MSP Recovery Enters Into Agreement With Mexico's SeguriTech, a Technology Integration Pioneer, to Enhance MSPR's Data Capabilities, Position MSPR for International Growth, and Expand the LifeWallet Platform Across Mexico
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 nto 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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