MADISON (WKOW) -- Wisconsin Physician Services (WPS), a private company that manages Medicare Part A and B, as well as TRICARE health care benfits for active military and veterans, will layoff 313 people from its Madison and Monona offices beginning in January.
The company announced the cuts in a letter filed with the Wisconsin Department of Workforce Development. The notice was posted online Thursday afternoon.
"In response to competitive pressures and contract losses in the federal government contracts market, Wisconsin Physicians Service Insurance Corporation (“WPS”) is reducing resources across the corporation at the Monona and Madison locations listed below," the letter said. "As part of its resource reduction plan, WPS will be reducing its workforce."
The letter went on to say the company "expects that 313 employees will be affected and WPS anticipates that this action will be permanent."
The vast majority--303--of the impacted workers are based at the company's Monona campus on Broadway. A further 10 are employed at its Tradewinds Parkway space on Tradewinds Parkway in Madison.
In a press release, the company said that across its entire government services division, it will eliminate 342 positions.
The layoffs are expected to begin Jan. 21.
“While this action was foreseen and planned as part of the natural dynamics of federal contract work, we recognize the impacts this will have on our dedicated team members,” WPS President and CEO Wendy Perkins said. “These employees have made valuable contributions to WPS, and we are committed to helping them navigate this difficult time.”
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