Limitless Venture Group, Inc. in Final Stages of Due Diligence to Acquire Majority Interest in TPA (Third Party Administrator)
TULSA, OK / ACCESSWIRE / May 5, 2021 / Limitless Venture Group, Inc. (OTC PINK:LVGI), 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 reported it has received all the requested Due Diligence material and is now in the process of reviewing that material and anticipates closing this deal by the end of this quarter, June 30, 2021.
"We are working through all the financials and business related documents as well as discussing with the current owner what his vision is for his company now that he will be a part of the LVGI family of companies and how we can grow his business exponentially over the next few years" states Joseph Francella, CEO of LVGI.
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.
"This is confirmation that we are going in the right direction." says Devon Diaz, P.E.,COO of Limitless Venture Group, Inc. "We have been working on this vision for almost a year now and we are enthusiastic about the fact that it is coming to fruition. This is just the beginning for LVGI as it is our intention to become a major player in the employer sponsored health care industry."
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. www.jasperbenefitsolutions.com
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. www.rokinvapes.com
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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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.