ST. LOUIS PARK and EAGAN, Minn. — Lifespark, a senior health company based in St. Louis Park, has agreed to acquire Eagan-based Livio Health, a wholly owned subsidiary of Blue Cross and Blue Shield of Minnesota 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.
Concurrent with the announcement, 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 were not 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,” says Joel Theisen, CEO and founder of Lifespark. “It’s a significant opportunity to provide Minnesota seniors in both the Twin Cities metro and out-state 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.”
Livio Health became the care delivery arm for the parent company of Blue Cross and Blue Shield of Minnesota as a start-up in 2016. It has since grown into a team of approximately 100 employees, including doctors, nurse practitioners, social workers and support staff that deliver home-based primary care, urgent care and palliative services to seniors throughout Minnesota.