Business
Limitless Venture Group, Inc. in Final Stages of Due Diligence to Acquire Majority Interest in TPA (Third Party Administrator)
Limitless Venture Group, Inc. in Final Stages of Due Diligence to Acquire Majority Interest in TPA (Third Party Administrator).
About this update from Limitless Venture Group Inc.
[{"type":"text","content":"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 designBenefits tailored to needs of employees rather than using off-the-shelf benefit designsPrescription drug formulary design potentially in collaboration with a pharmacy benefits management (PBM) firmBenefit bundling (e.g. medical benefits with dental or disability benefits)Healthcare provider accessDoctor & hospital networkPharmacy networkEnrollment assistancePlan eligibility verification for employees of association membersCOBRA assistance for qualifying individuals who were terminated or had hours reducedCustomer service to plan participantsConsolidated billing across vendors for health plan servicesProcessing of medical claimsClaims processing according to applicable regulationIdentification of billing mistakes from healthcare providersStop loss coverageNegotiating stop loss coverage for self-insured plansDetermination of the "attachment point" for stop loss coverage in consultation with a credentialed health plan actuaryPlan record keepingState and federal plan filingsHealth plan complianceTPAs are often used with self-insured health plans where ...