Anything at all being heard about the fate of Omnicare?
7 replies (most recent on top)
OCR was a disaster from day one.
I don't know about the pharmacy side of Omnicare, but most of the admin positions- RQ, billing, etc. have been & are being outsourced. The last big layoff was in April for their RQ team. Some customer service positions just got notice of lay off last week with an end date of Sept 9th. So layoffs are still happening for the admin positions. They've been cut to pretty much a skeleton crew already, so it's just trickles now-but still happening.
Omni are isn’t as bad off as they were about 18 months ago.
They hadn’t updated their expected allotments of high cost dr-gs in years. This is something Azzolina has been focused on since being promoted to president of omnicare.
Now does that mean it’s back on the block? Probably sooner than later. But it also means it most likely won’t be liquidated any time soon.
Karen herself has said it’s no longer a “strategic asset” and has previously tried unsuccessfully to sell it off. Karen has also said the company is looking to save $2B within the next two years. It’s not exactly bleeding the company dry, but it’s not really bringing in any extra value either. Omnicare was purchased under Larry, not Karen, so she likely doesn’t have any personal attachment to the division.
Reading between the lines, if I worked for Omnicare, I’d be making sure my resume is up to date just to be safe. At best, it gets sold off. At worst, it gets dissolved entirely.
CVS wants to see Omnicare, but no one wants to buy it.
It’s not losing money so don’t believe all these rumors.
Just another in a long list of failed acquisitions. This management team is unbelievably bad at their jobs, but it's OUR fault somehow!!!