NEWS
LifeWallet Acquires Assignment of Additional MSP Claims with an Overall Paid Amount Exceeding $10.6 billion Comprised of Over 450,000 Medicare Members and Announces it Secured a Waiver of Acceleration on a Second Loan Agreement in the Event of a Negative Going Concern
MIAMI, Oct. 02, 2024 (GLOBE NEWSWIRE) -- MSP Recovery, Inc. d/b/a LifeWallet (NASDAQ:LIFW) ("LifeWallet" or "the Company"), as previously announced on August 2, 2024, today LifeWallet entered into a definitive agreement with Hazel Partners Holdings LLC consistent with the letter agreement.1 LifeWallet acquired the recovery rights to claims as per its assignment of additional Medicare Secondary Payer claims consisting of more than 450,000 Medicare members, as documented by health insurance plans, with an estimated total claims paid amount exceeding $10.6 billion.2
This latest assignment of Medicare Secondary Payer claims exemplifies LifeWallet's continued progress in acquiring additional healthcare claims, paving the way for the discovery and potential recovery of improperly paid claims on the part of Medicare Payers. Because of LifeWallet's existing settlements with insurance companies, any claims pertaining to insurance companies that have already been settled, would be processed under the terms of the settlement without having to resort to costly and time-consuming litigation.
In addition to providing historic claims payment reconciliation, these claims will be onboarded onto the LifeWallet Palantir clearinghouse system, a sophisticated data analytics system created through an exclusive healthcare partnership with Palantir Technologies (NYSE:PLTR). This system utilizes the Palantir Foundry platform through the development of new technological tools and machine learning. It captures and manages healthcare data effectively, enhancing the identification of improper payments.
This further enhances LifeWallet's Chase to Pay model, utilizing its extensive legal infrastructure to enforce Primary Payer obligations through years of federal and state litigation to the extent the health insurance plans are signed. The Company continues to create reimbursement recovery solutions for health insurance plans and healthcare providers, discovering Medicare liens owed to them, capturing instances where another payer should be paying for medical bills, saving the health insurance plans money by not having to pay claims they are not responsible for, and recovering conditional payments from responsible primary payers, such as property and casualty insurers.
This latest assignment of Medicare Secondary Payer claims exemplifies LifeWallet's continued progress in acquiring additional healthcare claims, paving the way for the discovery and potential recovery of improperly paid claims on the part of Medicare Payers. Because of LifeWallet's existing settlements with insurance companies, any claims pertaining to insurance companies that have already been settled, would be processed under the terms of the settlement without having to resort to costly and time-consuming litigation.
In addition to providing historic claims payment reconciliation, these claims will be onboarded onto the LifeWallet Palantir clearinghouse system, a sophisticated data analytics system created through an exclusive healthcare partnership with Palantir Technologies (NYSE:PLTR). This system utilizes the Palantir Foundry platform through the development of new technological tools and machine learning. It captures and manages healthcare data effectively, enhancing the identification of improper payments.
This further enhances LifeWallet's Chase to Pay model, utilizing its extensive legal infrastructure to enforce Primary Payer obligations through years of federal and state litigation to the extent the health insurance plans are signed. The Company continues to create reimbursement recovery solutions for health insurance plans and healthcare providers, discovering Medicare liens owed to them, capturing instances where another payer should be paying for medical bills, saving the health insurance plans money by not having to pay claims they are not responsible for, and recovering conditional payments from responsible primary payers, such as property and casualty insurers.
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