Piedmont Healthcare, Atlanta, will reduce its workforce by about 5%, eliminating 464 positions, with 171 of them already vacant or revised because of scheduling changes.
Piedmont Healthcare to eliminate 464 positions
Four-hospital Piedmont expects to save about $68 million per year as a result of an overall “strategic performance improvement” initiative that resulted in the job reductions, according to a news release from the not-for-profit system.
“Piedmont's overarching goal is to reset our cost structure to align with our changing revenue stream. Like every business seeking long-term viability, stability and growth, we must constantly assess our financial performance and capacity,” the statement said.
Piedmont reported total net income of $97.2 million in the nine months ended March 31 and $93.3 million in its latest fiscal year ended June 30, 2010, according to a municipal bond disclosure filing. Piedmont lost money in the previous two fiscal years.
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