BMC chief executive Kate Walsh has been holding a series of town hall meetings to discuss the hospital’s dire financial situation. As reported in the Boston Globe, BMC faces a $175 million shortfall. Walsh will lay off 119 workers to help stem the deficit, but she recognizes that simply eliminating services will undermine the hospital’s mission.
Like many other industries, higher education and non-profit organizations have been buffeted by the economic downturn. BMC has been hit particularly hard because its patient population tends to have public insurance, which redeems the hospital less than it costs for care. This crisis is emerging during an already stressful period for academic medical centers with increasing pressures to produce greater clinical volume.
The Faculty Development and Diversity Committee is considering ways to help faculty manage uncertainty. The brainstorming is just starting, but already, we agree that clear lines of communication can help overcome the rumor mill and make workers feel included. Just knowing what the stakes are and what changes will be implemented will help faculty feel more empowered to cope with these stressful times.