NASHVILLE, Tenn. – Vanderbilt University Medical Center has announced it will offer early retirement as one way to reduce costs as the hospital seeks to close a $70 million revenue shortfall this fiscal year.
The Tennessean reported medical school dean Dr. Jeff Balser sent a memo, saying new details on the cost-cutting effort would be released soon.
The academic medical center has reduced its staff by at least 300 employees in recent weeks.
Balser said the $100 million in desired savings this year is just over 3 percent of the medical center’s $3.3 billion budget.
At the end of 2012, Vanderbilt had nearly 17,000 employees and more than 2,500 faculty members.