By Will Feuer
Streamline Health Solutions is reducing its workforce by 26 employees, or 24% of its workforce, and shaking up its management as the healthcare IT provider loses a customer.
The company expects to book a one-time restructuring charge of about $800,000 to $1.2 million. Streamline Health is targeting annualized cost savings of about $5.8 million.
Separately, the company said it received a termination notice from a legacy client. Streamline was recognizing about $4.5 million in annualized revenue from the client.
The restructuring also reached into the company’s upper ranks. Benjamin Stilwill has taken over as chief executive of Streamline, succeeding Wyche Green, who will become executive chairman. Bryant Reeves has been named interim chief financial officer, succeeding Thomas Gibson, who will remain available to the company through Oct. 31.
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