Any info on if/how Omnicare is affected by all of this?
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Might hear something in the town hall next week. The corporate offices in Cincinnati closed this month. Not sure how many people were affected. I can't imagine who could buy OCR, maybe private equity? CVS was trying to sell OCR to Genesis, but they didn't have the money to pay their bills let alone buy OCR! Don't think that any other nursing home chains or LTC pharmacies would have the money either. I've got over 30 years in, so I am just waiting to get laid off and then retire.
Omnicare had a supposed buyer 2 years ago….moves were made to keep some top talent from Omnicare on the CVS side post sale. They were in a hybrid role of half Omni half Retail side.
That sale fell through (most likely after a full review of the financials). Not long after that the president of Omnicare was forced out and those that they moved to the CVS side were moved back to Omnicare (I will not say some names as it will dox me but we’re not talking director level here….much higher).
Long story short, after David Azzolina took over as president, there were questions of Omnicare’s own analysts on a diagnostic analysis of why Omnicare financials were in the dumper. A team not in Omnicare did an analysis of dr-g price vs cost vs utilization from the past year and it wasn’t good. Think expensive dr-gs that were sold at a loss….and over utilized while cheap dr-gs with high markups were under utilized. Also the kicker was the expected utilization rate for each medication hadn’t been touched in years.
Not saying Omnicare is coming back from the dead, I think they’re just trying to slow the bleed while they figure out how to not loose all those nursing home patients as a captive Rx audience.
I would comment, but it is not nice to speak poorly of the dead....RIP Omnicare
CVS is looking to dump omnicare for 2 years now, nobody wants to buy it
Last I heard since we were affected by a round of layoffs a few weeks ago, we shouldn't be affected with this