R1 RCM Holdco layoffs, on the record
Every job cut, severance charge and restructuring R1 RCM Holdco reported in its annual reports, 2019 to 2021, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | approximately 19,000 full-time employees, as well as approximately 3,500 part-time employees | February 13, 2020 |
| 10-K for 2020 | approximately 19,000 full-time employees, as well as approximately 1,200 part-time employees | December 31, 2020 |
| 10-K for 2021 | approximately 22,000 | As of December 31, 2021 |
Job cuts, severance and restructuring
Our summaryThe company initiated restructuring plans consisting of reductions in its workforce in certain corporate, administrative, operations and management functions.
Word for word“We have initiated restructuring plans consisting of reductions in our workforce in certain corporate, administrative, operations and management functions.” 10-K for 2019
Our summaryThe company recorded severance and employee benefits expense within other expenses, and a transitioned employees restructuring expense tied to severance and retention costs for employees not transitioned to the company.
Word for word“Year Ended December 31, 2019 2018 2017 2016 2015 Severance and employee benefits $ 3.6 $ 2.3 $ 0.3 $ 3.5 $ 0.6 Non-cash share based compensation — — 0.1 1.8 — Transaction fees (1) — — — 12.7 — Restatement costs — — — 1.2 2.5 Strategic initiatives (2) 19.8 19.7 3.1 — 3.8 Transitioned employees restructuring expense (3) 3.0 4.3 1.2 — — Digital Transformation Office (4) 8.6 3.6 — — — Other 1.2 0.5 — 1.6 2.4 Total other $ 36.2 $ 30.4 $ 4.7 $ 20.8 $ 9.3 44” 10-K for 2019
Our summaryThe company agreed to reimburse, or directly pay, affected employees for severance and retention costs for certain employees who will not be transitioned to the company or whose jobs will be relocated.
Word for word“At December 31, 2019 , the Company's restructuring liability was $1.1 million , offset by $0.7 million of receivables.” 10-K for 2019
Our summaryCompany froze hiring for non-critical roles to offset COVID-19 revenue pressure.
Word for word“We have been able to partially offset the revenue pressure faced during the year ended December 31, 2020 by implementing measures to control costs and cash spending, including freezing hiring for non-critical roles, reducing non-COVID-related and non-SCI-related capital expenditures, eliminating discretionary spending, and suspending our 401(k) match and non-essential travel for the remainder of 2020.” 10-K for 2020
Our summaryCompany transitioned certain employees to a work-from-home environment as part of its footprint evaluation.
Word for word“Additionally, in 2020 as a part of our evaluation of our footprint, we've transitioned certain employees to a work from home environment and continue to evaluate our future state workplace environment.” 10-K for 2020
Our summaryCompany reported severance and related employee benefits as a component of other expenses.
Word for word“Severance and related employee benefits $ 6.4 $ 3.6 $ 2.3 Strategic initiatives (1) 29.3 19.8 19.7 Transitioned employees restructuring expense (2) (0.2) 3.0 4.3 Digital Transformation Office (3) — 8.6 3.6 Facility-exit charges (4) 17.5 (0.2) 0.1 Other (5) 14.3 1.4 0.4 Total other expenses $ 67.3 $ 36.2 $ 30.4 (1) Costs related to evaluating, pursuing, and integrating acquisitions, performing portfolio and capital structure analyses, and other inorganic business projects as part of the Company's growth strategy.” 10-K for 2020
Our summaryCompany agreed to reimburse or pay severance and retention costs for employees not transitioned to the Company under operating partner model contracts, with a transitioned employees restructuring expense recorded.
Word for word“As part of the transition of personnel to the Company under certain operating partner model contracts, the Company has agreed to reimburse, or directly pay the affected employees, for certain severance and retention costs related to certain employees who will not be transitioned to the Company, or whose jobs will be relocated after the employee transitions to the Company.” 10-K for 2020
Our summaryCompany facility-exit charges were recorded as other expenses.
Word for word“Facility-exit charges (4) 17.5 (0.2) 0.1 Other (5) 14.3 1.4 0.4 Total other expenses $ 67.3 $ 36.2 $ 30.4” 10-K for 2020
Our summaryThe company recorded severance and related employee benefit expense tied to restructuring and business reorganization events, reported in other expenses.
Word for word“Severance and related employee benefits (1) $ 2.2 $ 6.4 $ 3.6 Strategic initiatives (2) 17.5 29.3 19.8 Customer employee transition and restructuring expenses (3) 4.9 ( 0.2 ) 3.0 Digital Transformation Office (4) — — 8.6 Facility-exit charges (5) 3.4 17.5 ( 0.2 ) Other (6) 18.1 14.3 1.4 Total other expenses $ 46.1 $ 67.3 $ 36.2 (1) Severance expense related to restructuring and business reorganization events.” 10-K for 2021
Our summaryThe company agreed to reimburse customers, or pay affected employees directly, for severance and retention costs for customer employees who will not move to the company or whose jobs will be relocated.
Word for word“(3) As part of the transition of customer personnel to the Company under certain operating partner model contracts, the Company has agreed to reimburse the customer, or directly pay affected employees, for severance and retention costs related to certain employees who will not be transitioned to the Company, or whose jobs will be relocated after the employee transitions to the Company.” 10-K for 2021
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | $3.5 million | $6.4 million | $5 million |
| 2017-12-31 | $300,000 | $400,000 | $2.2 million |
| 2018-12-31 | $2.3 million | — | — |
| 2019-12-31 | $3.6 million | — | — |
| 2020-12-31 | $6.4 million | — | — |
| 2021-12-31 | $2.2 million | — | — |
R1 RCM Holdco filed 1 restructuring notice (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 R1 RCM Holdco’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2022-02-17. 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.