Subject to state regulatory approval, the similarly named RiverSpring Living will end its affiliation with ElderServe Health, with the latter joining CareSource’s family of brands.
“As demographics continue to shift, the need for long-term services and support will triple by 2050,” said Erhardt Preitauer, president and CEO, CareSource.
CareSource will help ElderServe Health’s members access long-term support services through their health plans, while RiverSpring Living will focus on providing residential, supportive and assisted living services directly to New Yorkers.
“Growing our family of brands allows us to deepen our collective impact by improving quality of life and health outcomes for some of the most vulnerable populations in our country,” Preitauer said.
CareSource is ideally suited to acquire control of ElderServe Health, said David V. Pomeranz, president and CEO of RiverSpring Living.
“RiverSpring Living will continue to prioritize residential, supportive and assisted living at our Riverdale campus,” Pomeranz said.
ElderServe Health covers long-term care services for more than 20,000 older adults and adults with disabilities in New York City, as well as in Westchester, Nassau and Suffolk counties. The organization does so through the New York State Medicaid Managed Long Term Care Program and a variety of Medicare Advantage plans.
“CareSource’s innovation and managed care expertise will support ElderServe Health’s commitment to high-quality care and strong community connections,” said Scott Markovich, executive vice president of markets and products at CareSource.
ElderServe Health headquarters and employees will remain in New York. There is no anticipated disruption to member coverage as ElderServe Health becomes part of the CareSource family of brands, CareSource said.
“We will not be adding jobs in Dayton as a result of this affiliation. ElderServe Health will remain in New York and its employees will continue to work from their current locations,” CareSource said in an organizational statement.
As CareSource integrates ElderServe Health into its operations, CareSource will continuously evaluate opportunities to strengthen its workforce and enhance its services, the health insurer said.
CareSource administers one of the nation’s largest Medicaid managed care plans and is one of the largest employers the Dayton area with about 1,000 local employees. CareSource boasts an annual revenue of $11.1 billion and employs more than 4,700 people nationwide.
CareSource offers services in nine other states, servicing mostly Medicaid managed care and Marketplace members, as well as covering some members who are dually eligible for Medicare and Medicaid, such as in Ohio and Georgia. Overall, its plans cover more than 2 million people.
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