[ad_1]
CORAL GABLES, Fla., Jan. 02, 2023 (GLOBE NEWSWIRE) — MSP Acquisition, Inc. (NASDAQ: MSPR(“MSPR”, “MSP Recovery”, “Company” or “LIFW”), which recently announced that it will begin operations as LifeWallet in 2023 and will initially change its trademark to “LIFW”. In the year In 2023, the Company announced today that it will enter into a schedule related to the sale of a portion of the Company-owned Custodial Interests, as described and described below, and certain other transactions (the “Time Sheet”).
In the normal course of business, LIFW obtains recoveries from health insurers, health care providers and others and uses its proprietary multi-level data analysis system to then work to obtain recoveries from responsible parties. LIFW typically acquires rights to all claims and pays 50% of recoveries (“Assessment Interest”) as periodic payments and retains the remaining 50% (“MSPR Recovery Process”). In some cases, LIFW has already acquired a 50% interest of the borrower by purchasing a collection contract during recovery. LIFW was able to establish a value for acquisitions that were detrimental to LIFW’s interests by monetizing these claims at a rate far in excess of what the company was paying. Today, LIFW announced that it has entered into a memorandum of understanding regarding the sale of $275 million of select health care claims reimbursement interests (MSP claims) and the receipt of an additional $48 million in service fees related to LIFW’s MSP claims. Selling, therefore, implies that these claims, upon signing the actual documents described herein, will generate far more revenue than what was purchased. The settlement agreement provides for the Company to acquire $330 million in claims relating to general claim rights and certain shareholder interests.
The company’s CEO, John H. “These deals show that there is significant value in the various ways MSPR assets can be monetized. Additionally, by launching additional technology tools and business lines, LIFW will be able to monetize its proprietary systems across its various platforms, aiming to maximize revenue and improve the bottom line with the tools the industry needs. We have gained strong acceptance of our devices in the healthcare industry in a variety of applications. Although we have a very unique business model in the industry and people are starting to understand it with each passing day, we are excited to be able to develop tools beyond our imagination. The biggest reason LIFW is now nationally known is because of our work with college athletes at the NIL site. Public awareness of LIFW has reached a high level because of the basic NIL agreements.
LIFW also announced that it is in negotiations to sign a deal that the company expects to generate approximately $25-30 million in revenue in fiscal year 2023, citing the earlier launch of its national lawyer referral service from lawyers who want to participate on the LifeWallet platform and access this innovative service. In addition to patients, medical providers, and health care payers, the LifeWallet application provides resources for attorneys and their clients—facilitating claims processing by attorneys who can ultimately represent Medicare or Medicaid beneficiaries with physical or mental injuries. It paid off. “Before the creation of MSP (LIFW), I practiced individual cases as well as class actions and MDL litigation. As a result, I know what lawyers need to increase efficiency and reduce costs. The systems developed by LIFW are a great asset to law firms and lawyers around the world when it comes to handling claims.” LifeWallet systems allow for extensive management of issues with LifeWallet’s proprietary systems, a system designed by lawyers for lawyers.
With respect to the financial projections, transactions and timelines described above, there are certain risks and uncertainties. Accordingly, such financial projections may not be achieved and some or all of the transactions contemplated by the prospectus or described above may not be consummated on the terms set forth herein or at all.
Advances in developing its unique ecosystem and expanded capabilities include, among other things, the company’s:
- In collaboration with Tokenology, MSPR has completed the development of state-of-the-art blockchain technology that enables the creation of a comprehensive ledger for all historical and real-time medical claims transactions within the MSP Recovery and LifeWallet ecosystems (see May 20, 2022 press release) “Healthcare Claims on Chain” “Polygon partners with Tokenology and MSP acquisition to simulate”).
- The cornerstone of this technology is the direct entry of biometrics into the ledger as a key authentication component of each transaction. This technology is being tested with a major supplier partner, Cano Health (NYSE: CANO). This allows MSPR to put the patient at the center of the medical claims flow, providing unprecedented transparency and accuracy. (See August 4, 2022 press release titled “MSP Recovery Announces LifeWallet Implementation at Kano Health Medical Centers”).
- Additionally, MSP Recovery’s partnership with Palantir (NYSE: PLTR) and use of its Foundry platform has resulted in one of the most advanced healthcare analytics tools available (see October 11, 2021 “MSP Recovery and Palantir” press release). Partner to Transform Communication Across the US Health Care System”). This tool provides key metrics for providers and payers with medical claims data that reveals information about payer rules, payment cycles, fraud analytics, and helps eliminate waste when improper payments are detected. and possible recoveries.
“We are excited to continue to innovate and disrupt the healthcare system and believe we have great momentum heading into 2023,” Ruiz said.
About MSP recovery
In the year Founded in 2014, MSP Recovery is a leader in Medicare, Medicaid, commercial and secondary payer reimbursement, disrupting the healthcare payment system with data-driven solutions that enable recovery for responsible entities. MSP Recovery provides comprehensive compliance solutions to the healthcare industry, while innovating technologies that help save lives. For more information, visit www.msprecovery.com
Disclosure in connection with the contract sheet
The Agreement Term Sheet shall create a legally binding obligation on the parties only to the extent that: such parties shall act to consummate the negotiations, and shall, in their sole discretion, agree to and file accurate documents relating to the contemplated transactions. Time Sheet within 30 days or such other date as may be mutually agreed upon by such parties. None of the transactions contemplated by the Term Sheet or these Important Documents shall be consummated unless and until all applicable parties have been executed and the relevant closing conditions set forth herein have been satisfied or waived.
Forward looking statement
This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements can generally be identified by words such as “expect,” “believe,” “anticipate,” “expect,” “plan,” and “will” or, in each case, negative or other variations. or equivalent terms. 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. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statements made by MSPR in this press release, its filings with the Securities and Exchange Commission (“SEC”) and other public statements made from time to time speak only as of the date made. New risks and uncertainties arise from time to time, and it is impossible for MSPR to predict or identify all such events or how they may affect them. MSPR undertakes no obligation to, and has no intention of, updating any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that may account for these differences include MSPR’s ability to properly utilize allocation agreements and recover monies paid by its allocators. Results of the trial; accuracy of classifications for MSPR claims; failure to successfully expand the scope of MSPR’s claims or obtain new information and claims from MSPR’s existing patient base or otherwise; MSPR’s inability to create and develop new solutions, or the failure of those solutions to be accepted by MSPR’s existing and potential acquirers; Adverse reporting regarding health care data analysis and payment accuracy; Powered by MSPR is LifeWallet’s ability to implement health security technology and school security technology and is included in MSPR’s annual reports on Form 10-K, quarterly reports and other reports filed with the SEC. These statements constitute the company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
For media:
ICR, Inc.
MSP@icrinc.com
For Investors:
ICR, Inc.
Mark Griffin
Marc.Griffin@icrinc.com
[ad_2]
Source link
