The University of Chicago Medical Center said Monday it will eliminate the jobs of 450 employees, or 5 percent of its staff, to save $100 million a year.

 

The announcement comes a month after the elimination of 15 senior managers caused by “today’s financial challenges,” according to a statement of the Chicago-based institution.

 

“We deeply regret the loss of so many talented employees from our team, especially at such a challenging time in the job market,” said James L. Madara, the medical center’s chief executive officer, dean of the Division of Biological Science and vice president for medical affairs. He also added that the institute’s revenue is substantially “behind budget.”

 

The medical institute will also cut 30 inpatients beds, reduce weekend hours at a surgical unit and redirect non-emergency care patients to other facilities, the statement further read.

 

As part of the reorganization plan, Madara said some spending for construction and renovation will be also cut, though construction will continue on a new hospital pavilion scheduled to be finished in 2012.

 

The institute’s financial woes stem from a decrease in endowments, fewer patients and a delay in payments from the state Medicaid, the program for treating low-income patients.

 

The current plan is meant to help the institution “to preserve our leadership roles in biomedical research,” Madara said.

 

The University of Chicago Medical Center offers a full range of specialty and primary care services for adults and children, including cancer, endocrinology, gastroenterology, geriatrics, heart, kidney disease, neurosciences, orthopaedics, respiratory disease, surgery, transplantation and women’s services.