WINSTON-SALEM, NC (AP) -- Wake Forest Baptist Medical Center has cancelled a 1.5% merit raise for employees.
The Winston-Salem Journal reported the hospital did not say how much money it would save by rescinding the raises approved for the fiscal year that began July 1.
The move comes after the medical center reported that it had an operating loss of $55 million during the last fiscal year, in part because of the costs of a new electronic health record system. Investment gains offset most of the losses.
The hospital said it had to act to deal with revenue decreases from state budget reductions and lower Medicare payments.
The center is Forsyth County's largest employer with a workforce of about 13,000 full-time and part-time employees.
A spokesman would not elaborate on the reductions.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)