LTCG, a national leader in business processing outsourcing for long-term care insurance, has signed a definitive agreement to acquire LifePlans, Inc., a national provider of innovative risk management solutions for insurers and its Canadian division LifePlans LTC Services, Inc.
The agreement covers the purchase of LifePlans’ long-term care and related risk management services and assets from Munich American Reassurance Company. Munich Re, U.S. (Life) will retain LifePlans’ healthcare services business and operate under the name LP Health Services, LLC.
This strategic acquisition will strengthen LTCG’s position as an industry leader in underwriting and claims and will expand its North American nurse network with the addition of more than 2,000 clinicians. These nurses perform face-to-face and telephone screenings in order to collect valuable insight about an applicant’s risk factors or an existing policyholder’s eligibility for benefits. This information helps insurers make informed decisions that lead to better risk management.
LifePlans also offers 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.
“This acquisition showcases LTCG’s willingness to remain committed to the long-term care industry,” said Peter Goldstein, CEO of LTCG. “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.”
LTCG is excited to leverage LifePlans’ unique capabilities and offer the customers of both companies an enhanced set of services and flexible engagement models. The company is expecting minimal disruption to these organizations as this transition takes place, executives say.
Read the acquisition announcement here.