Vantaggi
MedImpact has grown steadily for 30 years and has a tremendous amount of long-term, dedicated employees who truly love what they do. The collective spirit of many still shines bright, even as the organization steers through some difficult waters with client terminations and market consolidation. The location in San Diego is central and growing, and investments are being made for additional space at other offices nationwide. At the end of the day, the work is meaningful and impactful to millions of patients who need access to prescription drug coverage. The organization has the opportunity to positively help people in need if it does its work to the highest standards or quality and execution.
Svantaggi
The organization is not being properly managed by the ownership and its family. Nepotism runs rampant, including favoritism and absolution of failure without consequence. In the past six months the organization has seen nearly a dozen well-respected Directors or VPs leave because of non-existent long-term growth strategy from the CEO, discontinued long-term incentive programs and an overall sense that the “MedImpact is invincible” because they don’t own distribution. I think they’re only seeing the tip of the iceberg in terms of staff departures and client terminations, which will lead to a non-recoverable spiral. Once the wheels come off there isn’t much the executive leadership will be able to do other than a fire-sale to a competitor or Amazon. What is most devastating is that the hundreds of hard-working, dedicated employees are considered throw-away, replaceable assets. As employees are leaving, the company is not back filling, favoring the labor savings over proper staffing to support the workload. This causes burnout and dissatisfaction on the floor – but the Ivory Tower won’t acknowledge or address it. The CEO wants to know why people are unhappy or why every employee is asking questions about promotions or pay increases. It seems like a mystery to everyone other than everyone without an “SVP” title. Considering results don’t matter for promotional advancement, only how much certain leaders like you, people have stopped trying to exceed or over-perform; it is not rewarded at all. The company didn’t pay out bonus because financial targets were missed, yet there is no explanation or strategy for addressing the issues. The PBM’s revenues appear to be siphoned off to some of the subsidiary companies, leaving a huge gap in EBITDA that allows them to justify not paying bonuses. Oh, and another $60M private jet is on order, and being paid for by the employee’s hard work. It is a toxic environment with no lights on at the end of the tunnel. Good people are wasting away and will soon leave -- this employer doesn't care about employees and everyone knows it.