CORAL GABLES, Fla., Aug. 22, 2022 (GLOBE NEWSWIRE) — MSP Recovery, Inc. (NASDAQ: MSPR) (“MSP Recovery” or the “Company”), a leader in commercial, Medicare, Medicaid and secondary payor reimbursement technology and reimbursement, today provided a commercial update.

  • MSP Recovery, which powers LifeWallet, has grown from eleven thousand (11,000) unique healthcare members in 2014 to over 34 million unique healthcare members as of August 11, 2022, with an additional 3 million expected by September 30 . , 2022.
  • MSP Recovery, in partnership with Tokenology, has completed the development of state-of-the-art blockchain technology designed to address the significant issues facing the healthcare industry today, including fraud, payment inefficiencies and outdated processes, to deliver real-time, decentralized services that connect patients to providers and their own medical data like never before.
  • MSP Recovery was able to leverage Palantir’s Foundry platform to create one of the most advanced healthcare analytics tools available that provides real-time diagnostics to payers and healthcare providers .
  • Together, these systems allow MSP Recovery to identify the correct payer in real time, avoid improper payments and maximize collections.

MSP Recovery, which powers LifeWallet, has grown from 11,000 unique healthcare members in 2014 to over 34 million unique healthcare members as of August 11, 2022. Based on the agreements MSP Recovery already has in place, the company expects to receive data from more than 3 million additional unique healthcare members by September 30, 2022.

MSP Recovery has also made significant advancements in developing MSP’s unique ecosystem and capabilities.

MSP Recovery, in partnership with Tokenology, has completed the development of cutting-edge blockchain technology, which enables the creation of a ledger for all historical and real-time medical claims transactions across the MSP and LifeWallet ecosystems (See Press release dated May 20, 2022 entitled “Polygon Partners with Tokenology and MSP Recovery to Tokenize Healthcare Claims On-Chain”).

A cornerstone of this technology is the integration of biometrics directly into the register, as a key verification element of every transaction. This allows MSP Recovery to place the patient at the center of the medical claims flow, providing unprecedented levels of transparency and accuracy. This technology is being tested with key vendor partners who are already poised to see the benefits (See Press release dated August 4, 2022 titled “MSP Recovery Announces Program to Implement LifeWallet at Cano Health Medical Centers”).

MSP Recovery, in partnership with Palantir, was able to leverage Palantir’s Foundry platform to create one of the most advanced healthcare analytics tools available (See Press release dated October 11, 2021 titled “MSP Recovery and Palantir Partner to Transform Connectivity in the U.S. Healthcare System”). This tool provides key metrics for providers and payers of all kinds by providing granular visibility into medical claims data that reveals insights into payer rules, billing cycles, fraud analysis, and provides information on reducing labor hours, increasing efficiency and eliminating waste through discovery. abusive payments and potential recoveries.

Together, these systems enable MSP Recovery to identify the correct payer in real time, avoiding improper payments and maximizing recoveries in accordance with contractual and statutory requirements. With these technologies, MSP Recovery is in a unique position to deliver these solutions at scale, starting with the 34 million members of the MSP Recovery ecosystem.

“I’m pleased with the progress we’ve made,” said John H. Ruiz, Founder and CEO of MSP Recovery. “We are exceeding our forecast schedule for a large part of our technology projects. Between blockchain and our partnership with Palantir, we help our own business identify and collect historical claims and position LifeWallet to monetize its systems by identifying huge flaws in historical claims from the past and monetizing them at an even greater scale. great in preventing rifts in the future. These systems increase revenue, reduce costs, and save lives through accurate medical treatment and billing. »

About MSP Recovery
Founded in 2014, MSP Recovery has become a leader in reimbursement recovery from Medicare, Medicaid, commercial and secondary payers, disrupting the antiquated healthcare reimbursement system with data-driven solutions to secure recoveries from responsible parties. MSP Recovery provides the healthcare industry with comprehensive compliance solutions, while innovating technologies to help save lives. For more information visit: www.msprecovery.com

Forward-looking statement
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can generally be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan” and “will” or, in each case , their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, these statements are not guarantees of future performance and actual events may differ materially from those expressed or implied by the forward-looking statements. Any forward-looking statements made by MSP Recovery in this press release, its filings with the Securities and Exchange Commission (the “SEC”), and other public statements made from time to time speak only as of the date on which they have been made. New risks and uncertainties arise from time to time, and it is impossible for MSP Recovery to predict or identify all of these events or how they may affect it. MSP Recovery is under no obligation and does not intend to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to, MSP Recovery’s ability to capitalize on its assignment agreements and recover monies paid by assignors; the results of litigation; the validity of assignments of receivables to MSP Recovery; the inability to successfully expand the scope of MSP Recovery’s claims or obtain new data and claims from MSP Recovery’s existing assignor base or otherwise; MSP Recovery’s inability to innovate and develop new solutions, or the failure of such solutions to be adopted by existing and potential licensors of MSP Recovery; negative publicity regarding the analysis of health data and the accuracy of payments; LifeWallet powered by MSP Recovery’s ability to implement its health security technology and school security technology, and other factors included in MSP Recovery’s annual reports on Form 10-K, quarterly reports on Form 10-Q and other reports filed by him with the SECOND. These statements constitute the Company’s warnings under the Private Securities Litigation Reform Act of 1995.


        

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