CORAL GABLES, Fla., Sept. 08, 2024 (GLOBE NEWSWIRE) — MSP Restoration, Inc. d/b/a LifeWallet (NASDAQ: LIFW) (“LifeWallet,” or the “Company”), a Medicare, Medicaid, industrial, and Secondary Payer reimbursement restoration and know-how chief, at present publicizes an initiative to safe new agreements with well being plans, suppliers, insurers and attorneys because it continues to make vital strides in revolutionizing healthcare reimbursement via data-driven options and strategic partnerships.
This initiative is anticipated to generate income via charges charged on financial savings from pointless Medicare secondary funds. As beforehand introduced, key developments embody:
- Clearinghouse System: In partnership with Palantir Applied sciences, Inc. (NYSE: NYSE:) (Palantir), LifeWallet continues to boost its Chase to Pay mannequin with a complicated clearinghouse answer designed to construct an expansive repository of information that can be utilized to find out medical circumstances in addition to payer obligations. This technique makes use of the Palantir Foundry platform, via the event of latest technological instruments and machine studying to seize and handle healthcare knowledge successfully.
- Settlements with Property and Casualty (P&C) Insurers: As beforehand introduced, LifeWallet has reached settlements with a number of P&C insurers, demonstrating the viability of its method. These agreements embody the availability of historic knowledge (as much as 10 years) and future claims knowledge sharing; long-term agreements to resolve Medicare claims cooperatively; P&C Insurers’ settlement that they’re Major Payers1 for any unreimbursed Medicare liens that LifeWallet identifies from knowledge sharing; and the P&C Insurers’ settlement to assign all rights to gather in opposition to different third events that both didn’t pay liens or collected twice from Medicare funds and the P&C Insurers.
- Ongoing Negotiations: LifeWallet continues to make progress in ongoing negotiations with further P&C insurers to resolve claims on related phrases, doubtlessly increasing the attain of its Medicare claims decision system. These settlements present a going-forward course of to collaboratively and well timed resolve future claims and share necessary historic knowledge. That is anticipated to boost LifeWallet’s claims reconciliation capabilities by figuring out claims owned by LifeWallet that it could have the precise to get better on, whereas benefitting Medicare plans and downstream entities throughout the mainland U.S. and Puerto Rico.
LifeWallet Price Slicing Efforts
LifeWallet strategically lowered its working prices in 2023 and continues to take action in 2024. These value reductions don’t impression the methods the Firm has already created to assist restoration efforts of the claims owned by the Firm or different sources out there to 3rd events. The Firm anticipates these reductions may proceed to contribute financial savings to working bills for the yr ending December 31, 2024.
“We continue to make significant strides in the right direction, consistently evaluating our operations and strategies, said LifeWallet CEO, John H. Ruiz. Our team remains committed to identifying innovative ways to streamline our processes and reduce costs without compromising the quality of our services.
Waiver from Virage Capital Partners
LifeWallet has secured a waiver of acceleration based on a negative going concern from its largest creditor and is in similar advanced negotiations with its second largest creditor. On September 6, 2024, Virage Capital Partners (Virage) agreed to waive a provision of the Company’s Master Transaction Agreement that would accelerate the payment of amounts due to Virage in the event the Company receives a negative going concern opinion from its auditors for the year ending December 31, 2024.
Forward Looking Statements
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 anticipate, believe, expect, intend, plan” and can or, in every case, their detrimental, or different variations or comparable terminology. These forward-looking statements embody all issues that aren’t historic details, together with for instance statements relating to any potential future transaction with Virage, in addition to potential future settlements. By their nature, forward-looking statements contain dangers and uncertainties as a result of they relate to occasions and rely upon circumstances which will or might not happen sooner or later. In consequence, these statements are usually not ensures of future efficiency or outcomes and precise occasions might differ materially from these expressed in or steered by the forward-looking statements. Any forward-looking assertion made by the Firm herein speaks solely as of the date made. New dangers and uncertainties come up on occasion, and it’s inconceivable for the Firm to foretell or determine all such occasions or how they might have an effect on it. The Firm has no obligation, and doesn’t intend, to replace any forward-looking statements after the date hereof, besides as required by federal securities legal guidelines. Components that would trigger these variations embody, however are usually not restricted to, the Firm’s capability to capitalize on its project agreements and get better monies that have been paid by the assignors; the inherent uncertainty surrounding settlement negotiations and/or litigation, together with with respect to each the quantity and timing of any such outcomes; the success of the Firm’s scheduled settlement mediations; the validity of the assignments of claims to the Firm; detrimental publicity regarding healthcare knowledge analytics and cost accuracy; and people different components included within the Firm’s Annual Report on Kind 10-Ok, Quarterly Experiences on Kind 10-Q and different reviews filed by it with the SEC. These statements represent the Firm’s cautionary statements underneath the Non-public Securities Litigation Reform Act of 1995.
About LifeWallet
Based in 2014 as MSP Restoration, LifeWallet has change into a Medicare, Medicaid, industrial, and secondary payer reimbursement restoration chief, disrupting the antiquated healthcare reimbursement system with data-driven options to safe recoveries from accountable events. LifeWallet supplies complete options for a number of industries together with healthcare, authorized, and sports activities NIL. For extra info, go to: LIFEWALLET.COM
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1 Major Plans or Major Payers, when used within the Medicare Secondary Payer context, means any entity that’s or was required or accountable to make cost with respect to an merchandise or service (or any portion thereof) underneath a major plan. These entities embody, however are usually not restricted to, insurers or self-insurers, third celebration directors, and all employers that sponsor or contribute to group well being plans or massive group well being plans. 42 C.F.R. § 411.21.
Supply: LifeWallet
