If you want a full picture (& not just what they want you to know) take the time to read the transcript with investors. The Q&A portion is really good. But throughout the transcript you can see where things are headed and "workforce optimization" was used as the 2nd step to cut costs...should have been further down on the list in my opinion. And there should be more push against & accountability tfor the disaster that is Puerto Rico. It is a long read but worth it to understand what will be coming in 2024 AND 2025. And "workforce optimization" is NOT over. Very insightful into the investing and Wall Street expectations to be honest. Full transcript can be found here: https://www.fool.com/earnings/call-transcripts/2023/10/18/elevance-health-elv-q3-2023-earnings-call-transcri/
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Yes, remember they referred to "measures" and they would be partnering with HR to identify...translation - we are looking for ways to cut you.
Thieves, Liars & Cut-Throats - Spot on!
Doctors have to be licensed. They serve patients.
People in insurance do not have to follow any occupational requirement or licensure in operational areas (80%).
There are Job descriptions may have preferred qualifications but do you observe leads or managers holding them?
The industry is rife with frauds - thieves, liars, cut-throats…. It’s the insurance company’s mode of operando (MO).
Here is the deal -- all payers grew Medicaid members due to COVID concessions by the federal government to cover people who would otherwise be ineligible. Their forecasts for growth were exceeded by millions of members as a result, and they knew this was temporary and should not be considered as real numbers that could be replicated year over year. It was a short term pandemic solution only. They also made record profits during this period because they didn't have as many claims due to COVID restrictions again where routine care was put on hold. Even critical care was put on hold so that resources could be put toward COVID care and ever-changing projections. So they raked in profits temporarily from an excess of Medicaid members that were never forecasted using fewer employees to support this growth based on what they should have had, and they raked in premiums without the normal claims volume, meaning they kept more money (disregarding lawsuits in states where they delayed or rejected legitimate claims). They're now making cuts based on inflated forecasts that were never tempered with reality, meaning that they should disregard these COVID era numbers for growth because it was only ever an outlier, not the normal trajectory. They want to try to keep those numbers regardless -- it's not about member care or reducing costs for members. They want to continue living in a fantasy world where they make record profits without an adequate number of people to support the work.
In the investor call this leadership team referenced some of our programs as very successful. I wonder if the folks closer to those programs would agree. They also seem to be deflecting blame for poor STARS scores. I wonder if the folks closer to this would agree. Bottom line is, they are firing the people who did the work and made the money. basically, they fired you and stole your labor and hardwork and gave it to someone else. Where I come from that is stealing. It's a pitty we have to work for people and places like this. Theives, lairs and cutthroats.
Good find!