MSP Recovery

MSP Recovery is a data analytics and technology company focused on recovering improper payments for healthcare payers. Founded in 2014 by attorney John H. Ruiz and Frank C. Quesada, the company identifies and pursues reimbursements for Medicare, Medicaid, and commercial health insurers. Ruiz, who serves as CEO, leveraged his legal background to build a business model that integrates data analytics with legal action to reclaim funds. The company's core business addresses situations where primary payers, such as auto insurance or workers' compensation carriers, are financially responsible for medical claims that have been erroneously paid by secondary payers like Medicare or private health plans. MSP Recovery acquires the rights to these recovery claims from healthcare entities and utilizes a proprietary data analytics system, which includes over 1,400 algorithms, to sift through vast amounts of claims data and identify recoverable amounts. Its business model is performance-based, with the company retaining a percentage of the recovered funds, typically 50%. MSP Recovery went public in May 2022 through a SPAC merger with Lionheart Acquisition Corporation II, a transaction that valued the company at $32.6 billion. Following the merger, the company operated for a time as LifeWallet, expanding its offerings to include a suite of data-driven products like Chase to Pay, which helps identify the correct primary insurer at the point of care. In late 2024, the company announced it would consolidate all its business lines back under the MSP Recovery brand. Keywords: Healthcare reimbursement, claims recovery, data analytics, secondary payer, Medicare Secondary Payer Act, legaltech, John H. Ruiz, LifeWallet, medical billing, cost containment, revenue cycle management, subrogation, insurance claims, healthcare finance, class action litigation, Medicare, Medicaid, Frank C. Quesada, improper payments, accounts receivable management