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Emory Healthcare made a strategic decision to aggressively invest in its workforce compensation while the organization still had a negative operating margin.
Emory Healthcare invested approximately $270 million on an annual basis to raise employee pay, aiming for the 60th to 75th percentile in the local market.
Following its workforce investment, Emory Healthcare reduced its number of contract nurses from approximately 1,500 to less than 100.
Emory Healthcare successfully reduced its first-year employee turnover from 40% to 22% and its overall turnover from 30% to 13%.
Upon her arrival in 2023, Emory Healthcare was experiencing a 40% first-year employee turnover rate.
In 2023, Emory Healthcare had a 30% overall employee turnover rate and was totally reliant on contract nursing for daily operations.
As part of its turnaround strategy, Emory Healthcare replaced individual hospital CEO positions with COO positions and created system-oriented president roles responsible for multiple campuses.
Emory Healthcare's revenue grew from $5.8 billion in fiscal year 2023 to a projected $9 billion in the current fiscal year, primarily through organic growth.
Over a three-year period, Emory Healthcare increased its EBITDA from approximately $50 million to a projected $1 billion.
Emory Healthcare's leadership set a goal to become the premier academic healthcare system in the U.S., moving beyond its status as a regional system.
The compensation increases at Emory Healthcare affected approximately 21,000 of its 25,000 employees, with many nurses receiving raises of 10% or more.
Over a three-year period, Emory Healthcare grew its workforce from 25,000 to 30,000 team members.