MSP Recovery, which also powers LifeWallet, announces that it has grown from eleven thousand (11,000) unique Healthcare Member Lives in 2014 to over 34 million unique Healthcare Member Lives, as well as significant advancements in its technology capabilities, including development -Blockchain Edge Technology

MSP Recovery, LLC

MSP Recovery, LLC

CORAL GABLES, Fla., Aug. 22, 2022 (GLOBE NEWSWIRE) — MSP Recovery, Inc. (NASDAQ: MSPR) (“MSP Recovery” or the “Company”), a leader in Medicare, Medicaid, commercial and secondary payer cost recovery and technology, today provided a business briefing.

  • MSP Recovery, powered by LifeWallet, has grown from eleven thousand (11,000) unique healthcare member lives in 2014 to over 34 million unique healthcare member lives as of August 11, 2022, with an additional 3 million expected before on September 30, 2022.

  • MSP Recovery, in partnership with Tokenology, has completed the development of cutting-edge blockchain technology Designed to solve major problems facing the healthcare industry today, including fraud, payment inefficiencies and outdated processes, to provide real-time decentralized services that connect patients with providers and their own medical data such as never again.

  • MSP Recovery was able to leverage Palantir’s Foundry platform to create one of the most advanced healthcare analytics tools available, providing real-time diagnostics for healthcare payers and providers.

  • Together, these systems allow MSP Recovery to identify the correct payer in real time, avoiding improper payments and maximizing collections.

MSP Recovery, which powers LifeWallet, has grown from an initial life of 11,000 unique healthcare members in 2014 to more than 34 million unique healthcare members as of August 11, 2022. Based on agreements MSP Recovery already has, the Company expects to receive data on more than 3 million additional unique healthcare members before September 30, 2022.

MSP Recovery has also made significant strides in developing its unique MSP ecosystem and capabilities.

MSP Recovery, in partnership with Tokenology, has completed the development of cutting-edge blockchain technology that enables the creation of an extensive ledger of all historical and real-time medical claims transactions across the MSP and LifeWallet ecosystems (I see May 20, 2022 press release titled “Polygon Partners with Tokenology and MSP Recovery Tokenize Healthcare Claims On-Chain”).

A cornerstone of this technology is the integration of biometrics directly into the ledger as a key element of verifying every transaction. This allows MSP Recovery to put the patient at the center of the medical claims flow, providing unprecedented levels of transparency and accuracy. This technology is being piloted with key provider partners who are already ready to see the benefits (I see August 4, 2022 press release titled “MSP Recovery Announces LifeWallet Implementation Program at Cano Health Medical Centers”).

MSP Recovery, in partnership with Palantir, was able to leverage Palantir’s Foundry platform to create one of the most advanced healthcare analytics tools out there (I see October 11, 2021 press release titled “MSP Recovery and Palantir Partner to Transform Connectivity Across the US Healthcare System”). This tool provides key metrics for providers and payers of all kinds, providing granular visibility into medical claims data that reveals information about payer rules, billing cycles, fraud analysis, and provides insights to reduce labor hours, increase efficiency and eliminating waste through the discovery of improper payments and potential recoveries.

Together, these systems enable MSP Recovery to identify the correct payer in real time, avoiding improper payments and maximizing collections in accordance with contractual and statutory requirements. Through these technologies, MSP Recovery is uniquely positioned to deliver these solutions at scale, starting with the up to 34 million members in the MSP Recovery ecosystem.

“I am pleased with the progress we have made,” said MSP Recovery founder and CEO John H. Ruiz. “We are exceeding our schedule forecasts for a large portion of our technology projects. Between blockchain and our partnership with Palantir, we’re helping our own business identify and collect historical claims and position LifeWallet to monetize its systems by identifying the massive flaws in historical claims in the past and monetizing them in even larger scale preventing defects in the future. These systems increase revenue, reduce costs and save lives with accuracy in medical care and billing.”

About MSP Recovery
Founded in 2014, MSP Recovery has become a Medicare, Medicaid, commercial and secondary payer recovery leader, disrupting the antiquated healthcare reimbursement system with data-driven solutions to secure recoveries against those responsible. MSP Recovery provides the healthcare industry with comprehensive compliance solutions while innovating technologies to save lives. For more information, visit: www.msprecovery.com

Prospectus Statement
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 “expect”, “believe”, “expect”, “intend”, “plan” and “will” or, in each case, negative or other variations thereof or comparable terminology. 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 suggested by the forward-looking statements. Any forward-looking statement made by MSP Recovery in this press release, its reports filed with the Securities and Exchange Commission (the “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 MSP Recovery to predict or identify all of these events or how they may affect them. MSP Recovery undertakes 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, MSP Recovery’s ability to capitalize assignment agreements and recover monies paid by assignors. results of litigation; the validity of MSP Recovery’s assignment of claims; the failure to successfully expand the scope of MSP Recovery’s claims or acquire new data and claims from MSP Recovery’s existing assignee base or otherwise; MSP Recovery’s failure to innovate and to develop new solutions or the failure of MSP Recovery’s existing and potential assignees to adopt those solutions. negative publicity regarding healthcare data analysis and payment accuracy; MSP Recovery-backed LifeWallet’s ability to implement Healthcare Security Technology and school security technology, and those other factors included in MSP Recovery’s annual reports 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 Act of 1995.

CONTACT: For Media: ICR, Inc. MSP@icrinc.com For Investors: ICR, Inc. Marc Griffin Marc.Griffin@icrinc.com

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