News & Research
Recovering Financially from COVID-19
The COVID-19 pandemic had a dramatic impact on the finances of Michigan Medicine and the entire University of Michigan. Leadership at Michigan Medicine has made tough decisions to create an economic recovery plan that includes non-essential expense reduction, a hiring freeze, a salary freeze, leadership salary reductions, furloughs and reductions in force, and a one-year suspension of Michigan Medicine’s retirement match for employees. All capital projects that are not required for safety or regulatory compliance, including the new inpatient hospital, have been paused until further notice. Although we don’t know how the pandemic will unfold, Michigan Medicine leadership promises that any future decisions about the economic recovery plan will be guided by Michigan Medicine’s core missions of patient care, research, and education.