DECEMBER 26, 2022 — 1,005 IN NEW YORK CLOSURES
Humana at Home Inc. d/b/a SeniorBridge has announced the closure of its New York locations and plans to lay off 1,005 employees beginning on March 6, 2023, with all separations accomplished by March 6, 2023.
NOVEMBER 29, 2022 — FLORIDA FACILITY CLOSURE WITH 157 LAYOFFS. WITH MORE TO COME.
The company has disclosed plans to close most of SeniorBridge's 23 facilities in nine U.S. states by the end of the year.
The first closure will be the SeniorBridge Jupiter facility in Palm Beach, Florida with 157 layoffs including 149 caregivers, six field care manager nurses, one home care sales executive, and one care manager supervisor.
SeniorBridge has eight other facilities in Florida including in Miramar, Naples, Vero Beach, Melbourne, Jacksonville, and Lady Lake in Central Florida.
According to a company spokesperson, "We introduced a $1 billion value creation initiative earlier this year to increase our investment in our Medicare Advantage products and achieve greater organizational efficiencies that better meet the needs of our evolving business. As part of these efforts, we have made the decision to discontinue operations for our SeniorBridge home care services and permanently close most SeniorBridge locations."
FEBRUARY 8, 2022 — RED FLAGS AT KINDRED AT HOME HOSPICE OPERATION
After its acquisition of Kindred at Home, the nation’s largest home health and hospice provider in August 2021, it appears that the Goldman Sachs-run divestiture process is targeting Kindred’s Hospice operations for sale to a private equity buyer.
The company is already restructuring the hospice segment as a standalone business in anticipation of a forthcoming sale.
According to Humana CEO Bruce Broussard, “We are committed to advancing our plans to divest a majority interest in our hospice business. We have continued to explore various alternatives for the long-term ownership of the structure of the business and have initiated steps to reorganize the hospice business for standalone operations while also making investments to improve clinician recruiting and retention to position the business for further growth.”
OCTOBER 29, 2019 — MORE LAYOFFS
Louisville, Kentucky-based Health insurance giant Humana, the health insurance company, is now implementing a productivity and cost-cutting program that will result in an estimated two-percent reduction in force that will see approximately 800 layoffs company-wide. According to a company spokesperson, "Humana announced a series of measures scheduled for 2020 and beyond aimed at improving productivity and positioning the company for long-term, sustainable success. These measures are in alignment with broader efforts started earlier this year to evaluate the work and cost structure of the organization. Some of this work has resulted in involuntary staff reductions."
Further details are expected to be announced when the company reports its third-quarter earnings on November 5, 2019, along with the company’s financial guidance for 2020.
NOVEMBER 9, 2017 — MAJOR HEADCOUNT REDUCTION
Another major healthcare insurer is slated to lay off 1,300 employees in addition to approximately 1,150 employees who opted for early retirement and voluntary buyouts. Of course, the company was quick to speak of restructuring plans that would “position the company for long-term sustainable success.” While the company refused to comment on the business reason behind the layoffs, informed sources suggest that the reduction and realignment in force are linked to the exit of Humana from providing coverage under the Affordable Care Act also known as Obamacare.
Employees scheduled to be laid off are noting that Humana’s CEO, Bruce Broussard was paid $19.7 million (including stock, options, and incentives) which was a 91% increase over his prior year’s compensation of $10.3 million. Which makes the restructuring and realignment appear to be a ploy to improve the company’s financials and attractiveness to other potential acquirers. One can only wonder what Broussard’s golden parachute actually contains should the company be acquired by another deep-pocket insurer. Or even a company unrelated to the insurance marketplace – think CVS Pharmacy’s desire to purchase Aetna.
The restructuring and realignment come after a U.S. District Court Judge blocked Aetna’s proposed $34 BILLION merger with Humana; possibly intended to be a poison pill to discourage CVS Pharmacy’s desire to acquire Aetna in an unprecedented $70 BILLION deal.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?