Issue link: https://beckershealthcare.uberflip.com/i/1489874
36 36 HEALTHCARE NEWS On the 'brink of financial collapse': California system CEO implores governor for funding By Laura Dyrda V isalia, Calif.-based Kaweah Health is a busy hospital with a robust emergency room seeing more than 81,000 patients per year. The hospital is among Healthgrades' top 250 hospitals in the nation and had a financially strong position pre-pandemic with an A3 Moody's Investors Service rating. Then the pandemic hit. Since March of 2020 the 613-bed hospital and health system sustained a $127 million operating loss, including $29 million lost in the first quarter of the year, and cash reserves dropped from 130 to 84 days cash on hand, according to a letter penned by Gary Herbst, CEO of Kaweah. The open letter, published in Visalia Times Delta, implores Mr. Newsom to provide funding for district hospitals and reform Medi-Cal reimbursement to keep the system from closing beds and services. "The COVID-19 pandemic, and its aftermath, have brought District hospitals to the brink of financial collapse," Mr. Herbst wrote. "Without your help, it will soon be virtually impossible for Medi-Cal patients to receive anything but emergency medical care in the State of California." Mr. Herbst also said the hospital will soon default on over $200 million in revenue bond debt and doesn't have the funds to build the $730 million patient tower needed to ensure more than 200 of its beds are compliant with state regulations. n 'Career cushioning' replaces 'quiet quitting' in a more uncertain job market By Kelly Gooch W hile the trend of "quiet quitting" gained traction on social media earlier in 2022, there is another workforce trend being discussed recently: "career cushioning," according to Bloomberg News. The trend refers to employees looking for "plan B" jobs and taking actions like networking and job board scanning to prepare for the possibility of layoffs. "Cushioning" comes from the dating world, where individuals keep their romantic options open to "cushion" an unexpected breakup, according to Bloomberg News, which reported on the topic in November and recently discussed it on CBS News. And it has gained more traction in the workforce as companies like Twitter and Amazon have recently conducted layoffs. A September survey from Bluecrew found that two-thirds of employees plan to look for a new job to combat inflation in 2023, according to a Korn Ferry report. Diane Gilley, a partner at recruiting firm Odgers Berndtson's tech practice, explained it to Bloomberg News this way: "You're still committed to your current job, but you're thinking about what's important to you and where your passions lie, and where your network and experiences could take you." In healthcare, hospitals and health systems have cut jobs amid financial and operational challenges. Some efforts to trim labor costs have included reducing administrative staff, leaving vacant jobs open and reorganizing or shrinking executive teams. Overall, healthcare employment in 2022 has risen by an average of 47,000 each month, compared with a monthly average of 9,000 in 2021, according to the latest jobs report from the Bureau of Labor Statistics. n sustainable working conditions and quality training is an investment in patient care." e physicians are not officially unionized. If Montefiore does not voluntarily recognize the union, physicians would move toward official unionization and likely hold an official vote, a union spokesperson told Becker's. Montefiore provided the following statement to Becker's: "Montefiore Einstein is nationally recognized for clinical excellence, and for delivering patient-centered care to the most diverse urban areas in the country where the population is global, the disease burden is high and the need for quality care is great. Our residents come here, armed with a passion to address those challenges and a commitment to carry those experiences into the demanding roles they are likely to step into. Our success and our reputation are grounded in the world-class training we provide and the compassionate care we extend not just to our patients, but to our residents and all who make the selfless commitment to provide care here." Montefiore Health System, which includes Montefiore Medical Center, is the university hospital for Albert Einstein College of Medicine. e Committee of Interns and Residents is a local affiliate of the Service Employees International Union. n