Long term care administrator, LTCG, has announced that it will acquire LifePlans, Inc. and its Canadian unit, LifePlans LTC Services, Inc., in a deal that covers the purchase of LifePlans’ long term care and related risk management services and assets from Munich Re, U.S. (Life).
Under the definitive agreement, Munich Re, U.S. (Life) will retain LifePlans healthcare services operation and will continue to do business under the name, LP Health Services, LLC.
Chief Executive Officer (CEO) of LTCG, Peter Goldstein, said; “This acquisition showcases LTCG’s willingness to remain committed to the long term care industry. By integrating LifePlans’ highly knowledgeable people, innovative programs and market expertise into our own solutions, we are making an investment in the future success of our customers.”
According to LTCG, the acquisition bolsters its position as an industry leader in underwriting and claims, and also expands its network of North American nurses with the addition of more than 2,000 new clinicians.
LTCG’s network of nurses conduct face-to-face and telephone screenings to obtain information about risk factors, which assists the decisions of insurance companies, ultimately promoting better risk management.
LifePlans also provides an “evidence-based cognitive screening tool, the Enhanced Mental Skills Test (EMST), which will complement LTCG’s own Minnesota Cognitive Acuity Screen (MCAS), bringing together the two most powerful cognitive screening tools in the industry,” explains LTCG.
Michael DeKoning, President and CEO of Munich Re, U.S. (Life), said; “Munich Re is proud to have been part of LifePlans’ evolution as an organization, and we are confident that its long-standing reputation as a high quality risk management provider will endure.
“We are committed to a seamless transition for LifePlans’ employees, customers and business partners, and given LTCG’s reputation in the industry, we are confident that we are leaving this business in good hands.
“Further, we believe our health care services business, LP Health Services, is well positioned to remain a leader in providing health care assessment services and to continue providing superior services to its health care customers.”
LifePlans has now partnered with long term care insurance firms for 30 years, and as such is a well-respected brand in the LTC insurance sector. The organisation boasts a comprehensive field network of nurses in the U.S., their suite of services is “an ideal complement to LTCG’s own end-to-end administrative solution and will add value to its existing partnerships with leading insurers.”
According to LTCG, it will also be able to expand its services via LifePlans proprietary programmes. This includes the LIFT wellness programme, according to a statement.
As the transition take shape LTCG is confident of minimal disruption to these organisations, and the firm expressed its excitement to leverage LifePlans “unique capabilities” in the space.