anonymous said...

Tough spot for UMMC. They are already poorly functioning and this will set them back further. Not a great place to get care or go to the emergency room. My guess is that it has to do with inbreeding but I haven't worked there. I can only see who they appoint to leadership.

Medicare compares the quality of care (and ER wait) for hospitals across the county. You can access it publicly. 95% of the hospitals in the country have 2-stars to 4-stars. Then there is the bottom 5%. This is the bottom 5% in the country, including private and public hospitals. They have 1-star. That is where UMMC (or UMC if you prefer) sits.

Anonymous said...

@8:08am

What is your industry? I know people that actually want to work! They are college and high school graduates that are looking for jobs.

Anonymous said...

@ 8:08
I own a large landscape company and I get people everyday wanting to work. I pay 13.00 hour starting wage and move up from there. I'm working in eastover today through Saturday. Stone and bobcat job. Tell your son to get at me.

Anonymous said...

@9:45
It is in the poultry industry. Cutting up chickens. Can't find any US citizens to do the work for almost $20 an hour. Doubtful locals will do it for $21 an hour. It's hard work and it isn't glamorous. I can line up 10,000 workers from South America on visas though. They will save the money and buy houses and fix them up rent them to Section 8 and become millionaires in 1 generation.

Anonymous said...

The amount of federal relief fund is calculated as a percentage of last year’s Medicare payments to the providers. If ummc is getting 4 percent of the federal funds for the state, it provided 4 percent of the medical community’s care to Medicare patients last year. Simple enough?

UMMC Medicare Ratings Click Here said...

@8:18 AM is correctomundo. UMMC/UMC is rated 1* out of 4* by Medicare. UMMC is typical of Jackson - too many employees created by nepotism. It's welfare with honor.

Anonymous said...

"UMMC was the site of the world's first successful heart transplant. "

Technically true. Unfortunately the recipient only lived about 1 - 2 days afterwards. UMMC also did the world's first lung transplant, which also lasted about 1 - 2 days.

It was those evil racists in South Africa who actually figured out how to transplant a heart that lasted for a few years afters, and it took them a few years to do that.

Anonymous said...

"UMMC was the site of the world's first successful heart transplant. "

"Technically true. Unfortunately the recipient only lived about 1 - 2 days afterwards. UMMC also did the world's first lung transplant, which also lasted about 1 - 2 days.

It was those evil racists in South Africa who actually figured out how to transplant a heart that lasted for a few years afters, and it took them a few years to do that."

Not really. It was a xenotransplant (it was a chimpanzee's heart) and the patient died about an hour or so later. Moreover, it was not well thought of by many doctors around the world and according to the records, Hardy didn't tell the patient's family he planned to use a chimp heart. That said, he did do the first lung transplant and that lasted 2-3 weeks. Anyone interested in more info can Google Dr. Jim Hardy. As an aside, Chris Barnard widely known to be VERY anti-apartheid and while he wasn't exactly a champion of equal rights for all, he was pretty non-racist for a white South African of his era. Of course, this is simply to point out the facts because organ transplants nearly 60 years ago don't have a damned thing to do with the current mess at UM(M)C and certainly aren't an excuse for them.

Anonymous said...

Reckon many hospitals are in a similar predicament after being protected from patients by the lock down. Ironic.

Anonymous said...

The poultry industry is paying near $20.00 per hour. The ad on 8/1 for the poultry company last August (raided 8/7) in Carthage:"need 200 meatcutters" was $7.25.

Anonymous said...

They decide to fire people but pay their six figure salaries for six months all the while earning their PERS. Ain’t that a peach.

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