MIAMI--(BUSINESS WIRE)--MSP Recovery, LLC (“MSP” or “MSP Recovery”), a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader today announced the formation of a partnership to transform legal, data, and healthcare delivery into one united ecosystem. MSP will provide the detailed underlying legal, data and healthcare knowledge, utilizing Palantir Foundry as the foundation of the data ecosystem.
“The U.S. healthcare system has the most knowledgeable and qualified doctors and healthcare practitioners,” says MSP Recovery Founder and CEO, John H. Ruiz. “However, after personally taking depositions for the last 8 years on healthcare data collection, data ingestion, as well as payer systems, MSP has confirmed through legal wins in the Federal Appellate courts, that these systems are a disaster. This affects patient care and quality of healthcare delivery, causes unnecessary deaths and serious injuries to patients, while the Medicare and Medicaid systems lose billions of dollars each year. MSP Recovery has innovated a solution, and with the use of Palantir Foundry and our partnership with Palantir, we will execute on our knowledge, speeding up systems that can be used, not just in the U.S., but globally, for medical records, billing, payment and healthcare solutions. Harnessing these systems will take the care and treatment of individuals to new levels and open doors to finding cures for many conditions. Today, after forging a deal with Palantir, I am more excited than ever. This is a new world for MSP.”
The American healthcare system, which serves millions of people every year, rests upon a series of data systems which are currently fragmented. Data is stored in passive knowledge silos that are ill-equipped to handle the complexity of the healthcare system. As a result, limited data flow produces inefficiencies that lead to increasing costs for healthcare in the U.S., paid for by the U.S. taxpayer.
From following the data journeys of millions of patients, MSP has developed a deep understanding of where data integration issues lead to adverse outcomes for providers, payers, patients, and taxpayers. By utilizing Palantir Foundry, MSP Recovery will combine this deep expertise with the power of Palantir Foundry, to connect data both within and between organizations and help unlock connectivity on an unprecedented scale.
The vision for this solution, designed with privacy and civil liberties in mind, is to make it available to entities within the healthcare system, with an initial focus on payers and providers. Providers would be able to integrate their electronic health records (EHR) and billing data with MSP’s industry knowledge to improve billing accuracy, allowing payments to be collected more efficiently. In the same environment, payer organizations would be able to integrate their claims data with MSP’s automated compliance and legal recovery strategies, to reduce unnecessary claim payments and associated costs. This would help improve compliance, reduce fees and avoid regulatory sanctions. Built-in data protection functionalities will facilitate compliance with strict rules and regulations. These protection functionalities include granular access controls, along with additional tooling to facilitate transparency and accountability.
“MSP Recovery has built deep expertise in the complexities of the United States healthcare system and MSP is using that expertise to disrupt the antiquated healthcare reimbursement system. We are excited for the potential this partnership has to increase transparency and improve overall delivery of care,” said Shyam Sankar, Chief Operating Officer of Palantir Technologies. “Foundry continues to be the trusted operating platform for the healthcare industry — from the U.S. and U.K. vaccine programs to insurance companies and healthcare providers around the world.”
Together, MSP Recovery and Palantir are tackling an inherent data challenge by turning industry leading knowledge into a united, data-driven solution. Over time, the partnership aims to eliminate the inefficiencies that exist today and use this knowledge to reduce rising costs across the healthcare industry. Ultimately, the partnership is expected to improve care at both a patient and population level, while introducing new potential revenue for both companies.
MSP’s pioneering data analytics platform is integrating comprehensive compliance solutions, legal know-how, and efficient healthcare delivery to create a results-based solution to a fragmented healthcare system, in real time. Palantir offers the advanced technology to take this to the next level. Together, MSP Recovery and Palantir seek to offer the most comprehensive solutions for both historical issues as well as real-time results for the payer, provider, and patient. The benefits of these solutions aim to achieve more accurate, efficient billing and elimination of improper payments, resulting in improved healthcare for all patients.
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, while providing the industry with comprehensive compliance solutions. For more information, visit: www.msprecovery.com
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No offer or offering of equity interests or securities of any kind is being made, conducted or extended at this time. This communication is for informational purposes only and does not constitute or include an offer to sell, or a solicitation of an offer to purchase or subscribe for, equity interests or securities of any kind or a solicitation of any vote of approval, nor shall there be any sale, issuance or transfer of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any such offer or solicitation will be made only in connection with the delivery of a prospectus meeting the requirements of the Securities Act of 1933, as amended (“Securities Act”), or exemptions therefrom.
Cautionary Note Regarding Forward Looking Statements
This communication includes forward looking statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”) and Section 27A of the Securities Act, which include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation and availability of resources and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. 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These forward looking statements include, but are not limited to, statements regarding the contemplated partnership with Palantir, MSP’s plans, goals and objectives, forecasts, budgets or projections and any related assumptions, statements and projections regarding projected MSP claims by paid amounts, projected recovery percentages, forecasts relating to key revenue drivers, earnings growth, gross and cumulative recoveries and the implied enterprise value and MSP’s expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction or waiver of the closing conditions to the proposed business combination, and the timing of the completion of the proposed business combination. 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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, the occurrence of any event, change, or other circumstances that could give rise to 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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In addition to as noted above, this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the partnership, as well as the expected benefits of Palantir’s software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of Palantir’s management as of that time with respect to future events. Additional information regarding these and other risks and uncertainties is included in the filings Palantir makes with the Securities and Exchange Commission from time to time. Except as required by law, Palantir does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.