Mount Sinai Execs Take Pay Cut To Offset Coronavirus Costs

UPPER EAST SIDE, NY — Executives with the Mount Sinai hospital system in New York City are taking pay cuts as the hospital deals with increased costs linked to efforts to treat coronavirus patients and provide proper equipment to its staff.

Mount Sinai President and CEO Kenneth Davis will collect just 50% of his salary following the pay cuts, a spokesperson for the hospital system confirmed with Patch. Davis' "executive team" is following suit with similar reductions in pay.

"Beyond the personal losses and sacrifices being made every day, the COVID-19 crisis is having deep impacts to all businesses and communities, including ours. In response, while this does not come close to closing the hundreds of millions of dollars being lost per month, Dr. Kenneth Davis and his executive leadership team at the Mount Sinai Health System have offered and agreed to take a 50% pay cut for as long as necessary so that these dollars can be directed to our front lines in this fight," a Mount Sinai spokesperson said in a statement.

The pay cuts are just the latest measure taken by Mount Sinai to adapt to the outbreak of coronavirus in New York City. The hospital system recently partnered with a North Carolina-based evangelical group to set up a field hospital in Central Park and converted lobby spaces at its Upper East Side flagship hospital into pods for coronavirus patients.

Mount Sinai also recently launched a fundraising drive to buy much-needed medical equipment such as ventilators, antibody tests and personal protective equipment such as gowns, face shields and masks. A lack of protective equipment at Mount Sinai West was blamed for the death of an assistant nurse manager who fell ill with coronavirus in March.

Coronavirus In NYC: What's Happened And What You Need To Know