Magellan Health layoffs, on the record
Every job cut, severance charge and restructuring Magellan Health reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from approximately 10,500 to approximately 10,100.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | approximately 10,500 | December 31, 2018 |
| 10-K for 2019 | approximately 10,100 | At December 31, 2019 |
Job cuts, severance and restructuring
Our summaryThe company reports a restructuring plan as part of its margin improvement plan, which includes flattening its organizational structure, standardizing healthcare administrative functions and automating core operating processes.
Word for word“Our restructuring plan and profit improvement initiatives may create uncertainties, including the effect of the initiatives and plan on our business, operations, revenues, and profitability, potential disruptions to our business as a result of management’s attention to the initiatives and plan, uncertainty regarding the potential amount and timing of future cost savings associated with the initiatives and plan, and the potential negative impact of the initiatives and plan on employee morale.” 10-K for 2018
Our summaryMagellan started a Transformation Initiative in 2020 to cut operating costs. It is restructuring certain operating activities and recorded $11.3 million of severance in special charges.
Word for word“As part of the Transformation Initiative, the Company is in the process of restructuring certain operating activities which has resulted in the Company recording severance of $ 11.3 million for the year ended December 31, 2020, within special charges in the consolidated statement of operations.” 10-K for 2020
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2020-12-31 | $11.9 million | $353,000 |
Magellan Health has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Magellan Health’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2021-02-26. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.