CareSource expands to New York market with affiliation

Sep. 3—Dayton-based health insurer CareSource has received regulatory approval to acquire ElderServe Health Inc., a managed care organization serving New York City, as well as Westchester, Nassau and Suffolk Counties.

CareSource and ElderServe Health, which does business as RiverSpring Health Plans, announced plans in March for affiliation pending approval by the New York Department of Health.

ElderServe Health provides long-term service and support to more than 20,000 older adults and individuals with chronic conditions, according to the companies.

"This is an important step in improving long-term care for older adults and individuals with chronic conditions in New York," said Scott Markovich, executive vice president of markets and products for CareSource. "Our partnership strengthens our ability to deliver whole-person care, helping our members thrive in their communities with the support they need."

Under the agreement, ElderServe Health will maintain its headquarters in New York and will keep all 400 of its employees. Financial terms were not disclosed.

The affiliation went into effect Sept. 1.

With the affiliation, CareSource offers services in 14 states, servicing mostly Medicaid managed care and Marketplace members, as well as covering some members who are dually eligible for Medicare and Medicaid.

CareSource has more than 35 years of experience in Medicaid managed care and is currently serving more than two million people. CareSource boasts an annual revenue of more than $11 billion and employs more than 4,700 people nationwide, which includes about 1,000 in the Dayton region.

ElderServe Health offers Medicaid managed long-term care, Medicare-only and integrated Medicaid-Medicare plans.

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