Daily News | Jefferson Health is laying off 1% of its employees, or about 400 positions, this week
by one notch, citing increased debt and industrywide higher expenses that will make it hard for the health system based in Center City to rebuild cash reserves.
The new rating of A3 is still strong, but it was Jefferson’s second downgrade from Moody’s since it embarked on a broad expansion from 2015 through 2021, growing from three to 18 hospitals and adding another university and a Medicaid insurance company.As Jefferson exploded in size during its years under former CEO Stephen K. Klasko, its profitability weakened. Then the coronavirus pandemic hit.
“One of the reasons we are at an inflection point now is that we have never rationalized the size of our workforce through four significant mergers,” Cacchione said in a memo to Jefferson employees.traditional hospitals. Excluding unusual circumstances, such as the sale of businesses and federal COVID aid, Jefferson has had operating losses for four straight years.. That would be an improvement over the $117 million operating loss Jefferson reported for the nine months ended March 31.Jefferson is scheduled to report financial results for the year ended June 30 next month.
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