UNM Hospital employees will soon be getting a pay increase thanks to new funds that were recently made available.
Kate Becker, CEO of UNM Hospital, and Jamie Silva-Steele, president of UNM Sandoval Regional Medical Center — A Campus of UNM Hospital, held a press conference Friday afternoon at SRMC to explain how the funds were obtained and how the funds will be invested into the workforce.
“It’s been very challenging for hospitals financially across the country, including ours,” Becker said. “We are so grateful for how hard our teams have been working to improve our financial situation. We are so proud of our teams for their dedication every day taking care of our patients and their families and providing high-quality care.”
Becker said UNM Hospital received $48 million from the Federal Emergency Management Agency from two long standing claims for COVID-related expenses.
“As of the end of November, UNM Hospital was running at about a $24 million negative margin,” Becker said. “So we’re very grateful to have that investment to help us build back our margin and reinvest in our staff.”
UNM Hospital also received funds from Medicaid reimbursements. The federal government approved a request from the New Mexico Human Services Department to supplement UNM Hospital’s Medicaid reimbursement for new programs that aim to improve rural health, maternal health, substance abuse disorder treatments and increasing access to care.
“We are very grateful to Governor Michelle Lujan Grisham and the Human Services Department for their assistance in helping us obtain this reimbursement,” Becker said.
UNM SRMC was officially integrated into UNM Hospital’s license on Jan. 1. Nearly 7,000 employees at UNM SRMC and UNM Hospital’s Lomas Campus will each get a $600 retention bonus and a wage increase. Different groups of employees are eligible for different increases, but on average, employees should receive about a 3% pay increase.
“I’m so excited about this good news for our hard-working staff at SRMCE,” Silva-Steele said. “This is just one example of the many positive benefits of integration. With SRMC now under UNM Hospital, our teams are already benefiting.”