LifeWallet Announces a Comprehensive Settlement with 10 Affiliated Property & Casualty Insurers, Doing Business in 15 States
18 Abril 2024 - 7:06PM
MSP Recovery, Inc. d/b/a LifeWallet (NASDAQ: LIFW) (“LifeWallet” or
“the Company”) announces another comprehensive settlement with 10
affiliated property and casualty insurers (“P&C Insurers”) that
write personal lines of P&C insurance in 15 states. In addition
to settling existing claims, the settlement establishes a
going-forward process to collaboratively and timely resolve future
claims, as well as share important historical data that is expected
to enhance LifeWallet’s claims reconciliation capabilities,
benefiting its Medicare clients across the mainland U.S. and Puerto
Rico. The settlement includes:
- The P&C Insurers’ agreement to provide historical data for
claimants and also assist LifeWallet in reconciling its relevant
current and future assigned Medicare claims;
- The carrier will assign to
LifeWallet all rights to collect additional sums from plaintiff
attorneys and medical providers;
- A 10-year agreement to resolve
cooperatively, or through binding mediation, relevant Medicare
claims (liens) that LifeWallet acquires in the future and
non-Medicare claims that it owns today; and
- The P&C Insurers’ agreement
that they may be primary payers for any unreimbursed Medicare lien
that LifeWallet identifies from data sharing, and the property and
casualty insurer’s agreement to assign all rights to collect
against other third parties that either failed to pay liens or
collected twice from Medicare funds and the P&C Insurers.
LifeWallet is currently in negotiations with
multiple other property and casualty insurers to resolve claims on
a similar basis. The settlement announced today follows a
comprehensive settlement announced by LifeWallet on Mar 3, 2024
with 28 affiliated P&C Insurers.
LifeWallet continues to implement the terms of
the March 3rd settlement, through the processing of historical
claims data, recovery of claims against other responsible parties,
and implementation of LifeWallet’s clearinghouse, which runs on
AI-based functions, including natural language processing and
machine learning. As noted, this builds upon the Company’s
previously announced initiatives: “MSP Recovery and Palantir to
Transform Connectivity Across the U.S. Healthcare System” and
“LifeWallet Announces Significant Enhancements to LifeWallet Health
with Advanced Tools for Providers and Patients.”1
LifeWallet Founder and CEO, John H. Ruiz,
commented on this settlement, saying: “This latest settlement is a
testament to our commitment to discover and attempt to recover on
the company’s Medicare secondary payer claims, and we believe we
have a working structure that helps potentially resolve those
claims. In doing so, we have also achieved a business solution for
property and casualty insurers to resolve future claims while
helping prevent many of these payments from being made in the first
place.”
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the federal securities laws.
Forward-looking statements may 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,
including for example statements regarding potential future
settlements. 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 or
results and actual events may differ materially from those
expressed in or suggested by the forward-looking statements. Any
forward-looking statement made by the Company herein speaks only as
of the date made. New risks and uncertainties come up from time to
time, and it is impossible for the Company to predict or identify
all such events or how they may affect it. the Company has 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, the Company’s ability to
capitalize on its assignment agreements and recover monies that
were paid by the assignors; the inherent uncertainty surrounding
settlement negotiations and/or litigation, including with respect
to both the amount and timing of any such results; the success of
the Company's scheduled settlement mediations; the validity of the
assignments of claims to the Company; negative publicity concerning
healthcare data analytics and payment accuracy; and those other
factors included in the Company’s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other reports filed by it with
the SEC. These statements constitute the Company’s cautionary
statements under the Private Securities Litigation Reform Act of
1995.
About LifeWallet
Founded in 2014 as MSP Recovery, LifeWallet 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 from responsible parties. LifeWallet provides
comprehensive solutions for multiple industries including
healthcare, legal, education, and sports NIL. For more information,
visit: LIFEWALLET.COM.
1 Press Release re: MSP Recovery, now LifeWallet (NASDAQ: LIFW)
and Palantir Technologies Inc., April 5, 2023 Press Release re:
LifeWallet (NASDAQ: LIFW)
Contact
Media:
ICR, Inc.
lifewallet@icrinc.com
Investors:
Investors@LifeWallet.com
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