Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

August 12, 2022

Signify Health announces 489 company-wide layoffs

Contributed Signify Health CEO Kyle Armbrester
By Michelle Tuccitto Sullo

Signify Health has notified the state that it plans to reduce its workforce by 489 across its footprint, which includes locations in Norwalk plus out-of-state sites in Texas, New York and South Dakota.

The layoffs are expected to take effect as of Oct. 1, according to Brad Crain, Signify’s director of employee experience. 

Lynn Shepherd​​, vice president, strategic communications for Signify, said 45 of the impacted employees are based in Connecticut.

The state Department of Labor received a Worker Adjustment and Retraining Notification (WARN) Act notice about the planned layoffs on Monday.

The move follows the company’s July 8 decision to discontinue its “Episodes of Care Services” operations, the notice states. According to a company blog, these services refer to an “all-inclusive health-and-payment model in which a single, bundled payment includes all services associated with the treatment for an illness, condition or medical event rather than a separate fee-for-service model.” 

The impacted workers include employees who worked on-site and remotely, according to the WARN notice.

In Norwalk, the company’s operations are at 800 Connecticut Ave.

The company, launched in 2017, has a healthcare platform that uses analytics, technology and healthcare provider networks. It aims to improve how care is delivered and paid for, to help more people age in place and at home instead of in care settings.

In early 2021, the company raised $564 million in an initial public offering.

Early this month, the company reported 2022 second-quarter revenue of $246.2 million, an increase of 16% from the second quarter of 2021.

CEO Kyle Armbrester said in the company’s earnings announcement, “In order to meet the needs of our clients, we are focused on driving operational efficiency, expanding our ability to bring connected diagnostic devices into the home, and returning people to care by connecting them with primary care providers, specialists and care management programs.”

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF