We’re anticipating layoffs due to losing major CA Medicaid contracts. Any insight there as to why we’re losing so much and if we’ll get cut too?
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@e7 we work primarily with Medicaid clients in my dept - so I’m anticipating with loss of Medicaid members, we’ll be face cuts as well
Do you mean CA Comm? Only impact you will see in Medicaid nationwide is a reduction in membership which can cause RIFs all around.
Sales sells contracts with promises that haven't been fully disclosed and signed off by all impacted departments. Then it's a shi+show when it goes live. Then to top it off the company ends up in Fine City w the regulators and with a bunch of dissatisfied clients.
Sales job is to sell - they promise tons of stuff that they have no clue if it can be delivered or not - Operations is then to blame if you can't deliver some craziness that was promised. They will also upsell at no cost to get the sale. The Perks Sales get are trips, events, etc. Operations get a pen, a mug, sometimes socks or nothing at all
From Investing.com -
Cantor Fitzgerald reaffirmed its Overweight rating with a $485 price target, expressing confidence in Elevance’s earnings potential and commercial margin expansion. The analysts highlighted that the mix in Medicaid utilization is taking longer to stabilize, aligning with Elevance’s recent commentary on the slower-than-expected Medicaid recovery. Elevance is addressing out-of-network billing challenges through litigation, with expectations that higher risk pools in ACA and Medicaid programs will persist through 2025. The company is also exploring expense management opportunities to support performance in the second half of the year.
Exploring 'expense management opportunities' equals more rifs for sure!
What ever happened to improving the bottom line through growth?
https://www.investing.com/news/analyst-ratings/wells-fargo-lowers-elevance-stock-price-target-to-400-on-margin-concerns-93CH-4135177
What medicaid contracts were lost I have only heard about commercial?
I've read that this company frequently overpromises to clients, and underdelivers, and that's why it loses so many contracts.