MSP Recovery, LLC (“MSP” or “MSPR”), a Medicare, Medicaid,
commercial, and secondary payer reimbursement recovery leader today
announced it has entered into a Data Transfer Agreement (the
“Agreement”) with one of the leaders in Mexican data and
cybersecurity, SeguriTech, S.A. de C.V. (“SeguriTech”), positioning
MSPR to expand its services internationally.
On May 18, 2022, Lionheart Acquisition Corporation II (Nasdaq:
LCAPU, LCAP, LCAPW, “Lionheart” or “LCAP”), a publicly traded
special purpose acquisition company, announced that shareholders of
record as of April 18, 2022 approved the previously announced
business combination (the “Business Combination”) with MSP
Recovery, LLC, a Medicare, Medicaid, commercial, and secondary
payer reimbursement recovery leader. The closing of the business
combination is expected to occur today.
Following the closing of the business combination, LCAP’s Class
A Common Stock will cease trading on the Nasdaq Capital Market
under the symbol “LCAP”, and begin trading on Nasdaq Global Market
under the symbol “MSPR”.
The Agreement with SeguriTech announced today positions MSPR to
expand its LifeWallet platform – launched on January 10, 2022 – to
the global healthcare marketplace where LifeWallet is actively
pursuing expansion opportunities in countries that utilize the
ICD-10 coding system, which is being implemented by World Health
Organization (WHO) member states. Approximately 27 countries
currently use ICD-10 for reimbursement and resource allocation in
their health system, and the unchanged international version of
ICD-10 is used in 117 countries for performing cause of death
reporting and statistics.
LifeWallet is also part of MSP Recovery’s “Chase to Pay”
platform, providing real-time analytics at the point of care,
helping identify the primary insurer, assisting providers in
receiving reasonable and customary rates for accident-related
treatment, shortening MSPR’s collection time frame, and increasing
revenue visibility and predictability.
With a population of more than 120 million, Mexico has a
three-tiered healthcare system. In addition to private insurance,
Mexico’s social security program, Instituto Mexicano de Seguro
Social (IMSS), provides healthcare to employees in the private and
public sectors as well as those voluntarily enrolled. The other
offering in Mexico’s public health insurance system is Seguro
Popular, which provides coverage to those who do not qualify for
IMSS due to pre-existing conditions or for financial reasons.
Seguro Popular largely covers Mexico’s homeless and unemployed
population and is funded by both federal and state funds — similar
to the United States’ Medicaid program.
Headquartered in Mexico City, SeguriTech provides data analysis,
cloud storage, cybersecurity, and video and image analytics
services to the information technology, health, public safety,
sports, construction, residential, and telecommunications sectors.
With more than 26 years in operation, an expansive international
presence, and more than 1,200 employees, SeguriTech offers
comprehensive hardware and software solutions spanning from
residential security systems to AI-enabled biometrics.
This Agreement enables MSPR to approach payers in Mexico’s
public health system to provide its reimbursement recovery
services. MSPR will evaluate the vast archives of data that
SeguriTech gathers and maintains pertaining to the more than 120
million individuals across Mexico’s 32 states, to identify
potential recoveries and assist in further data analysis.
Currently, MSPR identifies and pursues recoveries for approximately
30% of the U.S. Medicare Advantage market. This Agreement furthers
MSPR’s initiative to become a global claims recovery leader.
Additionally, individuals participating in Mexico’s public
health system must often overcome obstacles like overcrowded
hospitals, long wait times, and gaps in the quality of care found
in rural versus urban areas. This Agreement stimulates
collaboration between SeguriTech’s innovative health solutions and
infrastructure and MSPR’s LifeWallet platform, which allows the
secure storage, validation, and transfer of personal, medical and
prescription data. The combination will aim to provide healthcare
insights, communication tools, and access to patient information to
improve healthcare quality and reach, facilitate patient-provider
interoperability, and enhance patient experience throughout the
region.
“MSPR will continue to identify and pursue opportunities to
expand its recovery efforts in the United States of America and
abroad,” said MSP Recovery Founder and CEO, John H. Ruiz. “Our
partnership with SeguriTech positions us to expand into the
significant Mexican healthcare industry, and LifeWallet to
capitalize on the growing utilization and implementation of ICD
coding in countries across the world. We are actively pursuing
opportunities in several other countries.”
About MSP Recovery
Founded in 2014, MSP Recovery has become a Medicare, Medicaid,
commercial, and secondary payer reimbursement recovery leader,
disrupting the antiquated healthcare reimbursement system with
data-driven solutions to secure recoveries against 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
About Lionheart Acquisition Corporation II
Lionheart Acquisition Corporation II is a blank check company
formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. On May
18, 2022, Lionheart announced that shareholders of record as of
April 18, 2022 approved the previously announced business
combination (the “Business Combination”) with MSP Recovery, LLC.
For more information, visit: www.LCAP2.com.
No Offer or Solicitation
No offer or offering of equity interests or securities of any
kind is being made, conducted or extended at this time. This
communication is for informational purposes only and does not
constitute or include an offer to sell, or a solicitation of an
offer to purchase or subscribe for, equity interests or securities
of any kind or a solicitation of any vote of approval, nor shall
there be any sale, issuance or transfer of any such securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction. Any such offer or
solicitation will be made only in connection with the delivery of a
prospectus meeting the requirements of the Securities Act of 1933,
as amended (“Securities Act”), or exemptions therefrom.
Cautionary Note Regarding Forward Looking Statements
This communication includes forward looking statements within
the meaning of the safe harbor from civil liability provided for
such statements by the Private Securities Litigation Reform Act of
1995 (set forth in Section 21E of the Securities Exchange Act of
1934, as amended (“Exchange Act”) and Section 27A of the Securities
Act, which include information relating to future events, future
financial performance, strategies, expectations, competitive
environment, regulation and availability of resources and involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements to be
materially different from any future results, performances or
achievements expressed or implied by the forward-looking
statements. These statements are often accompanied with or by words
such as “expects”, “plans”, “ projects”,” forecasts”,” estimates”,”
intends”, “expects”, “anticipates”, “seeks”, “ targets”,
“continues”, “ believes”, “opinion”, “will”, “could”, “future”,
“growth”, or “may” (or the negatives thereof) or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These forward
looking statements include, but are not limited to, statements
regarding MSP’s plans, goals and objectives, forecasts, budgets or
projections and any related assumptions and statements and the
implied enterprise value and MSP’s expectations with respect to
future performance. There is no guarantee that prospects or results
or the timing of events included or referred to in this
communication, including the continued utilization of LifeWallet,
or that it will save lives, will be achieved or that MSP will be
able to implement successfully its investment strategy or achieve
its investment objectives or return targets. Accordingly, we
caution you against relying on forward-looking statements. Forward
looking statements also are subject to a number of significant
risks and uncertainties that could cause the actual results to
differ materially, and potentially adversely, from those express or
implied in the forward-looking statements. These statements are
based on various assumptions, whether or not identified in this
communication, and on the current expectations of management and
are not predictions of actual performance. Actual events and
circumstances are difficult or impossible to predict and may differ
from assumptions, and such differences may be material. Many actual
events and circumstances are inherently subject to significant
business, economic and competitive uncertainties and contingencies,
and are beyond the control of MSP and are difficult to predict.
These forward-looking statements are provided for illustrative
purposes only and are not intended to serve as, and must not be
relied on by any investor as, a guarantee, an assurance, a
prediction or a definitive statement of fact or probability.
Factors that may cause such differences include, but are not
limited to, operating costs and future business, investment,
holding and sale decisions and costs; the risks that the
anticipated benefits of the launch and adoption of LifeWallet are
not realized or are delayed; the risks associated with MSP’s
business, including, among others, MSP’s ability to capitalize on
its assignment agreements and recover monies that were paid by the
assignors; litigation results; the validity of the assignments of
claims to MSP; a determination that MSP’s claims are not
reasonable, related or necessary; the failure of MSP’s clients to
renew their agreements with MSP (or terminate those agreements
early); MSP’s claims being within applicable statutes of
limitations; the inability to successfully expand the scope of
MSP’s claims or obtain new data and claims from MSP’s existing
assignor base or otherwise; the limited number of MSP’s assignors
and the associated concentration of MSP’s current and future
potential revenue; internal improvements to claims and retail
billing processes by MSP’s clients that reduce the need for and
revenue generated by MSP’s products and services; healthcare
spending fluctuations; programmatic changes to the scope of
benefits and limitations to payment integrity initiatives that
reduce the need for MSP’s services; delays in implementing MSP’s
services to its claims; system interruptions or failures;
cyber-security breaches and other disruptions that could compromise
MSP’s data; MSP’s failure to maintain or upgrade its operational
platforms; MSP’s failure to innovate and develop new solutions, or
the failure of those solutions to be adopted by MSP’s existing and
potential assignors; MSP’s failure to comply with applicable
privacy, security and data laws, regulations and standards,
including with respect to third party providers; changes in
legislation related to healthcare programs and policies; changes in
the healthcare market; negative publicity concerning healthcare
data analytics and payment accuracy; competition; successfully
protecting MSP’s intellectual property rights; the risk that third
parties may allege infringement of their intellectual property;
changes in the healthcare regulatory environment and the failure to
comply with applicable laws and regulations or the increased costs
associated with any such compliance; failure to manage MSP’s
growth; the inability to attract and retain key personnel; MSP’s
reliance on its senior management team and key employees and the
loss it could sustain if any of those employees separated from the
business; the failure of vendors and providers to deliver or
perform as expected, or the loss of such vendors or providers;
MSP’s geographic concentration; MSP’s relatively limited operating
history, which makes it difficult to evaluate its current or future
business prospects; the impact of the ongoing COVID-19 pandemic;
and the risk that MSP may not be able to develop and maintain
effective internal controls. The foregoing list of factors is not
exhaustive. If any of these risks materialize or MSP’s assumptions
prove incorrect, actual results may differ materiality from the
results implied by these forward-looking statements. There may be
additional risks that we do not presently know or currently believe
are immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. The foregoing
list of factors is not exclusive. This communication speaks only as
of the date indicated, and the statements, expressions, information
and data included therein may change and may become stale,
out-of-date or no longer applicable. We do not have, and do not
undertake, any obligation to update, amend or revise this
communication (or to provide new, amended or revised materials),
including with respect to any forward-looking statements, whether
as a result of new information, future events, changed plans or
circumstances or any other reason, except as required by law. The
communication should not be relied upon as representing our
assessments as of any date subsequent to the date of this
communication. Accordingly, undue reliance should not be placed
upon the communication, including the forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220523005649/en/
For Media: ICR, Inc. MSP@icrinc.com
For Investors: ICR, Inc. Marc Griffin
Marc.Griffin@icrinc.com
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