Wednesday, February 19, 2014

Corporate Earnings Late and Dire Site Fate


Gentiva is yet to issue its 4th quarter financial results, something it has done by now the last seven years.  The earliest the company released earnings was February 7 and the latest February 18.  Here we sit at the 19th with no word on 2013 results.

These numbers will serve as the basis for executive incentive pay for Gentiva's corporate crew.  I wonder how senior executives optimized their pay to the detriment of employees, patients and physicians.  We'll have to wait several months for the proxy statement (Def-14a) to see what fun they had on the backs of hard working, caring and dedicated employees.  As opposed to most employees who received miniscule, if any raises, I expect their returns to be substantial.

Last week a corporate chief visited our site.  He talked about how great everything was.  Nobody believed him.  Most couldn't believe he had the gall or ignorance to make such a claim.  One third of our nurses had quit, were laid off or fired since the New Year.  He acted like this had not happened.  I expect that number to grow substantially in the months ahead.

Remaining nurses know they'll be over-worked and under-appreciated more than normal.  I sense a number will throw in the towel.  They've been a part of the solution many times, only to be denigrated and abused when staffing returns to more sane levels.

I also expect the exodus to spread beyond nursing.  Chaplains, social workers and others have ridden our Branch Manager's crazy train long enough.  It might be time to jump off no matter how fast or reckless the ride.

I hope things are better at Generic.


P.S.-- Gentiva announced today its earnings call will be held March 4.  It should be revealing.  As for our site's turnover, it keeps rising.

Tuesday, February 11, 2014

Gentiva, Barclay Execs Going for Gold


Gentiva leaders have competition from the boys at Barclay's Bank:

It then pissed off UK workers and taxpayers after it announced it would hike investment bank bonuses by 13% despite a profit slump, and finally it crushed 9% of its workforce, or 12,000 workers, who are set to prepare pink slips as the bank "streamlines."
Although the Barclay's boys had the chops to share their layoff news directly, not via a marketing lady at a regional meeting.

How many times can they stab the golden goose for more executive gold and have it still produce? 


Thursday, February 6, 2014

More Gentiva Job Cuts Loom: Hundreds Face Axe


Gentiva filed an 8-K with the SEC today.  It 's contents reveal:

On February 6, 2014, Paula Shoemaker, the Vice President of Sales Support, Marketing and National Accounts for Gentiva Health Services, Inc. (the “Company”), will make a presentation at a home health community event in Raleigh, North Carolina. At that event, Ms. Shoemaker will disclose that the Company is in the process of closing of 46 locations across the country, which the Company expects will result in the loss of hundreds of clinicians and other health care professionals.
Gentiva's top management couldn't make this announcement directly.  They had to use a marketer and disguise it in a SEC filing.  These guys are beneath contempt.  Anyway, the culling of the bottom 10% has begun.  Be sure to thank the Chairman of Fun.


Monday, February 3, 2014

Gentiva Loses Roussos in Buyout Aftermath


The Gentiva-Harden Healthcare merger might be in danger of disintegrating, given the departure of Harden's former Chief Operating Officer Chris Roussos to Epic Health Services on January 15, 2014.  Roussos will serve as Epic's President and Chief Operating Officer.

After Gentiva purchased Harden they made Roussos President of the company's South Central Region.   Gentiva CEO Tony Strange cited Roussos' importance to the merger in the September 19, 2013 investor call:

They also bring strong field leaders, including but not limited to, their current COO Chris Roussos, who will be joining our team as a key leader for us post-integration.

Strange reiterated Roussos' critical role as South Central Region President in the company's Nov. 5 earnings call:

"Harden's Chief Operating Officer Chris Roussos has been named the Regional President of our new South Central Region.  This region includes Texas and the majority of the current Harden geographies, thereby reducing the integration risk for most of their existing businesses."

Roussos left a mere two months after being called integral to a successful combination.  What does that do "the integration risk for most of Harden's businesses?"  I imagine it increases it.  This adds to Gentiva's epic mess, fractal-like in that it repeats at varying levels.

As for Roussos he clearly does not want to show any Gentiva connections.  Epic made no mention of his South Central President position in their press release on Roussos hiring.  Bloomberg also failed to include Roussos' Gentiva job in their summary of his career.

The company is looking for a new South Central Region President.  Who's mendacious enough to join this bunch?  I'd nominate our Branch Manager as an outstanding fit.  It would have "crazy" joining "evil." 

The kicker is I'd prefer the company's management pursue more honesty/truth telling, collaboration and actually seek feedback from employees and hospice physicians.  Gentiva's executives see no need to do so or are incapable of such.