CommonSpirit extends timeline for $2B cost savings plan by 12 months

Chicago-based CommonSpirit Health’s plan to cut $2 billion in expenses will likely take five years instead of the planned four, the health system confirmed to Becker’s Hospital Review. 

CommonSpirit initially announced the $2 billion cost savings goal in June 2019. The system said it would drive savings from merger-related and performance improvement synergies.

As of February, CommonSpirit has achieved $350 million in cost savings and performance improvements, the system said.  

CommonSpirit said it remains committed to its cost savings goal, but due to the pandemic, reaching that goal likely will take 12 more months.

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