Latest news with #PeterBanko
Yahoo
30-04-2025
- Business
- Yahoo
Baystate Health plans to cut dozens of jobs
SPRINGFIELD, Mass. (WWLP) – Baystate Health has announced it will cut dozens of positions this week as part of its overall plan to keep the largest healthcare system in our area independent and financially strong. This transformation plan has been rolling out since last fall. The CEO told 22News these cuts are a difficult decision to make. Another round of job cuts is coming to Baystate Health starting later this week. It's part of the healthcare system's 7% workforce reduction that began last year. So far, 60% of the total staffing cuts have happened through attrition, vacancies caused by resignations and retirements. However, this time around, 43 employees will lose their jobs. Baystate Health says these positions were selected to minimize impact on direct patient care. Despite the cuts, Baystate Health says they have been making progress; Reporting four consecutive months of positive cash flow Receiving an A+ credit rating from the Fitch rating agency Recruiting, hiring, and retaining physicians, advanced practice providers, and bedside caregivers And planning a $1.2 billion investment over the next six years CEO Peter Banko calls these cuts a difficult step but says they remain committed to staying independent and growing, saying in a statement to 22News, in part, that they 'Deeply understand the effect these transitions have on their workers.' He later goes on to say, 'They are encouraged and extremely optimistic by their planning towards a clear direction forward. The affected employees will be notified of the cuts by no later than this Friday, May 2nd. They will receive severance and career support if not placed elsewhere in the system.' Starting this summer, the organization will begin its Baystate Health 2030 initiative to grow its hospital system and service lines. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
29-04-2025
- Health
- Yahoo
Baystate Health announces more job cuts in restructuring plan
SPRINGFIELD, Mass. (WWLP) – More Baystate Health employees will soon be out of a job as the company wraps up a plan designated to get in better financial shape. Baystate Health announced that 43 employees are being let go this week. Since the fall, the health system has been implementing a plan designed to improve its fiscal health. This comes after experiencing more than $300 million in operating losses over the past few years. New strain of bacteria in tick discovered at UMass Amherst The plan called for a seven percent reduction in their workforce, with a majority of those being through retirements or resignations. Baystate Health President and CEO Peter Banko released a statement reading in part,' Since November 2024, we have had to make some very difficult decisions to reduce our workforce in total by 7%, and while this directly impacted a significant number of our team members, 60% of the total reductions were realized through attrition. Attrition is a gradual reduction through resignations or retirements with elimination of those positions by not filling the vacancies. Even with this ongoing focus and disciplined approach to attrition, we did have to make the difficult decision to eliminate positions within Baystate Health this week and as a result, 43 individuals will be leaving Baystate Health. These positions were selected to minimize impact to direct patient care. Individual discussions with those impacted will be completed no later than Friday, May 2.' WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14-02-2025
- Health
- Yahoo
This local hospital received accolades for best in healthcare
SPRINGFIELD, Mass. (WWLP)– Mercy Medical Center is being recognized for its excellence in several specialties. The hospital has been named one of America's Best Hospitals by the Women's Choice Award, an organization that identifies the best brands, companies, and healthcare facilities. Mercy's Bariatric Surgery, Cancer Care, Orthopedics, and Mammogram Imaging specialties were cited as among the best in the country after a review of nearly 5,000 hospitals nationwide. Baystate Health CEO Peter Banko elected to MHA Board of Trustees The awards are chosen based on national accreditations, Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) survey results, and hospital outcome scores with primary research about women's healthcare preferences, as well as patient satisfaction and clinical excellence. 'Receiving the Women's Choice Awards is a special honor for all Mercy colleagues because it recognizes that we deliver high-quality care and service excellence in every patient encounter. These awards also help patients choose Mercy Medical Center with confidence, knowing that we are committed to putting them at the center of everything we do,' said Robert Roose, M.D., MPH, President, Mercy Medical Center, Johnson Memorial Hospital, and Saint Mary's Hospital. Mercy Medical Center is part of the Trinity Health of New England health system. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
