No, wound modifiers affect Initiative directly, reducing both the initiative value and the dice pool. So, if you have an initiative of 8, normally you roll 8 dice, and your initiative score is 8 + hits. When you suffer wounds, resulting in a -1 modifier, your initiative score immediately drops by one, and when next combat turn comes, you have an initiative value of (8-1) = 7, you roll 7 dice, and your initiative score is 7 + hits.