Universal American layoffs, on the record
Every job cut, severance charge and restructuring Universal American reported in its annual reports, 2014 to 2016, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 1,500 | February 26, 2015 |
Job cuts, severance and restructuring
Our summaryIn 2014 the company decided to exit certain non-core Medicare Advantage markets, stop participating in several underperforming ACOs, not rebid certain APS Healthcare contracts, and exit the New York Health Benefits Exchange, recorded as a workforce reduction.
Word for word“Workforce Reduction —In 2014, we made the decision to exit certain non-core markets in our Medicare Advantage business, stopped our participation in several underperforming ACOs, chose not to rebid on certain APS Healthcare contracts and exited the New York Health Benefits Exchange, known as the Exchange.” 10-K for 2014
Our summaryIn the fourth quarter of 2014 the company decided to discontinue its participation in the New York Health Benefits Exchange, effective January 1, 2015.
Word for word“New York Health Benefits Exchange Exit —During the fourth quarter of 2014, we made the decision to discontinue our participation in the Exchange, effective January 1, 2015.” 10-K for 2014
Our summaryIn the fourth quarter of 2013 the company committed to a plan to reduce its workforce in targeted areas to cut expenses.
Word for word“As a result, in the fourth quarter of 2013, we committed to a plan to reduce our workforce in targeted areas, resulting in a charge of $7.1 million in severance and other benefits related to this plan.” 10-K for 2014
Our summaryIn the fourth quarter of 2012, following the APS Healthcare acquisition, the company committed to a plan to reduce its workforce in targeted areas.
Word for word“As a result, in the fourth quarter of 2012, we committed to a plan to reduce our workforce in targeted areas resulting in a charge of $4.1 million in severance and other benefits related to this plan.” 10-K for 2014
Our summaryThe company made payments on its restructuring programs during 2014 and expected to pay the remaining accrued balance in 2015.
Word for word“During 2014, we made payments of $4.5 million in connection with these restructuring programs, and have $3.7 million accrued at December 31, 2014, which we expect to pay in 2015.” 10-K for 2014
Our summaryCommitted to a plan to reduce the workforce in targeted areas, with severance and other benefits charge, for implementation in late 2015 and 2016.
Word for word“In 2015, in connection with our continued efforts to reduce operating expenses, a workforce reduction plan was developed for implementation in late 2015 and 2016.” 10-K for 2015
Our summaryRecorded a restructure charge for shutdown of APS Healthcare facilities, run-out of retained managed behavioral health business, and severance, following sale of APS Healthcare domestic business.
Word for word“During 2015, we recorded a restructure charge of $5.6 million related to the sale of our APS Healthcare domestic business.” 10-K for 2015
Our summaryCommitted to staff reductions across all segments continuing into 2015, tied to exiting non-core Medicare Advantage markets, ACOs, APS Healthcare contracts and the New York Health Benefits Exchange.
Word for word“During the fourth quarter of 2014 we committed to staff reductions across all segments continuing into 2015, resulting in a charge of $2.0 million.” 10-K for 2015
Our summaryThe company committed to a plan to reduce its workforce in targeted areas and recorded a severance charge in the fourth quarter of 2015.
Word for word“As a result, in the fourth quarter of 2015, we committed to a plan to reduce our workforce in targeted areas, resulting in a charge of $1.1 million for severance and other benefits related to this plan.” 10-K for 2016
| Fiscal year ended | Cash paid for restructuring |
|---|---|
| 2016-12-31 | $766,000 |
Universal American 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 Universal American’s annual reports (10-K for 2016, 10-K for 2015, 10-K for 2014) and the financial data it files with the SEC, as of 2017-02-28. 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.