Advantage Health Details Cuts

Indianapolis-based ADVANTAGE Health Solutions Inc. is cutting over half of its work force. In a notice to the state, the company said approximately 78 of its 130 employees will be let go.

The company said the reductions will begin on or after March 31. The cuts are expected to be completed within 90 days after that date. In the notice, the company said it had determined to "substantially modify the nature and scope of (its) business operations."

The announcement comes about three months after ADVANTAGE announced it was discontinuing its Medicare Advantage business. The move followed a financial review which showed the company had losses of more than $56 million through three quarters of fiscal year 2015. Board chairman Robert Brody said the Medicare Advantage business was "no longer financially viable."

On the same day, the company’s board of directors named Michael Hone acting chief executive officer, succeeding founding CEO Vicki Perry.