State's second-largest health insurance company announces 250+ layoffs

"Point32Health announced it is laying off 254 employees on Monday, its second round of reductions this year. The non-profit company said in a statement that the layoffs are part of an effort to reduce administrative costs as it continues to experience unprecedented increases in medical care and pharmaceutical costs. Point32Health also cut 110 jobs in March. The company has about 4,000 employees, it reports on its website."

""This was an incredibly difficult decision because it will affect many of our talented and dedicated colleagues," said Patrick Gilligan, president and CEO of Point32Health, in a statement. The company has about 4,000 employees, it reports on its website. The second largest health insurance company in the state, Harvard Pilgrim Health Care and Tufts Health Plan's parent company, serves nearly 2 million members. "Our members are at the center of everything we do," said Gilligan. "It is critical that we address costs within our control.""

Point32Health is laying off 254 employees to reduce administrative costs while facing unprecedented increases in medical and pharmaceutical spending. The non-profit previously cut 110 jobs in March. The insurer reported a $96 million operating loss on $4.9 billion in revenue, driven largely by high spending on GLP-1s, oncology drugs, and targeted autoimmune and cardiac treatments. The insurer employs about 4,000 people and serves nearly 2 million members. Leadership described the decision as incredibly difficult and emphasized members are central while addressing costs within the company’s control.

Read at Boston.com