STOCK TITAN

MSP Recovery, Inc. - LIFW STOCK NEWS

Welcome to our dedicated page for MSP Recovery news (Ticker: LIFW), a resource for investors and traders seeking the latest updates and insights on MSP Recovery stock.

MSP Recovery, Inc., trading under the ticker symbol LIFW, is a leading healthcare recovery and data analytics company dedicated to disrupting the traditional healthcare reimbursement system. Founded in 2014, the company, now known as LifeWallet, excels in identifying and recovering claims where primary payment responsibility lies with another payer. This process involves a multi-level approach utilizing proprietary software and a team of IT personnel, accountants, statisticians, physicians, data analysts, and attorneys.

LifeWallet operates mainly through two business segments: Claims Recovery and Chase to Pay Services. The company employs advanced data analytics to pinpoint paid claims that should have been covered by another payer, ensuring compliance and maximizing recovery efforts on behalf of clients. These recoveries can date back as far as six years, providing substantial financial benefits to health plans, management service organizations, and providers of medical services.

LifeWallet's comprehensive compliance solutions are specifically designed to resolve claims where the law dictates that another payer bears the primary payment responsibility. This often includes auto insurance, general liability insurance, workers' compensation, and product liability carriers.

Recently, the company's common stock began trading on a split-adjusted basis on October 13, 2023. With this reverse stock split, every 25 shares were converted into one share, enhancing the stock's trading price and marketability. The new CUSIP number is 553745-20-9.

In the latest developments, LifeWallet has resolved bid price deficiencies, ensuring continued compliance with Nasdaq listing standards. Additionally, the company plans to hold its 2023 Annual Meeting of Stockholders on November 1, 2023.
For more information, visit: lifewallet.com

Rhea-AI Summary

LifeWallet (NASDAQ: LIFW) announces a preliminary $2 million settlement in pharmaceutical litigation and ongoing negotiations with P&C insurers and medical device manufacturers. The company secured a waiver from Nomura until March 31, 2025, on promissory note obligations up to $4 million. Recent achievements include $5.2 million in P&C insurer settlements and acquisition of MSP claims with over $10.6 billion in paid amounts. LifeWallet's initiatives align with reducing Medicare and Medicaid waste through their LifeWallet/Palantir clearinghouse platform, which identifies improper payments and provides medical data analysis.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
29.73%
Tags
none
-
Rhea-AI Summary

LifeWallet (NASDAQ: LIFW) reported Q3 2024 financial results with revenue of $3.7 million, up from $0.4 million in Q3 2023. The company posted an operating loss of $129.9 million and a net loss of $190.4 million. Key developments include new settlements with P&C insurers totaling $5.2 million, a pharmaceutical antitrust settlement of $3.1 million, and acquisition of recovery rights for Medicare claims exceeding $10.6 billion in paid amounts. The company continues cost reduction initiatives but faces substantial doubt about its ability to continue as a going concern without raising additional funds.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-20.87%
Tags
-
Rhea-AI Summary

LifeWallet (NASDAQ: LIFW) has announced a 1-for-25 reverse stock split effective November 15, 2024, at 11:59 PM, to regain compliance with Nasdaq's minimum $1.00 bid price requirement. The company's common stock will begin trading on a split-adjusted basis on November 18, 2024, under the same symbol 'LIFW' but with a new CUSIP number: 553745-30-8. Following the reverse split, every 25 shares will be converted into one share, resulting in approximately 1.6 million shares of Class A common stock outstanding.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-10.1%
Tags
Rhea-AI Summary

LifeWallet (NASDAQ: LIFW) announces new settlements totaling over $5.9 million, including a $760,000 medical device settlement and two property & casualty (P&C) settlements worth $5.2 million. The P&C settlements include 10-year agreements for data sharing and cooperative claim resolution. The company is advancing its clearinghouse solution, built with Palantir Technologies, to address Medicare's $31.2 billion in improper payments. The clearinghouse utilizes AI tools and machine learning to enhance healthcare data management and payment systems.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-10.1%
Tags
partnership acquisition
-
Rhea-AI Summary

LifeWallet (NASDAQ: LIFW) has acquired recovery rights to additional Medicare Secondary Payer claims, encompassing over 450,000 Medicare members with an estimated total claims paid amount exceeding $10.6 billion. This acquisition strengthens LifeWallet's position in healthcare claims recovery and improper payment identification.

The company will process these claims using its LifeWallet Palantir clearinghouse system, a sophisticated data analytics platform developed in partnership with Palantir Technologies. This system enhances LifeWallet's ability to identify improper payments and enforce Primary Payer obligations.

Additionally, LifeWallet secured waivers from Hazel Partners Holdings and Virage Capital Partners on acceleration clauses in their respective loan agreements. These waivers apply in the event of a negative going concern opinion for the fiscal year ending December 31, 2024, providing LifeWallet with financial flexibility.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
14.37%
Tags
-
Rhea-AI Summary

LifeWallet (NASDAQ: LIFW) has launched an initiative to secure new agreements with health plans, providers, insurers, and attorneys, aiming to generate revenue through fees on savings from unnecessary Medicare secondary payments. The company continues to enhance its 'Chase to Pay' model in partnership with Palantir Technologies, utilizing advanced data management and machine learning capabilities.

LifeWallet has reached settlements with multiple Property and Casualty (P&C) insurers, demonstrating the viability of its approach. These agreements include historical data sharing, long-term cooperative resolution of Medicare claims, and recognition of LifeWallet's rights to collect against third parties.

The company is implementing cost-cutting measures and has secured a waiver of acceleration based on a negative going concern from its largest creditor, Virage Capital Partners. LifeWallet is in advanced negotiations for a similar waiver with its second-largest creditor.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-6.12%
Tags
none
Rhea-AI Summary

LifeWallet (NASDAQ: LIFW) has announced a $3.1 million pharmaceutical antitrust settlement, expected to be collected in Q3 2024. The company is also implementing a drive to secure agreements with health plans, insurers, attorneys, and healthcare providers, aiming to generate revenue through fees on savings from unnecessary Medicare secondary payments. This initiative is part of LifeWallet's clearinghouse system, developed in partnership with Palantir Technologies.

The clearinghouse solution utilizes Palantir's Foundry platform, AI tools, and machine learning to capture and manage healthcare data. LifeWallet is currently negotiating with multiple property & casualty insurers and product manufacturers to resolve claims. The company's CEO, John H. Ruiz, emphasized the importance of these projects in providing a steady stream of revenue alongside their litigation model.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none
-
Rhea-AI Summary

LifeWallet (NASDAQ: LIFW) has announced a new comprehensive settlement with a group of affiliated P&C insurers, following two previous settlements in the past five months. This agreement aims to resolve improperly paid claims affecting the Medicare Trust Fund. Key aspects include:

1. P&C Insurers will provide 10 years of historical data and future claims data.
2. Implementation of LifeWallet's coordination of benefits clearinghouse solution.
3. A 10-year agreement for cooperative resolution of Medicare claims.
4. Cash payment to settle existing historical claims.

Additionally, LifeWallet has completed the first version of its clearinghouse solution through its partnership with Palantir Technologies, enhancing its Chase to Pay model and data analytics capabilities.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-18.54%
Tags
partnership
-
Rhea-AI Summary

MSP Recovery, operating as LifeWallet (NASDAQ: LIFW), will hold its 2024 Annual Meeting of Stockholders on June 26, 2024, at 10am Eastern Time. The meeting will discuss key company issues and strategic directions. As a leader in Medicare, Medicaid, and commercial payer reimbursement recovery technology, LifeWallet aims to provide updates on its business performance and future plans during this gathering.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
8.1%
Tags
none
Rhea-AI Summary

LifeWallet's proprietary data analytics system played a important role in securing class certification in a case against USAA Property and Casualty Insurance Company and USAA General Indemnity Company. The Eleventh Judicial Circuit Court of Florida recognized LifeWallet's system for its ability to demonstrate systematic issues in USAA's handling of healthcare claims. The case benefits LifeWallet's clients and other Medicare and Medicaid payers in Florida. The court noted LifeWallet's unique capability in managing and analyzing data to expose USAA's failure to properly coordinate benefits. The court action follows LifeWallet's recent successful quarter, marked by two significant settlements with other insurers, aiming to establish a process for resolving future claims efficiently.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
none

FAQ

What is the current stock price of MSP Recovery (LIFW)?

The current stock price of MSP Recovery (LIFW) is $3.24 as of December 9, 2024.

What is the market cap of MSP Recovery (LIFW)?

The market cap of MSP Recovery (LIFW) is approximately 6.2M.

What does MSP Recovery, Inc. do?

MSP Recovery, Inc. specializes in healthcare recovery and data analytics, focusing on reclaiming payments where another payer is responsible.

What are the primary business segments of LifeWallet?

LifeWallet operates mainly through two segments: Claims Recovery and Chase to Pay Services.

How does LifeWallet identify recoverable claims?

LifeWallet uses proprietary software and a multi-disciplinary team to analyze paid claims and identify those that should have been paid by another payer.

What recent stock market event involved LifeWallet?

On October 13, 2023, LifeWallet's common stock began trading on a split-adjusted basis following a 1-for-25 reverse stock split.

What is the new CUSIP number for LifeWallet's common stock?

The new CUSIP number for LifeWallet's common stock is 553745-20-9.

Has LifeWallet resolved its Nasdaq listing compliance issues?

Yes, LifeWallet has resolved its bid price deficiencies and continues to comply with Nasdaq listing standards.

When is LifeWallet's 2023 Annual Meeting of Stockholders?

LifeWallet's 2023 Annual Meeting of Stockholders is scheduled for November 1, 2023.

What industries does LifeWallet provide solutions for?

LifeWallet provides comprehensive solutions for industries including healthcare, legal, and sports NIL.

What is the primary focus of LifeWallet’s Claims Recovery services?

The primary focus is to recover claims where the law mandates primary payment responsibility lies with another payer.

Where can I get more information about LifeWallet?

For more information, you can visit LifeWallet's official website at https://lifewallet.com.

MSP Recovery, Inc.

Nasdaq:LIFW

LIFW Rankings

LIFW Stock Data

6.16M
1.42M
14.9%
20.18%
3.75%
Health Information Services
Services-computer Processing & Data Preparation
Link
United States of America
MIAMI