They have cut down the teams to the bare minimum already but will there be more cuts in the coming weeks or next few months? Is there any future left for this company?
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what about the furloughs? there were some today at the chmb offices.
@adtl+14ttro4T one critique
There's been layoffs in June and in September as well
Whoever put that timeline together below —best summary ever. Wow. Thank you for a great post.
If they're following traditions up top here's how it goes:
minor round end of May ('09,'11,'12,'13,'15,'17,'18,'19), major round end of July beginning of August ('09, '11, '13, '17, '18, '19) then another really big one end of November beginning of December ('08, '09, '12, '13, '15, '18, '19 the Q4 k–ler cuts) followed by the C Suite wishing everyone Happy Holidays and no we don't plan on cutting any more people it's simply not on the table ('17,'18,'19). Then the New Years cuts start over again, usually with the late March early April gotta make Q2 look better cuts. Sprinkle random hiring bursts in there to try to plug the holes most years (not this year). When you can spread the cuts out a couple of weeks and never ever let anyone know they're happening until the last possible minute even though the rumor mill usually fires up about a week beforehand.
This is literally tradition at Allscripts, you can set your watch to it most years.
Won’t be layoffs in May. Possibly June but by August more likely.
People here talk very vague . I am pretty sure there are managers and directors looking these posts. I hope someone gives us an heads up on weather there will be layoffs in May end , 2nd Quarter.
That is before the economy downturn. Now the numbers are totally different, I do not think any PE form will bite. You are luck to get half the price For the equity yAllscripts are asking for.
There are at least two PE companies looking at taking Allscripts out.
The strategy would be to take the company private. Sell off every thing that has value (2bePrecise, Careport, EPSI, Veradigm, etc.).
Then cut the remaining costs to the bone. They can save $21 million dollars a year by firing the C-suite alone.
The PE's understand that Allscripts is past strategy, and the only thing left is to unload everything that has value and treat the remaining business as a declining revenue stream. The thinking is it will take at least 5 years for the remaining customers to switch platforms. Think about Northwell. Moving that account to Epic is at least a five year project. During that ramp-down, you maximize gross margins by firing as many people as possible.
They will have a huge layoff before they stop the temporary pay cut, so the payroll expense stay at the same level. That round of lay-off will pay employee packages with the lower salary number. So Allscripts just use them for free for several months (in payroll perspectives) and pay the lower package. Pretty smart move, PB. Please spend more of your time in the business, less time on screwing your fellow employees up.
From a software dev perspective, that kind of cut would put that part of our staff at near entry-level salaries. Allscripts is clearly doing this to force voluntary attrition so that they don't have to pay severance. And then, for the ones that have to stick around due to life situations, their future severance will be at that lower rate. In a word, this is criminal.
It might come down to a game of which products can break even with a skeleton crew with zero or minimal bonus and 15-30% pay cuts for the higher tech ranks, and even then, that might not save the products and departments from being canned anyway.
Any future? No. Unless a miracle happens and P@ul and Lis@ are canned. Our customers are closely watching how this company is supporting their applications. Letting hundreds of employees go at a time of crisis tells our customers (healthcare providers, hospitals, patients) that the company considers them to be expendable.
PB should have been removed once the stock hit $7.
Definitely August. That I can guarantee. Now whether it is a massive number of layoffs is another story entirely but people will be let go in August 2020
Most likely in June. Company hired consultants to review company with the goal to streamline costs. More layoffs will happen.
Rumored in June with anticipation of the lockdown in India being over.
Not sure how this is even a question. It’s MDRX- of course there are more layoffs or furloughs coming down the pipe. You never have to look farther than the end of the quarter.