MSP Recovery, LLC (“MSP” or “MSPR”), a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader today announced it has entered into a Data Transfer Agreement (the “Agreement”) with one of the leaders in Mexican data and cybersecurity, SeguriTech, S.A. de C.V. (“SeguriTech”), positioning MSPR to expand its services internationally.
On May 18, 2022, Lionheart Acquisition Corporation II (Nasdaq: LCAPU, LCAP, LCAPW, “Lionheart” or “LCAP”), a publicly traded special purpose acquisition company, announced that shareholders of record as of April 18, 2022 approved the previously announced business combination (the “Business Combination”) with MSP Recovery, LLC, a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader. The closing of the business combination is expected to occur today.
Following the closing of the business combination, LCAP’s Class A Common Stock will cease trading on the Nasdaq Capital Market under the symbol “LCAP”, and begin trading on Nasdaq Global Market under the symbol “MSPR”.
The Agreement with SeguriTech announced today positions MSPR to expand its LifeWallet platform – launched on January 10, 2022 – to the global healthcare marketplace where LifeWallet is actively pursuing expansion opportunities in countries that utilize the ICD-10 coding system, which is being implemented by World Health Organization (WHO) member states. Approximately 27 countries currently use ICD-10 for reimbursement and resource allocation in their health system, and the unchanged international version of ICD-10 is used in 117 countries for performing cause of death reporting and statistics.
LifeWallet is also part of MSP Recovery’s “Chase to Pay” platform, providing real-time analytics at the point of care, helping identify the primary insurer, assisting providers in receiving reasonable and customary rates for accident-related treatment, shortening MSPR’s collection time frame, and increasing revenue visibility and predictability.
With a population of more than 120 million, Mexico has a three-tiered healthcare system. In addition to private insurance, Mexico’s social security program, Instituto Mexicano de Seguro Social (IMSS), provides healthcare to employees in the private and public sectors as well as those voluntarily enrolled. The other offering in Mexico’s public health insurance system is Seguro Popular, which provides coverage to those who do not qualify for IMSS due to pre-existing conditions or for financial reasons. Seguro Popular largely covers Mexico’s homeless and unemployed population and is funded by both federal and state funds — similar to the United States’ Medicaid program.
Headquartered in Mexico City, SeguriTech provides data analysis, cloud storage, cybersecurity, and video and image analytics services to the information technology, health, public safety, sports, construction, residential, and telecommunications sectors. With more than 26 years in operation, an expansive international presence, and more than 1,200 employees, SeguriTech offers comprehensive hardware and software solutions spanning from residential security systems to AI-enabled biometrics.
This Agreement enables MSPR to approach payers in Mexico’s public health system to provide its reimbursement recovery services. MSPR will evaluate the vast archives of data that SeguriTech gathers and maintains pertaining to the more than 120 million individuals across Mexico’s 32 states, to identify potential recoveries and assist in further data analysis. Currently, MSPR identifies and pursues recoveries for approximately 30% of the U.S. Medicare Advantage market. This Agreement furthers MSPR’s initiative to become a global claims recovery leader.
Additionally, individuals participating in Mexico’s public health system must often overcome obstacles like overcrowded hospitals, long wait times, and gaps in the quality of care found in rural versus urban areas. This Agreement stimulates collaboration between SeguriTech’s innovative health solutions and infrastructure and MSPR’s LifeWallet platform, which allows the secure storage, validation, and transfer of personal, medical and prescription data. The combination will aim to provide healthcare insights, communication tools, and access to patient information to improve healthcare quality and reach, facilitate patient-provider interoperability, and enhance patient experience throughout the region.
“MSPR will continue to identify and pursue opportunities to expand its recovery efforts in the United States of America and abroad,” said MSP Recovery Founder and CEO, John H. Ruiz. “Our partnership with SeguriTech positions us to expand into the significant Mexican healthcare industry, and LifeWallet to capitalize on the growing utilization and implementation of ICD coding in countries across the world. We are actively pursuing opportunities in several other countries.”
About MSP Recovery
Founded in 2014, MSP Recovery 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 against responsible parties. MSP Recovery provides the healthcare industry with comprehensive compliance solutions, while innovating technologies to help save lives. For more information, visit: www.msprecovery.com
About Lionheart Acquisition Corporation II
Lionheart Acquisition Corporation II is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On May 18, 2022, Lionheart announced that shareholders of record as of April 18, 2022 approved the previously announced business combination (the “Business Combination”) with MSP Recovery, LLC. For more information, visit: www.LCAP2.com.
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There is no guarantee that prospects or results or the timing of events included or referred to in this communication, including the continued utilization of LifeWallet, or that it will save lives, will be achieved or that MSP will be able to implement successfully its investment strategy or achieve its investment objectives or return targets. Accordingly, we caution you against relying on forward-looking statements. Forward looking statements also are subject to a number of significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those express or implied in the forward-looking statements. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of management and are not predictions of actual performance. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are inherently subject to significant business, economic and competitive uncertainties and contingencies, and are beyond the control of MSP and are difficult to predict. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Factors that may cause such differences include, but are not limited to, operating costs and future business, investment, holding and sale decisions and costs; the risks that the anticipated benefits of the launch and adoption of LifeWallet are not realized or are delayed; the risks associated with MSP’s business, including, among others, MSP’s ability to capitalize on its assignment agreements and recover monies that were paid by the assignors; litigation results; the validity of the assignments of claims to MSP; a determination that MSP’s claims are not reasonable, related or necessary; the failure of MSP’s clients to renew their agreements with MSP (or terminate those agreements early); MSP’s claims being within applicable statutes of limitations; the inability to successfully expand the scope of MSP’s claims or obtain new data and claims from MSP’s existing assignor base or otherwise; the limited number of MSP’s assignors and the associated concentration of MSP’s current and future potential revenue; internal improvements to claims and retail billing processes by MSP’s clients that reduce the need for and revenue generated by MSP’s products and services; healthcare spending fluctuations; programmatic changes to the scope of benefits and limitations to payment integrity initiatives that reduce the need for MSP’s services; delays in implementing MSP’s services to its claims; system interruptions or failures; cyber-security breaches and other disruptions that could compromise MSP’s data; MSP’s failure to maintain or upgrade its operational platforms; MSP’s failure to innovate and develop new solutions, or the failure of those solutions to be adopted by MSP’s existing and potential assignors; MSP’s failure to comply with applicable privacy, security and data laws, regulations and standards, including with respect to third party providers; changes in legislation related to healthcare programs and policies; changes in the healthcare market; negative publicity concerning healthcare data analytics and payment accuracy; competition; successfully protecting MSP’s intellectual property rights; the risk that third parties may allege infringement of their intellectual property; changes in the healthcare regulatory environment and the failure to comply with applicable laws and regulations or the increased costs associated with any such compliance; failure to manage MSP’s growth; the inability to attract and retain key personnel; MSP’s reliance on its senior management team and key employees and the loss it could sustain if any of those employees separated from the business; the failure of vendors and providers to deliver or perform as expected, or the loss of such vendors or providers; MSP’s geographic concentration; MSP’s relatively limited operating history, which makes it difficult to evaluate its current or future business prospects; the impact of the ongoing COVID-19 pandemic; and the risk that MSP may not be able to develop and maintain effective internal controls. The foregoing list of factors is not exhaustive. If any of these risks materialize or MSP’s assumptions prove incorrect, actual results may differ materiality from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The foregoing list of factors is not exclusive. This communication speaks only as of the date indicated, and the statements, expressions, information and data included therein may change and may become stale, out-of-date or no longer applicable. 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