Syracuse, N.Y.-based Nascentia Health laid off 71 of its employees to help offset state Medicaid spending cuts, according to Syracuse.com.
The company, which offers home healthcare, long-term care and post acute care, said the state Medicaid cuts will cost it about $400 million in revenue this year.
"To keep the system viable and continue to efficiently continue caring for those they serve, Nascentia Health has been forced to restructure their organization and eliminate positions," the company said. "The gravity of the situation was not taken lightly, nor were the decisions that had to be made as a result."
Most of the affected employees work at the company's headquarters in Syracuse.
Read the full report here.