Jacksonville Orthopaedic Institute leader comments on layoffs and closings (Courtesy of the Jacksonville Daily Record) — Jacksonville Orthopaedic Institute Inc. sent a notice to state and local officials March 31 saying it is laying off 153 people as it closes six Northeast Florida locations and cuts employment at three others.
The layoffs and closings come about as 11 JOI physicians have decided to move into other organizations.
However, 13 physicians will stay with JOI, which is part of the Baptist Health system.
JOI will restructure in the coming months.
In 2011, Jacksonville Orthopaedic Institute sold its stock to Baptist Health. A group of JOI physicians agreed to repurchase the stock and return to operating as an independent practice once the transaction closes in approximately 90 days, according to Baptist Health. The buyback process has been underway for “some time.”
“JOI has been working toward buying back its stock and returning to an independent practice,” JOI Executive Director John Ricchini, said in response to questions from the Daily Record via email.
“This transition will allow JOI to operate with greater autonomy and flexibility.”
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