Each of the chairs of 13 medical departments at Beth Israel Deaconess Medical Center in Boston has agreed to take a $27,000 pay cut in an attempt to prevent 150 staff layoffs, reports The Boston Globe. The hospital expects a $20 million shortfall this fiscal year as inpatient volume has dropped 1%. The department heads are also enjoining 1,100 staff and affiliated physicians to make a financial sacrifice for the institution. Earlier, CEO Paul Levy asked staff for cost-cutting suggestion, which helped the organization to preserve 450 jobs. Levy has cut his own pay by 10% and senior executives will take a 5% pay cut. In addition, no bonuses will be awarded his year, said the hospital.
