Trinity Health projects $2 billion less revenue, will lay off staff
Trinity Health projects the lasting effects of the COVID-19 pandemic will mean $2 billion less in operating revenue in its fiscal 2021, which begins July 1, and is rolling out another round of layoffs and furloughs to compensate.
Livonia, Mich.-based Trinity said Monday it expects to draw $17.3 billion in operating revenue in fiscal 2021, compared with $19.3 billion in fiscal 2019, which ended June 30, 2019. The health system didn’t share a projection for fiscal 2020, which ends June 30. The 92-hospital not-for-profit system, which operates in 22 states, is among the country’s largest.
Trinity, which already furloughed thousands of employees in Michigan as a result of the pandemic, announced Monday it will lay off and furlough more employees, and reduce the schedules of others. A spokeswoman declined to share the number of employees that will be affected.
In an email to staff members, Trinity CEO Mike Slubowski, said Trinity still has more than 600 COVID-19 patients in its hospitals every day, and more than 350 colleagues quarantined at any one time because of the coronavirus.