Water Street Invests in ELAP Services
Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, announced today that it has completed a growth investment in ELAP Services LLC.
Headquartered in Wayne, Pa., ELAP specializes in reducing health insurance costs for mid-size companies across the United States.
Steve Kelly, co-founder and chief executive officer of ELAP, said, “When we founded ELAP, it was with the belief that we could make a difference in helping companies offer their employees high-quality, affordable health care by bringing transparency to health care expenses – one of the top cost drivers for any organization. Today, we are saving companies and their employees millions of dollars in health insurance costs. With Water Street, we gain a partner with the industry expertise and resources to expand our services and make an even greater impact on behalf of our clients.”
ELAP works with companies to design self-insured health plans and manage their medical claims. It conducts detailed audits on their medical bills and reprices them based on an analysis of the medical providers’ actual costs and Medicare rates. On average, each case managed by ELAP reduces employers’ long-term health care expenses by as much as 25 percent. Over the past ten years, ELAP has grown to serve more than 400 companies.
“ELAP provides a unique and valuable solution that addresses an important need in the market,” said Steve Cosler, operating partner, Water Street. “We are honored that Steve and his team have selected Water Street as their partner. We look forward to contributing our expertise to extend ELAP’s services into new areas and build greater long-term value in the business.”
Mr. Kelly, along with co-founder C. Woody Waters, and Chief Operating Officer Enelia Gonzalez will continue to lead the company. Mr. Cosler, who has more than 30 years of leadership experience in outsourced health care services, and Ned Villers and Max Mishkin with Water Street, will join Messrs. Kelly and Waters as members of the board of directors.