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Healthcare Business News
 
Stephen Schuckenbrock, Accretive CEO
Schuckenbrock

Accretive will cut up to 170 jobs in restructuring


By Andrew L. Wang, Crain's Chicago Business
Posted: January 24, 2014 - 2:15 pm ET
Tags:

Accretive Health plans to cut as many as 170 jobs this year, most of them in Chicago.

The company will keep its headquarters in Chicago but move some functions to Dallas and Detroit.

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The moves, which the company announced this morning, come less than 10 months into the tenure of Stephen Schuckenbrock, the former Dell executive drafted by Accretive in a management shakeup that moved founder Mary Tolan to the chairman spot. Tolan stepped down from the position and left the company in November to "pursue other business interests."

The company will cut 140 to 170 positions, "mostly" in Chicago and all in North America, with 25 layoffs immediately, a spokesman said.

Accretive has about 1,500 employees in North America, he said.

It's also about a year after the company said it would have to restate financial results for quarters stretching back to 2009. Accretive did not file any financial results in 2013. The revenue cycle management firm intends to file restated results by March 19.

The restatement came just as the company was struggling to refashion its image after a widely publicized investigation by the Minnesota attorney general's office into losses of data and alleged harsh collection tactics from patients' health systems in the Minneapolis area.

Executives are holding a town hall meeting with employees this morning to inform them of the eliminations.

"Accretive Health to cut jobs in Chicago" originally appeared in Crain's Chicago Business.


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