Bad/Good news.

"HammerheadFistpunch" (hammerheadfistpunch) 06/15/2020 at 12:51 • Filed to: None

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My employer (a healthcare system) is suspending my 401k match until 2021 at least. granted, I’m still getting full pay, my job isn’t at risk and I even got my annual increase and a free blanket this year.

The word is that we’re looking at a $435M revenue loss this year. With a few moves like the 401k, postponing of capital spending, etc. and some sweet sweet congressional suckling It works out to around $100M actual loss. That being said, it’ s revenue and not bottom line and we’re not we’ve not over-leveraged as an organization so were still in the black . Still, the fun times of being able to order all the fun gear is swiftly closing and my tuition reimbursement is probably on the chopping block as well.

Could be a LOT worse. i.e. Mayo Clinic is looking at $3B in losses and 42% of its workforce having its hours cut or being furloughed in additional to all physicians having their salaries cut.

The sharp decline in physician pay in the workforce is going to start to show some serious effects. These are the people with income and spending appetites . (not to start a thing about other folks with less money to spend and the fairness of that situation). As much as it sounds like the least “cares to give” problem, the luxury goods and travel sectors are going to get a punch to the groin. It’ s also going to serve a blow to the adoption of programs designed to increase charity care and drive costs down by investing in upstream care.

Truthfully, Im super grateful my employer is fiscally responsible and being very strategic about cuts that impact the employees the least.

Now, if you could all break a leg and get boob jobs, that would be great.

nerd_racing > HammerheadFistpunch 06/15/2020 at 13:14

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I can’t speak for all of us, but post covid I could probably use a moob reduction! 

HammerheadFistpunch > nerd_racing 06/15/2020 at 13:16

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The Covid ABCS

A is for “Always home”

B is for “B ye bye vacation”

C is for “C cup? how did this happen?!”

TheRealBicycleBuck > HammerheadFistpunch 06/15/2020 at 13:18

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Sorry to hear that? Glad to hear that? I’m confused...

My employer decided there would be no salary increases this year or, if they are going to happen, they might happen later in the year. Funny thing is that we are an essential business and as far as I know, we haven’t slowed down at all.

As for matches, it’s an employee-owned firm, so they are happy to continue matching as long as the match is in the form of company stock.

fintail > HammerheadFistpunch 06/15/2020 at 13:21

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The “19" is for pounds gained.  Or maybe kgs gained.

facw > HammerheadFistpunch 06/15/2020 at 13:22

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My company cut 401k match , and suspended PTO ( except sick days) in March. Last I heard they were saying 401k match will return in October, and PTO will return in July. Are 401k match was crap though (they had previously suspended it in a rough spot, got a lot of negative feedback, and so decided to bring it back at a low amount and hope people wouldn’t notice). We’ve also furloughed ~30% of our corporate office and had a round of layoffs.

I’m not going to cry too much for the doctors though, our broken healthcare systems allows them to make vastly more money than their counterparts in the rest of the developed world, and I’m sure they can make it through, even if it ends up hurting Porsche dealers at bit.

WasGTIthenGTOthenNOVAnowbacktoGTI > HammerheadFistpunch 06/15/2020 at 13:25

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I can’t get a boob job until I break my leg?

My bird IS the word > HammerheadFistpunch 06/15/2020 at 13:25

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Can we get the oppo discount on the boob jobs?

HammerheadFistpunch > facw 06/15/2020 at 13:29

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I’ m not too torn up about extremely well paid docs either given they are still getting paid and frankly ought to be prepared for a financial catastrophe .  That being said, the majority of healthcare workers don’t actually fit that description.

HammerheadFistpunch > WasGTIthenGTOthenNOVAnowbacktoGTI 06/15/2020 at 13:30

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it couldn’t hurt.  I mean it could..and would.  yeah don’t do that.

HammerheadFistpunch > My bird IS the word 06/15/2020 at 13:31

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buy one get the other for the same price!

CalzoneGolem > HammerheadFistpunch 06/15/2020 at 13:32

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Fun fact : I shattered my spine 6 years ago today.

Just Jeepin' > CalzoneGolem 06/15/2020 at 13:41

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I can’t believe it’s 2020 and we still don’t have spine replacements. This degenerative disc disease is making it less and less likely I’ll ever be able to own any classic car without power steering.

LimitedTimeOnly @ opposite-lock.com > HammerheadFistpunch 06/15/2020 at 13:59

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Hey, I did my part to support the medical profession right at the beginning of this pandemic. Sorry about the work situation, glad you still expect full employment and pay otherwise . I’ll try to increase my discretionary spending to keep our consumer economy alive.

nerd_racing > My bird IS the word 06/15/2020 at 14:10

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2 boobs for the price of one job! 

Future next gen S2000 owner > HammerheadFistpunch 06/15/2020 at 14:10

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I have a few people in my circle that work in the money’s in healthcare. They are all sucking at the moment. Layoff’s, cut backs, forced leave.

Turns out surgery rooms are huge revenue generators for hospitals. With surgeries signi ficantly reduced, hospitals are hurting.

Highlander-Datsuns are Forever > facw 06/15/2020 at 14:10

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How can you cut PTO? Can you use PTO that you have already accumulated?

facw > Highlander-Datsuns are Forever 06/15/2020 at 14:14

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This is not clear to me (and since I’m remote I may be covered by different laws). I think we are still accumulating, but can’t take any time off (we can take it unpaid).

dumpsterfire! > HammerheadFistpunch 06/15/2020 at 15:02

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I was very thankful that the CEO of my small critical access hospital was the CFO first and actually understands the numbers. Nobody got furloughed, unlike some other local facilities of similar size.

smobgirl > CalzoneGolem 06/15/2020 at 15:19

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I’m just under 4 weeks from my ten year anniversary.

smobgirl > WasGTIthenGTOthenNOVAnowbacktoGTI 06/15/2020 at 15:21

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It’s like piercing a kids ears when they get their tonsils out. Totally fine.

Jim Spanfeller > WasGTIthenGTOthenNOVAnowbacktoGTI 06/15/2020 at 15:30

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Yeah, that’s how they install the boobs, duh.

CalzoneGolem > smobgirl 06/15/2020 at 15:32

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How’s the robo back holding up after a decade ?

CalzoneGolem > Just Jeepin' 06/15/2020 at 15:35

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All I can think of now is that Aeon Fl ux episode with the chick with the removable vertebrae .  

smobgirl > CalzoneGolem 06/15/2020 at 15:38

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Actually needed the hardware replaced 6 years ago but it’s been good since then! Original fusion didn’t work and a screw snapped.

Just gotta stay away from hard chairs and I have the occasional tingly-falling-asleep sensation near the scar. How about you?

My bird IS the word > nerd_racing 06/15/2020 at 15:46

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Thats very clever, I liked that.

DipodomysDeserti > HammerheadFistpunch 06/15/2020 at 15:54

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I have some students whose physician parents are feeling it. I have a few friends who are naturopaths and business is booming. My sister is making bank as a nurse as well since every hospital in Phoenix started sending their Covid patients to her hospital in order to keep doing elective surgeries.  

Kiltedpadre > Future next gen S2000 owner 06/15/2020 at 21:13

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My wife is an accountant with a small hospital. So far there haven’t been lay-offs but only because they took state aid that required them to maintain staffing till the end of the month.

They’ve announced that if the units aren’t back to within 95% of pre-Covid levels by July 3rd the cutting will begin. The scariest part is they refuse to tell anyone what the plan is.

The funny/sad part is they paid an efficiency company to come in just over  two years ago to see why their overhead was higher than most hospitals their size. The finding was that the only area that was a problem was that they had too many executives. Needless to say the executives are all still there.

gmporschenut also a fan of hondas > Kiltedpadre 06/15/2020 at 23:12

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I know someone that was auditing of one hospital wing surgical suite had them throwing aay 200-300k a month in unused surgical equipment. And people wonder why healthcare is so much. https://www.usnews.com/news/healthcare-of-tomorrow/articles/2017-03-09/hospitals-are-wasting-billions-of-dollars-worth-of-medical-equipment#:~:text=A%20study%20published%20in%20The,waste%20can%20be%20reduced%3A%20Dr.

CalzoneGolem > smobgirl 06/16/2020 at 07:37

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Yikes that’s like my nightmare.

Pretty well so far. I think I’ve lost a bit of mobility in my left hip like the signal to it isn’t clear enough always. Besides that I can’t sit or lay on the floor which i s what I miss most . Picnic tables and bleachers suck but I’ve got a stadium seat which takes care of most of those issues.

smobgirl > CalzoneGolem 06/19/2020 at 22:24

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I was cleaning out the spare room yesterday and found the old xrays. I wish I’d managed to keep the original hardware.

CalzoneGolem > smobgirl 06/22/2020 at 09:58

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Brutal. Glad you made it through this. Is that one screw snapped? 

CalzoneGolem > smobgirl 06/22/2020 at 09:58

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Brutal. Glad you made it through this. Is that one screw snapped? 

smobgirl > CalzoneGolem 07/01/2020 at 01:19

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Had a work trip and forgot to answer! Yup, it broke. Either from repeated movement or from hitting an elk at 70mph, but they didn’t x-ray until a couple  months after the car accident.

I guess they left most of it stuck and drilled into the middle vertebra to replace the hardware but it seems to have worked the second time around. Modern medicine is pretty wild, isn’t it?

CalzoneGolem > smobgirl 07/01/2020 at 07:12

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Yeah it’s a trip. Not too many years ago and my fall from the tree would have left me paralyzed. But here we are with all these screws holding our spines together.