Humana will close most of its SeniorBridge home care facilities by the end of the year, a spokeswoman said on Tuesday.
When humans acquisition of SeniorBridge in 2012, it said the property would help the company serve a growing population of older people. Now, Humana is almost ending home care as part of the plan reorganization plan emphasizes Medicare Advantage’s business and cost-cutting efforts.
SeniorBridge provides services at 23 centers in nine states. Facilities in Arizona, Connecticut, Florida, Massachusetts, New Jersey, Ohio, Texas and Virginia will close, while seven locations in New York will remain open “until further notice,” a spokesperson for the company said. Humana wrote in an email.
“We introduced a $1 billion value creation initiative earlier this year to increase investment in our Medicare Advantage products and achieve greater organizational efficiency,” the spokesperson wrote. , better meet the needs of our growing business.”
People Announcement of restructuring project in February after the Medicare Advantage segment underperformed during open enrollment last year. In April, Humana announced that it would sell most of the shares in the hospice arm of Kindred at Home for a private equity firm.
Humana is the nation’s second-largest Medicare Advantage insurer, with more than 5 million members, after UnitedHealthcare. The company advised investors this month that it expects Medicare Advantage memberships to grow from 325,000 to 400,000 enrollees, or 7.1%-8.7%, next year.