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.