Tribe purchases Shasta Administrative Services
REDMOND - Lamatsin LLC, a company with the Confederated Tribes of Grand Ronde as the majority partner, purchased Shasta Administrative Services, a third-party administrator for health care services, from Jeld-Wen Inc. on Nov. 1.
Lamatsin is a partnership between the Tribe's Huyhuy (Chinook for "to do business with or trade with") LLC and Hawaii-Western Management Group Inc. of Honolulu, Hawaii. Huyhuy owns 51 percent of Lamatsin and HWMG owns the other 49 percent.
Grand Ronde Tribal Director of Economic Development Titu Asghar said the acquisition of Shasta Administrative Services is part of the Tribe's two-pronged strategy regarding economic development.
Since Shasta was already processing health claims for the Tribe's self-funded health plans, it was a synergistic purchase, Asghar said. In addition, it will help the Tribe diversify its economic interests beyond gaming (Spirit Mountain Casino) and timber from its more than 10,000-acre reservation.
"Synergy and diversity are keys to the Tribe's economic development philosophy," Asghar said.
Shasta was formed in Jan. 1, 2001, to serve the needs of Jeld-Wen and other self-funded employers in the Pacific Northwest. The Confederated Tribes of Grand Ronde became a Shasta client on Jan. 1, 2009.
Asghar said Shasta will market its services to other Tribes nationally and other commercial interests, locally and nationally.
Shasta will remain in Redmond, where it has built brand equity, he added.
Asghar said the purchase of Shasta Administrative Services continues the Grand Ronde Tribe's commitment to Oregon, as well as honoring the Tribal culture of planning seven generations into the future to provide for its Tribal membership.
The minority owner, HWMG, provides third-party services for both insured and self-funded employer groups' health plans in Hawaii and viewed the purchase as an exciting opportunity to expand the company's business to the mainland.
Asghar said the current Shasta management team will remain in place and that the Tribe will not actively manage the company.