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MSP Recovery, Inc. (NASDAQ: MSPR) announced it will operate under the name LifeWallet and change its ticker symbol to LIFW. The Company has entered a term sheet to sell $275 million in healthcare claims recovery interests and expects to gain $48 million in servicing fees. Additionally, MSPR anticipates generating $25-30 million in revenue from a national lawyer referral service on the LifeWallet platform in 2023. CEO John H. Ruiz highlighted the Company’s technological advancements and partnerships, emphasizing a commitment to innovation in the healthcare reimbursement sector.
MSP Recovery, Inc. (NASDAQ: MSPR) will rebrand as “LifeWallet” in 2023, with its common stock trading under the new ticker symbol “LIFW.” This strategic move aims to unify the company’s diverse recovery services, leveraging LifeWallet's growing brand recognition. MSP Recovery remains focused on secondary payer reimbursement recoveries, supported by innovative technology for improved patient care and data transparency. The company’s initiatives, such as partnerships for blockchain technology and a nationwide lawyer referral service, align with its mission to enhance the healthcare reimbursement system.
MSP Recovery, Inc. (NASDAQ: MSPR) reported third quarter 2022 financial results, revealing a net loss of $26.1 million or $0.01 per share, despite total revenue of $8.3 million, a 234% increase from 2021. The Paid Value of Potentially Recoverable Claims (PVPRC) surged to $89.2 billion, up $870 million from the previous quarter. The company achieved a $63 million gain on debt extinguishment, reducing obligations significantly. Additionally, LifeWallet generated a new licensing agreement worth $7.5 million, while MSPR expects substantial recoveries in 2023.
MSP Recovery (NASDAQ: MSPR) has announced an expansion of its partnership with Tokenology Labs, focusing on the further development of LifeChain and LifeWallet technologies. LifeChain will facilitate the rapid tokenization of medical claims, achieving a processing speed exceeding 20,000 tokens per minute, which is expected to improve claims efficiency and transparency. The collaboration aims to enhance revenue recovery while minimizing fraud. MSPR’s innovations target various sectors, including healthcare and education, and promise significant advancements in the management of medical data.
MSP Recovery has announced the release of its Q3 2022 financial results, scheduled for November 8, 2022, after market close. This leading company in healthcare reimbursement recovery will conduct a conference call and live webcast at 8:00 a.m. ET on November 9, 2022, to discuss the results with investors and analysts. Participants can pre-register for the call via the provided link. The webcast will be available on the company’s website, with a replay accessible after the event.
Founded in 2014, MSP Recovery focuses on innovative solutions for Medicare, Medicaid, and commercial recovery.
MSP Recovery, Inc. (NASDAQ: MSPR) announced a licensing agreement generating an initial $7.5 million fee and annual fees of $1 million from a new client utilizing its LifeWallet platform. The platform integrates health records, biometrics, and blockchain technology. Additionally, MSPR amended a contract with Brickell Key Investments, reducing debt by $63 million and halting $40 million in annual interest accrual. This move signifies a strategic shift towards enhancing liquidity and supporting ongoing technology deployment in healthcare.
On September 22, 2022, MSP Recovery (MSPR) announced significant business growth by partnering with healthcare provider networks, expanding its reach to over 1,800 providers and 30 outpatient sites. The company reported initial payments averaging 284% of the Paid Value of Potentially Recoverable Claims (PVPRC), with previous settlements achieving up to 600%. MSPR is launching the LifeWallet Legal Referral Service, aimed at enhancing revenue streams. This update highlights MSPR's commitment to innovating healthcare reimbursement solutions and leveraging technology for increased efficiency.
MSP Recovery, Inc. (NASDAQ: MSPR) has reported significant growth, expanding from 11,000 to over 34 million unique healthcare member lives since 2014, with an additional 3 million expected by September 30, 2022. The company has developed advanced blockchain technology in collaboration with Tokenology, enhancing transaction transparency and efficiency. Furthermore, a partnership with Palantir has facilitated the creation of a state-of-the-art healthcare analytics tool, optimizing claims management and recovery processes. CEO John H. Ruiz highlighted the firm's progress in technology initiatives aimed at increasing revenue and operational efficiency.
MSP Recovery (NASDAQ: MSPR) reported substantial asset growth, increasing from $104 million at the end of 2021 to $6.6 billion by June 30, 2022. The company announced a total revenue of $5.3 million for Q2 2022, a 57% increase year-over-year. However, it faced an operating loss of $52.2 million and a net loss of $77.1 million. MSPR's recoverable claims grew to a potential value of $88.3 billion, showing promise for future revenues. MSPR has secured approximately $1.5 billion in capital resources and aims for total gross recoveries of $992 million for 2022.
MSP Recovery (NASDAQ: MSPR) announced a pilot program for its Health Safety Technology at Cano Health, which serves over 270,000 members. The LifeWallet portal will help Cano Health identify patient medical histories and payer information in real-time, enhancing operational efficiency and potentially lowering costs. This integration includes biometric check-ins to prevent improper medical documentation. The initiative aims to improve patient care through data analytics, ultimately benefiting both patients and providers.
