Does anyone think that once we hit the target number the CEO wants we will be sold? Has this been the plan all along?
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I agree with everything posted here. The internal staff increases weren’t sustainable and the company was over spending in all areas. Why did we acquire all of these companies? We didn’t and still don’t have the infrastructure to support them. The fact that Aureus STILL ISNT INTEGRATED is beyond me. The ERP was a disaster from the get-go. So many fumbles. Anyone still here should he looking to get out. Do it while we still have jobs instead of waiting for your pop up Zoom call with your boss and HR. Get ahead of it.
@9ihl+1tiSo2Yt Spot on! I was laid off in the first wave, and before it came I was already looking for a new job because I saw the signs. When I started in external onboarding, it was one team of about 30. By the time I left to another department, I think it was 6-7 teams, closer to 90. Same story in other departments. How anyone possibly thought it was a solid long-term strategy to triple the workforce, acquire other companies, undergo huge tech migrations, and that COVID would last is beyond me.
I worked for a berkshire company in the past, and regardless of what you think about Warren Buffet, his strategy was always to grow responsibly. We never had one layoff, but in really busy periods, we all had a lot of work. I suspect, however, most people would take that trade off instead of waking up one day without a job.
Seriously, good luck to all you still there. If you can get out, I hope you do, but I know it's not easy.
Forgot to mention, both the new CFO and CEO are from Ranstad. That company as an international conglomerate is notorious for outsourcing and that’s the culture they’ll bring into MedSol. We are now in a new era if operations can exist off shore and managers be stretched to handle that then that will come.
The health industry (specifically hospitals) overall are all going through a rocky period, multiple places I’ve interviewed with are trimming contract consultancy and IT services. Furthermore, they are starting to take on a home grown approach of train up medical staff. With rates at their highest, they are looking at every corner to trim as much and minimize cost. Some may eventually declare bankruptcy within the next couple of years. Contract gig economy will go through a dramatic shift. The CFO crafted a stepwise quarterly strategy to reach the goal and if each quarter isn’t turning up then more positions will be reassessed. If you can move, then start looking cause there is no end till they see things starting to turn. That’s just how the business lifecycle works.
First off, throughout the financial success during COVID up until Oct 2023, the then current CEO and CFO should have more carefully managed money to avoid putting the company in it's current financial state. Jan 2024 all of credentialing is told that PTohhh is not unlimited and to carefully spend PTO. Yet in the same breath management says they aren't saying that people can't get married or have babies, meaning those are two life events are acceptable reasons to request PTO (seems like age discrimination). The company is willing to pay employees maternity / paternity leave but tells the rest of the department not to over use PTohhh. That certainly sends a mixed message. Now regarding present day CEO and CFO, they have been hired to do a difficult job which is mostly happening via reduction in force. I'd like to know if they are leading through example and being good stewards of company money? Do they make economical decisions when they travel or are they immune to carefully spending company money? It sounds like the new CEO and CFO are all smoke and mirrors and won't last long in their roles at Medical Solutions.
That is completely unrealistic. The world literally went through a pandemic. Trying to hit a level that was pre-pandemic after the pandemic has subsided a bit isn't realistic. Everything changed. The world is struggling, the economy is in the toilet, living expenses have tripled, rent is nearly impossible to sustain, etc. They are going about this all wrong. They are viewing this as a pre-pandemic goal trying to obtain that again post pandemic, but realistically everything changed and we still haven't even recovered fully. This company is being greedy.
This CEO and CFO are laser focus on hitting pre-pandemic profitability (EBITDA) of 10% which the investors want. As this is what they saw was attractive to make the investment they did in the first place. Cuts will only happen if that target cannot be achieved by Jan 2025.
There is no promise of anything only what the CEO was hired to do by the Board. If she cannot hit those targets, then her seat will be given to another. Consolidation of departments is the only means to merge responsibilities and trim the fat wherever possible.
We didn’t hit EBITDA goal. My understanding is they need to be at a certain % they have not hit and do not see any indication that we will be year end based on the market. They said pretty clearly that further cost reduction measures would be taken if they didn’t hit the goal closer to year end.
This morning at 8 AM, an email to all credentialing basically stating that compliance and onboarding will be merging. Starting 7/15.. so yes. Who knows what the future is here!
I wouldn't be surprised with how this is all playing out. If one lesson has been taken throughout all of this it is that leadership and anyone higher up isn't trusted. They will say one thing and do the complete opposite. The dynamic within the company has dramatically shifted and so much respect has been lost. When a whole company has become a laughing stock I don't see a good end or outcome here. If it smells fishy, it probably is.
At this point nothing would shock me. They claim that’s not the plan but I no longer believe a word any executive leadership says