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MSP Recovery announced the launch of LifeWallet, a platform designed to provide first responders and healthcare providers with quick access to patient medical histories. This initiative aims to enhance decision-making and improve patient care through secure, HIPAA-compliant data analytics. LifeWallet will facilitate the organization of fragmented medical records, allowing users to control their health data and grant access to authorized personnel. The registration for LifeWallet begins today, marking a significant step in MSP's efforts to streamline healthcare data management.
Lionheart Acquisition Corporation II has filed a preliminary registration statement on Form S-4 with the SEC concerning its proposed business combination with MSP Recovery, initially announced on July 12, 2021. The filing includes a preliminary proxy statement and prospectus related to this merger. Following the completion, LCAP will be renamed MSP Recovery, Inc. and trade under the symbol MSPR on NASDAQ. The transaction has received unanimous board approval and is expected to close in the first quarter of 2022, pending stockholder approval and regulatory clearance.
MSP Recovery has entered into a significant agreement with Virage Capital Management to monetize up to $3 billion in healthcare claims recovery interests. This deal is expected to generate additional revenue for MSP while retaining its 50% share of recovery amounts. The agreement marks a pivotal step for MSP in expanding its revenue sources and affirms its position as a leader in healthcare reimbursement recovery. CEO John Ruiz expressed confidence in the partnership's potential to enhance MSP's market leadership, while Lionheart Acquisition Corporation II recognized the growth opportunity for its shareholders.
MSP Recovery announced a significant legal victory against IDS Property Casualty Insurance Company regarding Medicare reimbursements. A Florida judge ruled that IDS exhibited 'willful indifference' by failing to comply with federal data requirements regarding Medicare beneficiaries. The ruling imposed sanctions on IDS, certified a class action for affected parties, and allows MSP to pursue double damages. MSP Recovery claims this victory could potentially recover billions for taxpayers, revealing systemic flaws in IDS’s reporting practices that impact Medicare funding.