According to the Boston Business Journal :Lowell General Hospital and its affiliates have launched a reorganization plan to eliminate at least $5 million in operating costs this year and minimize anticipated losses brought on by a volatile economic and regulatory environment.
The care provider has not publicly disclosed when and where the cuts will occur, although the plan to reduce expenses is expected to conclude by Dec. 31 and is part of a broader effort to contract Lowell General’s total spending by about 4 percent on an annualized basis. With an annual operating budget of approximately $400 million, that long-term strategy equates to around $16 million in targeted cuts from Lowell General’s annual spending is today.
The cost-cutting plan was disclosed in a credit analysis by Standard & Poor’s, which recently downgraded its long-term and underlying bond ratings on some $177 million in Lowell General debt to “BBB” from “BBB+”
So much for Economic Growth here in Lowell. Anyone wanna bet the Saints Campus gets closed?? I can picture Marty Now thinking of Dorms and a Health Dept!