Accretive Health is laying off 41 employees in a restructuring plan aimed at saving $16 million.
The Chicago-based hospital revenue-management company will make reductions in its corporate and administrative departments as it struggles to cope with revenue lost in 2015, according to a spokesman.
The company employs approximately 3,000 people. In 2014, it cut up to 170 jobs.
The restructuring will begin this month and is expected to be completed by the end of the third quarter of 2016, according to a news release.
Late last year, Ascension Health and private equity firm TowerBrook Capital Partners bought a 40% stake in Accretive to ensure its financial viability.
But Accretive continues to struggle financially. In 2015, the company posted a net loss of $84.3 million, compared with a net loss of $79.6 million in the prior year. Last year, Accretive reported $117.2 million in operating revenue.
Leadership changes at the company have been frequent as it struggles to regain profitability. CEO Dr. Emad Rizk announced his resignation in May 2016. He was replaced by President Joseph Flanagan.
