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Friday Health Plans,a Denver-based insurance tech company lays off 98 people

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Friday Health Plans, a Denver-based health insurance tech company, has recently announced that it will be laying off 98 employees due to a loss of business. The layoffs will take effect on April 30, and the affected employees will be from the company’s headquarters in Denver and its largest office in Alamosa. Various roles will be cut, including 24 care representatives, 10 medical department specialists, nine claims analysts, six nurse coordinators, and four marketing and sales coordinators, among other jobs.

The company, which has raised more than $300 million in capital, grew to offer health plans in 185 counties across seven states and serve more than 330,000 members as of May 2022. However, the company recently announced that it would end its coverage in Texas and New Mexico in 2023. It was uncertain how the end of its operations in those states affected its membership base.

The co-founders of Friday Health Plans, David Pinkert and Sal Gentile, left the company at the end of last year, and the circumstances surrounding their departure were unclear. Beth Bierbower, a chairperson on Friday’s board of directors and a former Humana executive, took over as CEO in December. Rhonda Bagby, previously an executive at Bright Health, was hired as Friday’s CFO in February. Gentile, the former CEO, is still serving as an outside senior adviser.

Friday Health Plans was founded following the passage of the Affordable Care Act to offer individual and small-group health plans. The company uses technology to enhance its business, including operational efficiency and improved customer experience, in an effort to lower the overall cost of health insurance to members. The company has much of its operations in Alamosa, having acquired Colorado Choice Health Plan in Alamosa in 2017 and built its operation around that infrastructure.

It was unclear how many people were employed by Friday Health Plans before the multiple rounds of layoffs. As of May 2022, the company said it had “grown exponentially” through acquisitions and organic growth and employed more than 600 people across the country. Friday Health Plans has plans in Colorado, Georgia, Nevada, North Carolina, and Oklahoma, and it will continue to work toward offering health plans in Texas and New Mexico again in 2024.

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