NeueHealth layoffs, on the record
Every job cut, severance charge and restructuring NeueHealth reported in its annual reports, 2022 to 2024, quoted from the filings. Headcount went from 2,840 to 1,252.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | 2,840 | December 31, 2022 |
| 10-K for 2023 | 1,252 | December 31, 2023 |
Job cuts, severance and restructuring
Our summaryThe company approved a plan to restructure its workforce and reduce expenses after deciding to exit IFP products and MA products outside California.
Word for word“As a result of these strategic changes, on November 4, 2022, our Board approved a plan to restructure our workforce and reduce expenses based on our updated business model (the "Restructuring").” 10-K for 2022
Our summaryThe company's restructuring included a headcount reduction and workforce reduction tied to exiting markets, with severance costs recorded as part of the workforce reduction.
Word for word“Restructuring charges are comprised of contract termination costs and severance costs as part of a workforce reduction in 2022.” 10-K for 2022
Our summaryManagement is reducing its workforce, exiting excess office space, and terminating or restructuring contracts as part of restructuring activities addressing going concern doubts.
Word for word“In addition to our market exits, management is implementing additional restructuring activities, which include reducing our workforce, exiting excess office space, and terminating or restructuring contracts.” 10-K for 2022
Our summaryThe company recorded contract termination costs for early termination of existing vendor contracts.
Word for word“(f) Represents amounts paid for early termination of existing vendor contracts.” 10-K for 2022
Our summaryThe company exited the commercial health care business and Medicare Advantage business outside of California at the end of 2022 and significantly restructured its workforce.
Word for word“We exited the commercial health care business and Medicare Advantage business outside of California at the end of 2022, and we ceased conducting our Medicare Advantage business in California on January 1, 2024.” 10-K for 2023
Our summaryThe company reported restructuring charges for employee termination benefits and contract termination costs in 2023, with severance costs tied to a workforce reduction.
Word for word“Restructuring and contract termination costs represent severance costs as part of a workforce reduction, amounts paid for early termination of leases, and impairment of certain long-lived assets primarily relating to our decision to exit the Commercial business for the 2023 plan year.” 10-K for 2023
Our summaryThe company reported $24.0 million of restructuring charges for employee termination benefits in 2022, which fell in 2023.
Word for word“This decrease was driven by $24.0 million of restructuring charges related to employee termination benefits for the year ended December 31, 2022 as compared to $5.9 million for the year ended December 31, 2023.” 10-K for 2023
Our summaryManagement implemented a restructuring plan to reduce capital needs and operating expenses, including exiting excess office space and terminating or restructuring contracts.
Word for word“We have, and continue to, exit excess office space, and terminate or restructure contracts.” 10-K for 2023
Our summaryThe company reported a decrease in compensation costs resulting from restructuring efforts and reduced workforce during 2023 compared to 2022.
Word for word“The decrease in operating costs was primarily due to a $61.1 million decrease in compensation and fringe benefits inclusive of share-based compensation expense; resulting from our restructuring efforts and reduced workforce throughout 2023 as compared to 2022.” 10-K for 2023
Our summaryThe company restructured its workforce and cut expenses after exiting its commercial and out-of-state Medicare Advantage businesses and ceasing its California Medicare Advantage business.
Word for word“As a result of these strategic changes, we significantly restructured our workforce and reduced expenses based on our updated business model.” 10-K for 2024
Our summaryThe company reported restructuring charges that were mostly employee termination benefits, falling from 2023 to 2024.
Word for word“This decrease was driven by $5.9 million of restructuring charges related to employee termination benefits for the year ended December 31, 2023 as compared to $1.0 million for the year ended December 31, 2024.” 10-K for 2024
Our summaryThe company defined its restructuring and contract termination costs as severance from a workforce reduction, early lease termination payments and long-lived asset impairments tied to exiting the Commercial business for the 2023 plan year.
Word for word“(e) Restructuring and contract termination costs represent severance costs as part of a workforce reduction, amounts paid for early termination of leases, and impairment of certain long-lived assets primarily relating to our decision to exit the Commercial business for the 2023 plan year.” 10-K for 2024
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2020-12-31 | — | $0 | — |
| 2021-12-31 | — | $0 | — |
| 2022-12-31 | $24 million | $29.2 million | $0 |
| 2023-12-31 | $5.9 million | $7 million | $21.8 million |
| 2024-12-31 | $956,000 | $956,000 | $7.7 million |
NeueHealth filed 2 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from NeueHealth’s annual reports (10-K for 2024, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2025-03-21. 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.