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MSP Recovery Inc is a healthcare recovery and data analytics company. The business model includes two principal lines of business: Claims Recovery and Chase to Pay Services. It offers an antiquated healthcare reimbursement system with data-driven solutions to secure recoveries against responsible parties. MSP Recovery provides the healthcare industry with comprehensive compliance solutions platform to recover any claims where the law places primary payment responsibility on another payer.
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 innovates technologies and provides comprehensive solutions for multiple industries including healthcare, legal, and sports NIL.
LifeWallet (NASDAQ: LIFW) announced that it received a notification from Nasdaq on April 18, 2023, regarding non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The Company has until June 20, 2023, to file the report or propose a compliance plan to avoid delisting. Despite this, the Company asserts that restatements related to previous financial statements will not impact its ongoing operations or cash position. LifeWallet is engaged in recovery efforts involving Medicare and Medicaid, which have the potential for future revenue. The Company remains optimistic, leveraging blockchain technology to enhance financial solutions.
LifeWallet (NASDAQ: LIFW) announced on April 16, 2023, that it has successfully renegotiated two significant financial obligations with Virage Capital Management and Nomura Securities. The payment dates for these obligations have been extended to September 30, 2024. This move demonstrates ongoing investor confidence from Virage, which has supported LifeWallet’s business model for over six years. Additionally, LifeWallet noted a delay in filing its Annual Report on Form 10-K for the fiscal year ending December 31, 2022, and plans to restate financial statements for the periods ending June 30, 2022, and September 30, 2022, due to complex accounting reassessments. The company is enhancing its financial controls and has formed a special committee to address issues related to the report filing.
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