Lifespark, a complete senior health company based in St. Louis Park, Minn., today announced that it is acquiring Livio Health, a wholly owned subsidiary of the parent company of Blue Cross and Blue Shield of Minnesota (Blue Cross) that provides in-home health services to people with chronic and complex illness.
The purchase agreement will integrate all operational components of Livio Health, as well Livio Health employees, into the current systems and capabilities of Lifespark throughout the state. Moreover, the parent company of Blue Cross has secured a minority owner stake in Lifespark through a cash investment made in addition to the valuation of Livio Health. Financial terms are not being disclosed. The transition will take place over the next several months, with no disruption in patient care from Livio Health.
“This is more than an acquisition or an investment,” said Joel Theisen, BSN, RN, CEO and founder of Lifespark. “It’s a significant opportunity to provide Minnesota seniors in both the Twin Cities metro and outstate areas with a different experience than what they have now. The reality is that while we’ve spent billions caring for the senior population, there is still so much waste in the experience they face through a revolving door of hyper-segmented care. This is a commitment to break the fragmentation and poor outcomes with an innovative solution.”