MSP Recovery announces new settlements totaling more than $5.9M

MSP Recovery (LIFW), doing business as LifeWallet, announced new settlements totaling more than $5.9M, continued progress in recoveries on owned claims and acquiring rights to additional claims, and advancing initiatives to eliminate wasteful spending of Medicare dollars and improve federal cost-cutting measures by reducing improper payments made by healthcare entities across the United States. LifeWallet entered into a confidential settlement agreement with a product manufacturer totaling $760,000. As part of LifeWallet’s owned claims portfolio, the company has ongoing litigation against other pharmaceutical and medical device manufacturers based on claims of defective products or anti-competitive pricing. These settlements are not a guarantee that LifeWallet’s portfolio of assigned claims can be settled with the same or similar terms. LifeWallet entered into two comprehensive settlements with property and casualty insurers, totaling more than $5.2M, which offer a going-forward process to collaboratively and timely resolve future claims and share important historical data. This is expected to enhance LifeWallet’s claims reconciliation capabilities by identifying claims owned by LifeWallet that it may have a right to recover on, benefiting Medicare plans and downstream entities across the mainland U.S. and Puerto Rico. Some of these settlements require the P&C Insurers to provide data by way of an Application Programming Interface to the LifeWallet clearinghouse platform that was designed and created by LifeWallet and Palantir (PLTR). The clearinghouse is a hybrid between a statistical analysis system model and one that identifies improper payments, while also having the capability to provide patients, providers and attorneys with an individual’s current and past medical conditions as they relate to improper payments or potential claims against the world’s largest pharmaceutical and medical device companies.