Baylor Scott & White to cut a third of its corporate finance department




, Baylor Scott & White to cut a third of its corporate finance department

Dallas-based Baylor Scott & White Well being will lay off round 100 accounting and finance workers as the biggest well being system within the state copes with the COVID-19 pandemic.

The not-for-profit well being system plans to outsource these roles to staff in India to release capital for affected person care as COVID-19 circumstances swell in Texas. The third-party vendor will rent a few of the displaced Baylor Scott & White workers, the group mentioned, which has almost 45,000 staff throughout its community.

“As we proceed to reshape our operations for the longer term, we’re being extra intentional in how we direct our assets to affected person and member care,” the group mentioned in an announcement, noting that it has 2,000 open medical positions. “Whereas we will probably be retaining roughly two-thirds of our company finance division, about 100 positions are being eradicated, and a few of our impacted workers are being provided positions with a third-party vendor. We care deeply about all our colleagues and are dedicated to supporting them by way of this course of.”

The transfer follows a spherical of 1,200 layoffs in Might, which was in response to vital losses stemming from deferred non-urgent procedures.

At the moment, there have been round 60,000 confirmed COVID-19 circumstances in Texas. That quantity has ballooned to 1.three million, rising by about 300,000 circumstances over the previous month, in line with Johns Hopkins College knowledge.

For the newest quarter ended Sept. 30, Baylor Scott & White reported an working revenue of $388 million on working income of $2.9 billion, up from $198 million of working revenue on working income of $2.7 billion for a similar interval a 12 months prior, in line with Fashionable Healthcare’s monetary database.

For its 2020 fiscal 12 months that ended June 30, the group reported a $559 million working revenue on $10.5 billion of working income, down from a $725 million working revenue on $10.1 billion of working income.

Baylor Scott & White obtained $53 million in Coronavirus Support, Reduction, and Financial Safety Act grants within the first quarter of 2021 and $187 million within the 2020 fiscal 12 months. The group didn’t say if the layoffs impression these funds.