UnitedHealthcare is providing a few of its staff a buyout, or a monetary bundle in change for his or her resignation, if they comply with depart by March 3.
The buyout, known as the Voluntary Resignation Separation Program, applies to staff in UnitedHealthcare’s advantages operations unit, sources instructed CNBC on Wednesday. They clarified that anybody who doesn’t settle for the provide will hold their present job in the interim or be moved to a comparable position.
The sources additionally instructed the outlet that if the corporate doesn’t meet an unspecified resignation quota, it’s going to result in layoffs.
“This voluntary choice is a part of our ongoing efforts to make sure our crew is greatest positioned to satisfy the evolving wants of the individuals and prospects we’re honored to serve,” a UnitedHealth spokesperson instructed CNBC in a press release.
UnitedHealthcare didn’t disclose what number of staff obtained a buyout provide, however an inside memo despatched to staff Monday and seen by CNBC confirmed that the buyout utilized to full-time and part-time staff in 4 subdivisions beneath the advantages operations unit: company, client operations, core providers, and supplier providers.
Associated: A Cyberattack on the Largest Well being Insurer within the U.S. Might Put Your Prescriptions and Private Knowledge at Threat
Per the memo, staff who settle for the buyout will depart by Could 1 on the earliest and November 13 on the newest. They’ll obtain resignation packages on their termination date, and the quantity will fluctuate relying on what number of years they’ve been on the firm.
UnitedHealthcare is the medical insurance division of UnitedHealth Group, which has greater than 440,000 complete staff, together with 160,000 scientific professionals, as of a December 31, 2023 submitting. UnitedHealth Group is the biggest healthcare firm within the U.S. based mostly on income — it introduced in over $400 billion in 2024, its highest annual income but. It’s also the biggest firm based mostly on market cap, which stands at about $465 billion on the time of writing.
The corporate confronted a tumultuous finish of 2024 after the killing of its CEO, Brian Thompson, in December. Thompson’s dying has positioned the U.S. healthcare system and its rising prices beneath scrutiny. UnitedHealthcare named a brand new CEO, Tim Noel, in January.
UnitedHealth Group additionally confronted a cyberattack on its subsidiary Change Healthcare in February 2024 that pressured it to pay over $3 billion to healthcare suppliers affected by the breach.
Associated: Ought to Enterprise Leaders Worry For Their Lives? What You are Not Listening to Concerning the UnitedHealthcare CEO Tragedy.
