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Big work news for me. No I'm not retiring.

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    Big work news for me. No I'm not retiring.

    I had a meeting with our lead physician the other day and she gave me some big news regarding my job. It's well known that COVID has devastated many industries and healthcare is no exception. Hospitals and medical facilities have lost hundreds of millions of dollars as a result of the pandemic.

    There have been some changes along the way with our urgent care facilities. Two were closed for several months. Then later, after they had reopened, another one was closed for a while. Per diems were blocked from the schedule so that they could ensure they had enough hours available for the FT and PT staff who are all contracted. Our medical education stipend was cut in half. Stuff like that.

    Everyone had hoped that things would be back to something resembling normal by now but it just hasn't happened. Volumes are still way off, meaning income is way off. They hung on as long as they could but they've finally decided they just can't keep operating all 8 locations so they're going to permanently close one site: mine. We'll be there through late May and then that will be it.

    Providers will be reassigned to other locations. They aren't sure about staff yet. If they can't accommodate them all within the urgent care system, there are plenty of other opportunities within the larger healthcare system. Hopefully nobody will be forced out but some may choose to seek out work elsewhere.

    The other change, which does affect me and a handful of others, is that they are doing away with the weekend shift differential we've been getting. About 2 years ago we changed from having to work every other weekend to every third weekend. I voluntarily kept doing every other because I liked my schedule. I only found out after the fact that they were going to pay me extra for doing that which was a very nice surprise - but now that extra money is going away, $21,600/yr. Fortunately, we live well below our means and can manage just fine with the reduction, but it will cut into our savings rate, not something I was anticipating in the final approach to retirement so that sucks. I can decide to make up some of that by working extra shifts sometimes. I get emails nearly every day from people looking to get a shift covered because something came up and they need to be off on short notice. I've generally ignored those but will probably start doing some of it. Probably not enough to replace the full amount but a chunk of it.

    Now I'm just waiting for the details, my new contract, my new schedule and site assignment(s), etc. Just when things were going so well they toss this wrench into the works.





    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

    #2
    Sorry to hear. This is what a lot of people get warned about when they get used to OT and expect it and then it just disappears.

    of course you will be impacted but it is not detrimental to your finances.

    Comment


      #3
      DisneySteve - you skills are so in demand, you could probably go virtually anywhere and find lucrative employment opportunities.
      james.c.hendrickson@gmail.com
      202.468.6043

      Comment


        #4
        I'm sorry, DS. It's no joke that the healthcare industry is scrambling right now. Knock on wood, you have planned well and can roll with the punches.

        We partner with a pediatric hospital and they are really struggling. With kids being more resilient with Covid, they didn't see the kind of emergency volumes during the peaks. All other volume is still way down and has not returned to expected levels. Big change is in the air. My job has turned into a crucible trying to accommodate revenue opportunities and big change without any additional help or support because the hospitals can't pay for it. They've also had to lay off a lot of people, which hasn't helped. There's no more money and everyone left is burned out.

        Comment


          #5
          Originally posted by james.hendrickson View Post
          DisneySteve - you skills are so in demand, you could probably go virtually anywhere and find lucrative employment opportunities.
          Thanks, James. I am not leaving my job. I'll just be working at another site. I have zero desire to seek out a new position with another employer at this point in my life. There's a reasonable chance that I'll be transitioning toward retirement by late next year no matter what.
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

          Comment


            #6
            If my employer laid me off, at 55, I would say screw it and I would retire already. The loss of medical insurance would be the biggest concern for me (approx $800 a month). Biden care would come into play. Or I would move to Mexico and sip maitais and sangrias on the beach.

            Comment


              #7
              Originally posted by QuarterMillionMan View Post
              If my employer laid me off, at 55, I would say screw it and I would retire already.
              Fortunately this isn't a lay off. I still have my job, same hourly pay, same hours. I'll just be doing it at one of our 7 other locations. The only loss is the weekend shift incentive.
              Steve

              * Despite the high cost of living, it remains very popular.
              * Why should I pay for my daughter's education when she already knows everything?
              * There are no shortcuts to anywhere worth going.

              Comment


                #8
                Originally posted by disneysteve View Post
                [SIZE=14px]
                Just when things were going so well they toss this wrench into the works.
                [/SIZE
                Not the greatest of news, but in the grand scheme of things, you live well below your means and are a glide path to retirement. You seem to be taking it in stride as you should given all of your hard work to be well positioned to accommodate the unexpected.

                Comment


                  #9
                  Not probably news that you want right now, but at least you are in a position to make it through and still retire on time.
                  Brian

                  Comment


                    #10
                    Sorry they are shutting down your normal place of employment. Will you have any input as to which of the 7 other places you will go? Worst case, how far will your commute be?
                    (My workplace relocated to a more distant location in my last year before I retired. The commute is one thing I do not miss!) I don't blame you not wanting to learn new systems for such a short time (workplace rules, HR, payroll rules, 401k options, vesting, etc). But, one thing that I have noticed with DH is every time he switches jobs he has been able to negotiate a much higher pay raise than if he stayed with the previous employer.

                    Comment


                      #11
                      Originally posted by Like2Plan View Post
                      Sorry they are shutting down your normal place of employment. Will you have any input as to which of the 7 other places you will go? Worst case, how far will your commute be?
                      There are only 5 sites where I might end up, and possibly more than one of them. I am conveniently located to all of them so no commuting concerns.

                      I don’t get to pick entirely because it’s going to be based on everyone’s schedules and preferences but I did give my Lead a list in order of preference. I don’t envy her job of shuffling everything around to make all of the pieces fit. I’ll be fine wherever I end up. There’s no bad choice.
                      Steve

                      * Despite the high cost of living, it remains very popular.
                      * Why should I pay for my daughter's education when she already knows everything?
                      * There are no shortcuts to anywhere worth going.

                      Comment


                        #12
                        I know you're interested in moving to FL, but also keeping your house in NJ. Have you ever thought about finding a job in FL and moving sooner rather than later? Even some sort of part time gig in FL?

                        Comment


                          #13
                          Could you just quit now? What do the numbers say if you decide you don't want to do it?
                          LivingAlmostLarge Blog

                          Comment


                            #14
                            Originally posted by rennigade View Post
                            I know you're interested in moving to FL, but also keeping your house in NJ. Have you ever thought about finding a job in FL and moving sooner rather than later? Even some sort of part time gig in FL?
                            We have no definite plans to move and certainly not while my mother is alive. We may buy a place in Florida and drift back and forth but we haven't seriously explored that option yet. I have no intent of working in Florida.

                            Originally posted by LivingAlmostLarge
                            Could you just quit now? What do the numbers say if you decide you don't want to do it?
                            Once my cousin passes and his estate is settled, we will likely have enough to retire if I really wanted to. Healthcare costs would be the biggest deterrent.

                            My plan at the moment is to continue full time until at least the end of next year and then see where things stand. I'll have gotten the inheritance by then and know what we really have to work with. I could go part time to keep insurance or, if the numbers work, could retire completely.

                            Just to be clear, nothing about my current location closing is making me consider leaving the job. At various times, I have worked at all of the other sites where I may end up. I'm fine with any of them.
                            Steve

                            * Despite the high cost of living, it remains very popular.
                            * Why should I pay for my daughter's education when she already knows everything?
                            * There are no shortcuts to anywhere worth going.

                            Comment


                              #15
                              I found out this morning that our full time x-ray tech, with whom my wife and I have become good friends over the past 3 years, is losing her job as a result of the closure. There are no open full time positions at any of the other urgent care locations. So she is updating her resume and applying for jobs. Some are within our hospital system but outside as well.

                              I'm sure the same will happen to some of the other staff. There probably aren't enough open spots to absorb everyone.

                              I'm glad I'm not losing my job, but I'm really upset for anyone who will.
                              Steve

                              * Despite the high cost of living, it remains very popular.
                              * Why should I pay for my daughter's education when she already knows everything?
                              * There are no shortcuts to anywhere worth going.

                              Comment

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