Yet you miss the critical end of that sentence ---- "..yet they have ALL the LEVERAGE IF there were any…
Morning Headlines 3/20/23
Oracle Cerner appears to have started another round of job cuts
Oracle Cerner has conducted another round of layoffs, according to the social media posts of some employees, which appears to line up with a restructuring plan approved in 2022.
Two Key Players in Ohio’s Health Information Exchange Announce New Partnership
The Healthcare Collaborative exits the HIE business and will transfer its customers – 70 hospitals and 18,000 providers — to Ohio Health Information Partnership’s CliniSync service by the end of 2023.
UC San Diego Health Notifies Patients of Vendor Data Collection Issue
UC San Diego Health notifies patients that vendor Solv Health used analytics tools that distributed information to third-parties without authorization on the scheduling websites of the health system’s Express Care and Urgent Care clinics.
Pear Therapeutics Announces Process Exploring Strategic Alternatives
Pear Therapeutics, which offers prescription-based digital therapeutics, will explore strategic alternatives to avoid reorganizing or liquidating the company.
Quest Diagnostics with Jim Davis at the helm announced rebranding along with a new purpose: Working together to create a healthier world, one life at a time and discussed Strategic Priorities to-Drive-Growth-and-Create-Shareholder-Value-at-2023-Investor-Day
As part of the Recommits to Invigorate savings and productivity improvements of approximately 3% annually
Quest scrambled to notify some employees internally of a merit increase delay- Head of HR Cecilia McKenney email stated
Given the financial outlook for reminder of Q1/Q2, we made the difficult decision to delay merit increases for our higher compensated employees to save costs in the near term. For Colleagues with Director and above or equivalent merit increases for 2023 will go into effect July 7th.
This represents ~4 month delay of merit increases announced Monday 3/13 to be paid out 3/17 and withdrawn the same week Friday 3/17 in what seemed to be a frantic scramble and total mismanagement. Additionally all non client facing T&E are to be limited.
Quest started to offer voluntary retirement packages back in 2022 to those eligible as part of ongoing efforts/ cost control initiatives. However, layoffs seem imminent in 2023- Q2 onward.
A sign of a consistent decline in YOY covid19 testing revenues; Quest expects an 80% drop in revenues in 2023 though base business continues to grow.