Oak Investment Partners and Mansa Capital have recapitalized Independent Living Systems, a provider of long-term care, care management, post-discharge and nutrition services to the elderly and other special needs groups. Terms of the deal were not released.
Independent Living Systems LLC (“ILS”), a national leader in providing innovative long-term care, care management, post discharge and nutrition services to the elderly, dual eligible and special needs populations, today announced that it has completed a strategic recapitalization. The funding included new investors Oak Investment Partners, one of the preeminent growth-oriented investors in healthcare and information technology sectors, and Mansa Capital, a healthcare private equity investment firm.
Ann Lamont, Managing Partner, Oak Investment Partners, commented, “ILS fulfills a major unmet need in the marketplace, providing cost-effective care management and long-term care solutions for the growing elderly population. We are pleased to make this strategic investment in ILS that will enable it to strengthen its product offerings and expand its national footprint.”
As healthcare costs for the elderly continue to increase, states across the U.S. are investigating new service delivery and payment models and considering long-term home care as a cost-effective alternative to nursing home care. States including Florida, California and New York are instituting policies that will move nursing home patients back into their homes and communities for more efficient care. In addition, 37 states recently announced to the Centers of Medicare and Medicaid Services (CMS) their intent to develop integrated health plans for Medicare and Medicaid beneficiaries, to be implemented by early 2013.
Ruben J. King-Shaw, Jr., Managing Partner and Chief Investment Officer at Mansa Capital and the former Deputy Administrator & Chief Operating Officer at the Center for Medicare and Medicaid Services, noted, “Medicaid reforms that include capitating managed care organizations (MCOs) for long-term care and integrating Medicare and Medicaid benefits within a single plan are being implemented rapidly throughout the United States. This will require MCOs to develop systems and expertise in managing special needs populations, as well as providing services that they had not previously managed. ILS provides an outsourced solution for many of these plans and brings its more than 15 years of experience in managed long-term care to the table.”
ILS provides an integrated suite of healthcare management, nutritional and long-term care services nationwide to over two million covered lives in collaboration with managed care organizations, private insurers, and state and local government entities. The Company utilizes sophisticated care analytics and logistics software and a team of highly-trained nutritionists, nurses, caregivers and other health professionals, to coordinate care between health plans, hospitals, physicians and patients.
Nestor Plana, President and Chief Executive Officer, Independent Living Systems, stated, “Our mission is to significantly enhance quality of life by providing innovative health and social support solutions to individuals who are frail, elderly, and underprivileged, while at the same time lowering the cost structure for the healthcare system. Long-term care costs are continuing to rise and represent nearly half of states’ healthcare budgets. Enabling the elderly population to stay in the home, where they prefer to be, significantly reduces healthcare costs.”
About Independent Living Systems
Independent Living Systems (“ILS”) provides an integrated suite of care management solutions that combats the fragmentation of health care today. While coordinating health plan and state benefits, ILS completes the customer support network utilizing home and community based services to bridge gaps. Its information technology backbone allows for solutions to integrate into existing customer business workflows and technology infrastructures. Real time delivery of data allows its business partners the ability to rapidly perform strategic analysis, targeted oversight and implement new interventions as their health care models changes.
Founded in 2001, ILS has expanded its geographical footprint and provides services nationwide in 43 states. ILS combines sophisticated care analytics, including self-reported and clinical data, to generate care plans, which teams of highly-trained nutritionists, nurses, caregivers, and other healthcare professionals administer. ILS’ goal of optimizing health for the individuals, who are elderly, frail, have chronic medical conditions or other special needs, is ideally positioned as a national solution for rebalancing health care costs.