MSP Recovery Announces Continued Portfolio Growth, Initial Payments in Response to Claim Demand Packages on Property and Casualty Claims Averaging 284% of Paid Value of Potentially Recoverable Claims, and Expansion of LifeWallet Platform With the Launch o

CORAL GABLES, Fla., Sept. 22, 2022 (GLOBE NEWSWIRE) -- MSP Recovery, Inc. (“MSP Recovery” or “MSPR”) today provided a business update.

• The company announced continued growth and new assignors, including healthcare provider networks and entities with more than 1,800 providers and scientists and more than 30 outpatient sites.
• Initial payments received by MSPR in response to individual claim demand packages thus far have, on average, been paid at 284% of the Paid Value of Potentially Recoverable Claims (“PVPRC”). For reference, MSPR’s prior settlement with Ocean Harbor Insurance resulted in recoveries at 350% (3.5 times) of the PVPRC with respect to Parts A and D, and 200% (2 times) of the PVPRC for Part B. Other settlement agreements have been agreed to with amounts between 400% and 600% (4 to 6 times) of PVPRC.
• LifeWallet has commenced the launch of the LifeWallet Legal Referral Service that will enable LifeWallet to generate revenue from lawyers across the nation and Puerto Rico.
  

Today, MSPR, a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery and technology leader, announces additional portfolio growth as well as insights into recent recovery multiples from individual claim demands, while expanding its LifeWallet platform.

MSP Recovery recently announced that it has grown from an initial 11,000 unique healthcare member lives in its portfolio in 2014, to more than 34 million unique healthcare members as of August 11, 2022. Today the company announced that it has continued experiencing growth, receiving additional claims data from 11 existing assignors, as well as entering into agreements with new assignors. These new recovery agreements include healthcare provider networks and entities with more than 1,800 providers and scientists and more than 30 outpatient sites. MSPR also anticipates receiving additional data from 31 medical providers, hospital systems, and other healthcare entities that have already entered into agreements to provide such data.

As part of its agreement with healthcare provider networks, MSPR will seek to secure claim recoveries from responsible parties on behalf of healthcare providers, as well as load provider data onto the LifeWallet platform which allows for the storage, validation, and transfer of medical and prescription data, provides healthcare professionals insight into patient information, as well as improved access to facilitate patient-provider interoperability, providing patients with immediate access to their medical records.