Kindred published a list of accomplishments for 2016. “In 2016, we made significant progress in our continuing efforts to grow the Company and improve our quality outcomes across our care settings,” said Benjamin A. Breier, Kindred’s President and Chief Executive Officer. “We are setting the foundation for a stronger Kindred as we drive effective patient-centered care solutions and proactively address the changing healthcare marketplace.”
Here are a few Kindred accomplishments for Legacy Gentiva employees:
1. Eliminated physician copay benefit in employer sponsored health insurance for 2016. This made employees responsible for the whole bill for a primary care illness visit and any specialty doctor visits. A coworker at our hospice saw her cost for physician care soar from $200 to over $1,000 from this one change.
2. Reduced 401k match by 25% in 2016 with total elimination for 2017.
3. Purchased home of CFO Stephen Farber for $2.15 million after providing corporate legal and architectural services to resolve disputes between Farber and his neighbors. This came after giving Farber another $250,000 in moving expenses in late 2015. Kindred paid to have trees removed and a new driveway installed and is selling the property for $2.4 million.
4. Conducted another employee survey and ignored concerns expressed. Some involved legal and compliance issues.
5. Decided to exit the nursing home sector, which was the core mission when Kindred was spun off from Ventas in 1998. REIT Ventas focused on nursing homes and spun off the management or operating side of the company. Kindred will have to dance with its former owner over 36 Ventas owned nursing homes as it makes the exit.
6. President Ben Breier told Wall Street analysts the company wants over $1 billion in EBITDA for 2017.
7. 2016's end puts Kindred at Home President David Causby a mere eight months away from his next $1 million bonus. While legacy Gentiva employees continue falling behind in pay and benefits our leader gets huge bonuses for just showing up.
I'm sure there are more accomplishments for executives, but those seem worth revisiting.
Anonymous (from Kindredful)
Please do not think the legacy Kindred employees have any better benefits or resolve than you do. It is the Fat Cats as you say getting all the goods and will as that is the Kindred Way!!
ReplyDeleteKindred President Ben Breier said the 401k match will return at a paltry level ($1 for every ten the employee contributes) with a secret discretionary match awarded sometime after the calendar year ends. Gentiva contributed ($2 for every $6 the employee contributed). Legacy Gentiva employees lost retirement benefits so Kindred could capture synergies. Kindred employees are getting something the company took away in 2012.
ReplyDeleteIt was 50% match up to the first 6% so $3 for every $6 the employee contributed. What's lesser known is that because of the Kindread takeover, anyone Gentiva in the nonqualified plan had all the retirement money dumped into their checking account - to be taxed as ordinary income at rates approaching 50% effectively wiping out 20+ years of employer contributions and earnings.
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