Long Term Care Group (LTCG), a business processing outsourcing firm for long term care insurance, has entered into a definitive agreement to purchase LifePlans, including its Canadian division LifePlans LTC Services.
Under the agreement, LTCG will purchase LifePlans’ long term care and related risk management services and assets from Munich American Reassurance Company (Munich Re).
Munich will hold LifePlans’ healthcare services business and manage it under the name LP Health Services.
The transaction will allow LTCG to expand its North American nurse network by adding up over 2,000 clinicians.
All these clinicians perform face-to-face and telephone screenings to gather information about an applicant’s risk factors or an existing policyholder’s eligibility for benefits.
This data facilitates insurers in making informed decisions which lead to better risk management.
Additionally, LifePlans is offering an evidence-based cognitive screening tool, the Enhanced Mental Skills Test, which will be scaling equally with LTCG’s own Minnesota Cognitive Acuity Screen.
LifePlans, a provider of innovative risk management solutions, has been associated with long term care insurers for almost 30 years.
Struggling since the initiation of organization, the insurer has built a range of network of nurses in the US, and has expanded its customer contact center in areas of capabilities, training and new technologies.
The acquisition will allow LTCG to expand its end-to-end administrative solutions and adds value to its existing partnerships with global insurers.
Munich Re president and CEO Michael Dekoning said: “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.”
Image: LTCG signs agreement with Munich American’s subsidiary LifePlans. Photo: courtesy of adamr/ FreeDigitalPhotos.net.