Limitless Venture Group, Inc. Has Signed Term Sheet to Acquire a Majority Interest in TPA (Third Party Administrator)
TULSA, OK / ACCESSWIRE / March 9, 2021 / (OTC PINK:LVGI) Limitless Venture Group, Inc. ("LVGI" or "the Company") a publicly-traded holding company that provides its shareholders with access to investment opportunities in small and medium-sized businesses uniquely positioned for rapid growth, today announced it has signed a term sheet to acquire a majority interest in an unnamed Third Party Administrator (TPA). This acquisition will be the Company's SECOND acquisition into the estimated $200+ Billion Dollar Third Party Administrator (TPA) and MGU Marketplace.
Joseph Francella, LVGI CEO, states "I am excited to make this announcement. It shows our business model is correct and working for all our shareholders. This is the next step in our 3-year plan of acquiring 104,000 employee-lives under management and based on our analysis, that has the potential to generate annual revenues of approximately $55 million".
LVGI COO Devon Diaz adds, "When completed, this will be a major acquisition for LVGI as it will allow us to continue to grow our vision of developing a world class TPA that will provide employees access to the best healthcare programs in the United States while at the same time, helping employers control their healthcare expenditures. We hope to close this acquisition by the end of March/beginning of April and at least 2 more TPA acquisitions before the end of summer as we have been receiving positive interest from TPA's that hope to be a part of the LVGI vision."
A third party administrator, otherwise known as a TPA, is a business organization that performs administrative services for a health plan such as billing, plan design, claims processing, record keeping, and regulatory compliance activities.TPAs help with the design, launch, and ongoing management of a health plan. TPA services are normally configured to the needs of the client. Examples of services that a third-party administrator could potentially provide a health plan are:
- Benefit design
- Benefits tailored to needs of employees rather than using off-the-shelf benefit designs
- Prescription drug formulary design potentially in collaboration with a pharmacy benefits management (PBM) firm
- Benefit bundling (e.g. medical benefits with dental or disability benefits)
- Healthcare provider access
- Doctor & hospital network
- Pharmacy network
- Enrollment assistance
- Plan eligibility verification for employees of association members
- COBRA assistance for qualifying individuals who were terminated or had hours reduced
- Customer service to plan participants
- Consolidated billing across vendors for health plan services
- Processing of medical claims
- Claims processing according to applicable regulation
- Identification of billing mistakes from healthcare providers
- Stop loss coverage
- Negotiating stop loss coverage for self-insured plans
- Determination of the "attachment point" for stop loss coverage in consultation with a credentialed health plan actuary
- Plan record keeping
- State and federal plan filings
- Health plan compliance
TPAs are often used with self-insured health plans where the organization wants the savings associated with self-insuring but not all the operational work that goes with those savings. Self-funded health plans are governed by ERISA and TPAs supporting an ERISA health plan must comply with ERISA's requirements including fiduciary responsibilities. The Society of Professional Benefit Administrators estimates that 60 percent of U.S. workers with non-federal benefits are in health plans using third-party administrator services.
Our subsidiary, Jasper Benefits Solutions, will be an integral part of, work hand-in-hand with, and generate revenues from our TPA to create the stop loss coverage giving their clients the best coverage for the lowest cost.
In other company news: Rokin has blasted revenues for January and February 2021 that are 60% better than the same period last year. KetoSports is still rebranding and we anticipate revenue growth to get back on track next quarter. Both of these subsidiaries will benefit from our TPA business model and vision of bringing the best healthcare, with care being the operative word here, to the marketplace.
About Limitless Venture Group, Inc.
Limitless Venture Group provides its shareholders with access to leading small and medium-sized businesses focused on growth. Leveraging its permanent capital base, disciplined long-term approach, and actionable expertise, LVGI owns controlling interests in its subsidiaries as it partners with management teams to build businesses with the capacity to unlock significant value for its shareholders.
For more information, please visit: www.lvginc.com.
The Company currently has three primary subsidiaries: Jasper Benefit Solutions, LLC, Rokin, Inc., and KetoSports, Inc.
About Jasper Benefit Solutions, LLC
Jasper Benefit Solutions, LLC (JBS), founded in 2018 with headquarters just outside Nashville, TN, is a Managing General Underwriter (MGU) specializing in risk management services for small to medium self-funded employer "Groups". MGUs, unlike general agents within insurance industries, are certified to underwrite health and life benefits policies on behalf of their carrier-partners. Jasper's niche is the unique ability and authorization from a well-known, nationally recognized insurance carrier to underwrite Groups as small as five (5) employees as well as offering limited benefit insured products for groups with part-time employees not able to participate in their health plans.
About Rokin, Inc.
Rokin was founded in 2016 with a mission to provide our customers with the highest quality, technology-driven vaping products available while providing exceptional customer service. Rokin Vapes are rigorously tested by Rokin and multiple consumer focus groups to ensure the products meet strict quality standards before any production takes place. After a product is selected and production complete, the product is certified to the latest FCC, CE standards (which are required for all vaping products) but then Rokin goes above and beyond to certify our vaping products to the latest RoHS standard, which restricts the use of six hazardous materials commonly found in electronic products.
About KetoSports, Inc.
KetoSports products flush the body with ketones, raising blood ketone levels within a few minutes. Because the body and brain use ketones as its preferred energy source and are used first for energy demands, KetoSports products are essential for anyone who wants to prolong energy reserves for their athletic events or for those who just want to benefit from carb-free, stimulant-free mental energy and enhanced acuity.
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Disclaimer Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts, including, without limitation, statements that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development, may be deemed to be forward-looking statements. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. These statements are subject to risks and uncertainties. Forward-looking statements are based on current facts and analysis and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of the release. Except as may be required under applicable law, we assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
SOURCE: Limitless Venture Group, Inc.