Vanderbilt University Medical Center expected to cut more jobs - WKRN News 2

Vanderbilt University Medical Center expected to cut more jobs

Posted: Updated: Sep 17, 2013 09:01 PM CDT

Vanderbilt University Medical Center is cutting more than 1,000 positions by the end of 2013.

The system announced that 1,033 positions are being eliminated to make up for an estimated $250 million in revenue reductions by 2015.

Assistant Vice Chancellor for News and Communications John Howser told News 2 the revenue reductions come from three areas including:

  • An aging population is shifting away from commercial insurers to Medicare, which pays most hospitals far less for patient care.
  • Federal sequestration reduces funding support for hospitals and academic medical centers. 
  • Tennessee has refused to accept federal health reform financial support for Medicaid Expansion, which means less compensation to support TennCare.
  • Officials said around 250 employees at Vanderbilt University Medical Center have accepted early retirement packages.

    This week, hundreds of employees will receive notice of termination.

    Those layoffs affect employees ranging from the leadership level to support staff.

    Staff departing the organization will be eligible to receive the following separation benefits:

    • Paid leave during the 60-day notification period. Also, during the 60-day notification period benefits will continue to accrue
    • Separation pay based on years of Vanderbilt service, paid out at the current base pay rate for up to 22 weeks
    • Priority consideration for open positions at Vanderbilt through VU Human Resources
    • A $2,500 stipend to help cover health care costs or other transition expenses
    • Payout of accrued but unused balances for vacation and personal time
    • Career counseling services for all affected employees through outsourcing firm Lee Hecht Harrison and Vanderbilt Human Resources 
    • Completion of dependent tuition benefit for the current academic year
    • 90 days of continued access to Vanderbilt child care services

    Officials added that every consideration is being made to help affected employees transition to  new opportunities.

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