A large group practice at Beth Israel Deaconess Medical Center informed its physicians today that it's ending its contribution to their retirement fund, which had been equivalent to roughly 10% of their salaries, on April 1.
In a letter to the doctors, Dr. Alexa Kimball, president and CEO of Harvard Medical Faculty Physicians at BIDMC, said that dire predictions for the economic future convinced the board it needed to act now in advance of what could come.
Like many other health care and physician organizations, the economics of the care we provide has changed quickly and dramatically. We have undertaken a review of our financial situation to understand the impact of the pandemic on our organizations. ...
I wish I had better news to convey as I know all of you are making sacrifices every day in all sorts of ways. Please be assured that we are relentlessly pursuing every avenue we can find to support you and our patients, as well as keeping our organization healthy for the figure. Sometimes that means making hard decisions, but we are in this together - both in this moment and on the other side of this. We will be assessing this situation and hope to be able to adjust it as conditions improve.