Office of Development

Michigan Medicine Economic Recovery Plan: An Update

Email sent May 5, 2020

 

Dear Friends of Michigan Medicine,

I have written in recent weeks about the financial challenges that Michigan Medicine faces as a result of the COVID-19 pandemic. Today, I am announcing some decisions we have made, and I wanted you to hear about it from me before the news media pick up the story.

The updates I’m announcing to our Economic Recovery Plan today include additional leadership salary reductions, salary and hiring freezes, expanded furloughs and reductions in force, and a one-year suspension of Michigan Medicine’s retirement match for employees. All projects that are not required for safety or regulatory compliance, including the new inpatient facility, have been paused until further notice. Please refer to this article for more information.

We are also establishing an emergency fund to support employees in need of financial assistance due to the pandemic. More information about this fund, including a link to contribute, can be found on our COVID-19 giving page.

In the coming weeks, we will continue to be thoughtful and intentional in our budgetary decision-making to minimize the impact on our workforce, and we will continue to focus on our missions of patient care, education, and research. As we do so, I am reminded that philanthropy is more important than ever while we seek to regain financial stability and sustainable operations. I thank you for your partnership.

Sincerely,

Marschall S. Runge, M.D., Ph.D.
Dean, University of Michigan Medical School
Executive Vice President for Medical Affairs, U-M
CEO, Michigan Medicine

 

Please consider a gift to the COVID-19 Philanthropic Fund at Michigan Medicine.