Optum is getting into a constant state of layoffs. We are expecting August to be really bad. Is there an industry crisis I’m not fully aware of? I know our field hasn’t been in the best of shape lately, but still. Where the he-l are we going to look for jobs once we are laid off? I know I sound panicky, but something seems off to me more than usual.
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True. just hired at financial services. They love the regulatory aspect of the experience.
Most of the jobs are being cut because they’re replaced with offshore hires. Anthem/Elevance owns companies in several countries. Labor is 3x cheaper. Most big payers are the same.
It’s the typical theme— corporate greed.
U.S. Economic Growth Accelerates, Outpacing Forecasts
https://www.nytimes.com/2024/07/25/business/economy/us-gdp-economy-inflation.html
The US economy is pulling off something historic
https://www.cnn.com/2024/07/25/economy/us-economy-gdp-second-quarter/index.html
"Something seems off to me more than usual". Welcome to AI. Expect more of the same.
It's not an industry crisis, from the shareholders' perspective. It's a case of money being more important than people. This is what happens when the government allows private corporations to run healthcare. This is why we need socialized healthcare.
Automation (AI) and sending business overseas to save money is the name of the game.
Yes. Humana is also conducting major layoffs. Blame two things: One, the financial forecast of a worsening economy and two, a change in how the government is paying it's contracts based on scoring. Finance teams are tightening their belts to prepare for any economic difficulty ahead where employers and individuals will have less extra cash to spend on buy-ups and cushioned health plans. Most insurers are receiving much less from Uncle Sam because of how payments have changed. This is what all the talk about CAHPS, HEDIS and Stars has been about. Pile on top of that rising healthcare costs due to a nationwide provider shortage, and the greedy trifecta of pharmaceutical companies, hospital administration and health insurance trying to max their profits or whatever else they call stealing and hoarding money. Pile on top of that pile the introduction of AI which is cutting jobs no matter how much they say it's not.
You're not completely out of career options. Health insurance skills translate well to the banking sector as well as any type of business administration. Unless you are a clinician. But if you are you could probably walk into any hospital and find a job at a premium salary right now.