MSP Recovery
MSP Recovery is a Miami-based healthcare reimbursement recovery firm that uses proprietary analytics (built on Palantir) to identify and recover improper Medicare, Medicaid, and commercial payments on contingency for health plans, MSOs, providers, and IPAs, and operates the LifeWallet consumer health-data app.
- Company typePublic
- Founded2014
- HeadquartersMiami, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What MSP Recovery does
MSP Recovery, Inc. (doing business as LifeWallet) is a Miami-based healthcare reimbursement recovery and technology company founded in 2014 by CEO John H. Ruiz. The company operates a proprietary claims analytics platform that identifies improper payments under the Medicare Secondary Payer Act and recovers historical reimbursements on a contingency-fee basis from responsible parties such as auto no-fault insurers, on behalf of Medicare Advantage health plans, MSOs, providers, and IPAs. Its claimed data footprint spans more than 34 million unique healthcare member lives and a portfolio of assigned claims grown to approximately $330 billion in paid amount.
The company's product surface spans four lines: (1) MSP Recovery Healthcare Services, the core secondary-payer recovery franchise; (2) MSP Recovery Legal Services, a national legal referral network connecting attorneys and clients for claims processing; (3) LifeWallet, a consumer-facing mobile application for medical history access and first-responder emergency information, backed by approximately 1 million onboarded patients within its first month; and (4) LifeChain, a blockchain sub-product built with Tokenology Labs. The analytics engine is built on Palantir's data integration technology, supplemented by partnerships for biometrics deployment.
The business model combines contingency-fee recovery splits, one-time monetization of claims portfolios (including a $3 billion Virage Capital agreement, a $250 million Prudent Group non-recourse P&C arrangement, and a $275 million assignor-interest term sheet), and licensing-plus-annual-fee contracts. The company went public in May 2022 via a SPAC business combination with Lionheart Acquisition Corporation II (NASDAQ: MSPR), rebranded to LifeWallet (NASDAQ: LIFW) in January 2023, and was delisted from Nasdaq to OTCQB in December 2025 after failing minimum equity and bid-price requirements.
MSP Recovery firmographics
Firmographics- Name
- MSP Recovery
- Legal name
- MSP Recovery, Inc.
- Website
- https://msprecovery.com
- Company type
- Public
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- MSP Recovery is a Miami-based healthcare reimbursement recovery firm that uses proprietary analytics (built on Palantir) to identify and recover improper Medicare, Medicaid, and commercial payments on contingency for health plans, MSOs, providers, and IPAs, and operates the LifeWallet consumer health-data app.
- Ownership category
- akta.pro rank
MSP Recovery industry classification
Industry- Product category
- Healthcare Reimbursement Recovery
- NAICS
- Collection Agencies (56144), Collection Agencies (561440), Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)
- SIC
- Services-Consumer Credit Reporting, Collection Agencies (7320), Hospital & Medical Service Plans (6324), Accident & Health Insurance (6321)
- akta.pro primary industry
- Medical Debt Collection & Revenue Cycle Bad-Debt Recovery (FSAKAJAM)
- akta.pro secondary industry
- Claims Advocacy & Loss Recovery Services (FSAEADAH)
Keywords
Where MSP Recovery is headquartered
LocationHeadquarters
- HQ city
- Miami
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
MSP Recovery business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Contingency Fee Recovery Services: MSP Recovery acts as a collection agency, stepping into the Medicare provider's shoes, pursuing payment on contingency with an agreement to split any recovery after deducting expenses. The company owns billions of dollars in claims assigned by health maintenance organizations offering Medicare Advantage Plan benefits.
- Healthcare Claims Monetization: $3 billion agreement to sell select healthcare claims recoveries to Virage Capital Management. Additional $250 million monetization agreement with Prudent Group for property and casualty claim recoveries on non-recourse basis.
- Licensing Agreements: Licensing agreements with new clients for $7.5 million fee plus prospective annual fees of $1 million, along with amendments to existing agreements and warrant agreements.
- Assignor Interests Monetization: Term sheet for monetization of company-owned assignor interests for $275 million, with payment of $48 million in servicing fees for 2023.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Contingency fee arrangement |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
MSP Recovery product offering
Product offeringCore offering
MSP Recovery operates a healthcare reimbursement recovery service and technology platform that uses proprietary data analytics to discover improper payments made by primary payers (Medicare, Medicaid, and commercial insurers) and recover reimbursements owed under the Medicare Secondary Payer Act. The company also offers the LifeWallet consumer-facing healthcare data platform and a national legal referral service for attorneys.
Product overview
MSP Recovery operates as a unified healthcare reimbursement recovery and technology platform offering both core services and branded products. The core service is MSP Recovery Healthcare Services, a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery solution that uses proprietary data analytics to discover improper payments. This is supported by MSP Recovery Legal Services, a lawyer referral network. The company's primary branded technology product is LifeWallet, a consumer-facing healthcare data platform that includes a mobile application for medical history access and emergency medical information retrieval. LifeChain is a blockchain technology sub-product integrated within the LifeWallet ecosystem. The company also powers its own operations and the LifeWallet platform through a partnership with Palantir for data-driven healthcare connectivity.
Differentiator
Problem solved
Functional benefit
Brands
- LifeWallet: Healthcare data platform and consumer mobile application providing medical history access, emergency health information for first responders, and data-driven solutions for healthcare payers and providers.
Products and services
- MSP Recovery Healthcare Services Medicare, Medicaid, commercial, and secondary payer reimbursement recovery services using proprietary data analytics to discover improper payments and recover historical reimbursements for healthcare payers and providers (Health Plans, MSOs, IPAs).
- LifeWallet A consumer-facing healthcare data platform and mobile application providing medical history access and emergency medical information retrieval for first responders. Available on Apple App Store and Google Play Store.
- LifeChain Healthcare blockchain technology solution integrated within the LifeWallet ecosystem for secure and transparent healthcare data management and claims processing.
- MSP Recovery Legal Services National legal referral service providing data-driven solutions to facilitate claims data processing and connect attorneys with clients through a secure platform.
Quantifiable outcome
- Portfolio grew from $61B to $330B in paid claims (440% growth)
- +4 more outcomes
Companies that use MSP Recovery
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles2 records
MSP Recovery technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
MSP Recovery partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered minor, regional and core.
- Cano HealthminorLifeWallet implementation program at Cano Health Medical Centers for healthcare data management.
- SeguriTech (Mexico)regionalAgreement 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.
- Milberg Coleman Bryson Phillips Grossman, PLLCminorSignificant progress towards settlements and strategic alliance with law firm Milberg Coleman Bryson Phillips Grossman, PLLC for legal services and claims processing.
- Rivero Mestre, LLPminorStrategic alliance with law firm Rivero Mestre, LLP for settlements and legal referral services.
- PalantircoreMSP Recovery and Palantir partnered to transform connectivity across the U.S. healthcare system, utilizing Palantir's data integration technology to enhance healthcare data capabilities and interoperability.
Scale indicators9 records
Recent moves11 records
Expansion highlights5 records
MSP Recovery competitors and assessment
Company assessmentDirect peers
- The Rawlings Group: The Rawlings Group is the dominant U.S. healthcare subrogation and recovery firm, directly comparable to MSP Recovery's Medicare Secondary Payer / coordination-of-benefits recovery business. Both serve health plans and pursue responsible third-party payers on contingency — the closest functional competitor.
- Cotiviti: Cotiviti provides payment integrity and recovery analytics for U.S. health plans, discovering improper payments and recovering overpayments. Closely comparable to MSP Recovery's data-analytics-driven improper-payment identification and payer-side recovery model.
Broad incumbents
- Gainwell Technologies (HMS Holdings legacy): Gainwell inherited HMS Holdings' payment-integrity and care-management business serving Medicaid and government payers. Operates in adjacent payment accuracy and recovery-adjacent services to MSP Recovery's Medicare/Medicaid focus.
- MultiPlan: MultiPlan is a healthcare cost-containment platform that detects overpayments and negotiates out-of-network claims for payers. Comparable in payer-facing payment-integrity services, though broader in scope and more established.
- Optum (UnitedHealth Group): Optum owns Change Healthcare and offers payment integrity, claims analytics, and recovery services at massive scale for U.S. payers and providers. A broad incumbent with overlapping capabilities around improper-payment identification and recovery.
- Equian (Waystar): Equian, now part of Waystar, specialized in payment integrity and subrogation recovery for healthcare payers before its acquisition. Comparable recovery services orientation and payer client base, though now embedded in a broader RCM platform.
Emerging players
- Health Catalyst: Health Catalyst is a healthcare analytics platform serving payers and providers with data integration and analytics. Partial overlap with MSP Recovery's Palantir-powered analytics approach to claims discovery and recovery.
- PRA Group: PRA Group is a large publicly traded debt-recovery and purchase firm operating across consumer and government healthcare receivables. Comparable contingency-based recovery model and monetization of receivables portfolios.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks7 records
Key highlights7 records
Customer concentration
MSP Recovery social profiles
Digital presenceMSP Recovery financial estimates
Financial estimateRevenue estimate
Valuation estimate
MSP Recovery leadership team
Management profileNumber of profiles
Profiles1 record
MSP Recovery subsidiaries and ownership
Company hierarchySubsidiaries1 record
MSP Recovery funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MSP Recovery M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MSP Recovery
What does MSP Recovery do?
MSP Recovery operates a healthcare reimbursement recovery service and technology platform that uses proprietary data analytics to discover improper payments made by primary payers (Medicare, Medicaid, and commercial insurers) and recover reimbursements owed under the Medicare Secondary Payer Act. The company also offers the LifeWallet consumer-facing healthcare data platform and a national legal referral service for attorneys.
Is MSP Recovery a public or private company?
MSP Recovery is a public company. It is classified as public and is currently operating.
When was MSP Recovery founded?
MSP Recovery was founded in 2014. It employs 51 to 100 people.
Where is MSP Recovery based?
MSP Recovery is headquartered in Miami, United States, in the North America region.
How does MSP Recovery make money?
Four revenue lines are on record. Contingency Fee Recovery Services are the primary driver. The others are healthcare Claims Monetization, licensing Agreements and assignor Interests Monetization.
Who are MSP Recovery's main competitors?
Direct peers on record are The Rawlings Group and Cotiviti. Broad incumbents are Gainwell Technologies (HMS Holdings legacy), MultiPlan, Optum (UnitedHealth Group) and Equian (Waystar). Emerging players are Health Catalyst and PRA Group.
Does MSP Recovery have an API?
No public API is recorded for MSP Recovery.
What industry is MSP Recovery in?
MSP Recovery's product category is Healthcare Reimbursement Recovery. Its primary akta.pro industry code is FSAKAJAM, Medical Debt Collection & Revenue Cycle Bad-Debt Recovery, with a secondary code of FSAEADAH, Claims Advocacy & Loss Recovery Services. Its NAICS code is 56144 and its SIC code is 7320.