Thread regarding Gainwell Technologies layoffs

@3h6 The only way? No Gainwell could also go under from their debt and poor practices. Sure a sale could happen. But that’s definitely not the only way. Gainwell could also just lose all of their business to the competition as well.

Gainwell is currently losing more business than they are taking in. That has been the case for a couple of years now. The amount of business they have is shrinking and so is their workforce from layoffs and offshoring. Their billions in debt comes due next year along with their shrinking business. Not a good recipe for success.

Gainwell is far from bulletproof. They are at a severe risk of ceasing to exist.

It really doesn’t matter that those previous organizations have been around for a long time. Gainwell is about 5 years old.

@174 Gainwell has only been a company for 5 years but its former iterations have been around for 40+ years. It may not exist as Gainwell but the core business will still exist in some form.

Also, you mention competitors, and yes they could take the business but they aren't all sunshine and roses. They have the same issues Gainwell has, they are losing contracts left and right as well. How many accounts have we taken from those competitors in the last few years? The only way they will get that work back is to buy Gainwell which is a possibility.

@14n You really believe that?

Gainwell has only been in existence for 5 years. During that time they have amassed $5B in debt. They have had multiple lawsuits. They co to use to steal from the states and illegally handle patient data. Investigations are starting. Fraud being exposed. Whistleblowers coming forward.

And it would appear that Gainwell has brainwashed you into thinking they are invincible. Several companies could replace them. Conduent. Accenture. Cognizant. Deloitte. Maybe IBM. And in reality the business they have would just be absorbed across multiple organizations. They are far from invincible.

Not to mention that they are losing more business than they are taking in. Their demise is going to happen. It’s just a matter of when.

@127 Ha! Gainwell and their past iterations have been dying of the same heart attack for 25 years. They aren't going anywhere. There's no one to take their place. As long as providers are getting paid it's all good.

@125 You will be lucky if you make it another 1.5 years to get to 65. Next year when their $5B in debt comes due they most likely won’t be a company. That is if they survive until then. Lots of heat is bearing down on them. All of this law breaking. Investigations. Lawsuits. Mishandling of patient data. They are going to fail. It’s just a matter of how quickly it happens.

@va I'm 63.5, so freaking close to 65 & retiring. The thought of starting somewhere else a bit much. If i were in my late 50s, like 57/58 I would have left long ago.

It's tough, because every meeting Ruth the customer is a fight. I have to show my receipts to prove what I said previously. I store every email i get, because I can't leave them in outlook, or they're auto-deleleted in 3 yrs. I'm asked about stuff I said over 3 yrs ago.

Receipts - I must prove I'm innocent. My words get twisted & I'm thrown under the bus, until I produce a receipt showing otherwise.

Definitely not worth hanging around.

I would get out ASAP.

@c7 I totally understand your situation, but you're throwing the dice every round of WFRs. Just know that Gainwell could make your exit decision for you, before your planned retirement date. Even if you think you're in good with your immediate manager, somebody over them will put the kibosh on you and you're gone.

I will include this advice in my new book titled "No Sh-t Sherlock".

I'm so close to retiring, I don't think it's worth moving to another company.

I agree 100%.

Anyone who argues against this has their head in the sand.

With the reputation that Gainwell has they should have trouble finding employees.