MSP Recovery is expanding its partnership with Tokenology Labs to include the development of more blockchain initiatives

CORAL GABLES, Fla., Oct. 27, 2022 (GLOBE NEWSWIRE) — MSP Recovery, Inc. (NASDAQ: MSPR ) (“MSPR”, “MSP Recovery” or the “Company”), a Medicare, Medicaid, commercial, and recovery of Secondary Payer Reimbursement and Chief Technology Officer, today provided a business update.

• Since the announcement of MSPR’s partnership with Tokenology Labs on the development of LifeChain (October 2021), exciting progress has been made on the project, leading to a new expanded partnership between the two companies.

• LifeChain has been developed into a platform that tokenizes medical claims at unprecedented speed, which is expected to accelerate the processing of MSP Recovery’s client claims data and the identification of potentially recoverable claims.

• The expanded partnership will now include the development and operation of MSPR’s proprietary LifeWallet platform, focusing on services that benefit multiple industries, including healthcare, legal, sports and education.

MSP Recovery announces the expansion of its ongoing relationship with Tokenology Labs, a technology company specializing in the development of large-scale tokenization platforms. MSPR and Tokenology Labs have developed the proprietary tokenization platform, LifeChain, and made significant progress in the project, leading to efficiency, speed, and scalability in the tokenization of claims.

LifeChain – which will connect providers and payers to tokenized medical claims with unmatched speed and transparency – is expected to transform standard medical claim forms into unique digital versions on blockchain (NFTs or Non-Fungible Tokens) that are filtered through a proprietary pipeline of quality control algorithms and predictive AI, which helps ensure that those responsible make the correct payment and helps maximize return on value for medical providers.

LifeChain has already reached a stable speed of processing more than 20,000 fully minted digital tokens (claims) per minute, which has been made possible by a massive scaling effort together with Polygon’s Layer-2 Ethereum solution. MSP Recovery’s leadership team believes that using this new technology will allow medical providers to ensure they are submitting claims with the correct identifiers, as well as provide more transparency about the parties responsible for payment and help receive compensation in a much shorter timeline than the traditional claims cycle.

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The processing of claims from LifeChain, as the real-time solution for MSPR’s “Chase to Pay” platform, will now take the team a matter of minutes, instead of days, allowing MSPR to analyze its portfolio of historical claims in a fraction of the time. This speed is also expected to be important in identifying and processing new assets.

LifeChain will also implement a point-of-care biometric authentication hash included in each tokenized claim, which is expected to help eliminate fraud and inefficiencies currently plaguing the healthcare industry across the country.

MSP Recovery’s expanded relationship with Tokenology Labs will now include the additional role of developing and scaling LifeWallet and its multiple service-oriented verticals in the LifeWallet ecosystem.

“Our expanded relationship with Tokenology Labs leads us to believe that LifeWallet can become an even more powerful and effective tool for both patients and healthcare professionals, while helping MSP Recovery identify major errors in the historical claims process to increase revenue, reduce costs and improve patient care through access to reliable data,” said John H. Ruiz, founder and CEO of MSP Recovery.

LifeWallet is also part of MSP Recovery’s “Chase to Pay” platform, which provides real-time point-of-care analytics, helps identify the primary insurer, helps providers receive fair and regular rates for accident-related care, and shortens the company’s collection time. framework, and increase income visibility and predictability. In addition to healthcare, plans for LifeWallet’s expanded capabilities will focus on the fields of education, law, sports and other sectors.

“MSP Recovery has been a great partner as we disrupt healthcare and our team could not be more excited to expand our partnership to further applications of our outstanding technology, which will ultimately improve the human experience and help save lives,” said Tokenology Labs Co-Founder Guigo Simoes.

The new partnership also ensures that Marco DeMello of Tokenology Labs will continue to lead the development of LifeChain as he takes over the development of LifeWallet and oversees the engineering and technology teams. DeMello has more than 20 years of experience in technological innovation and the development of large system projects. As chief technology officer at Microsoft for 10 years, DeMello was responsible for the acquisition and development of Hotmail, restructuring of the Windows security infrastructure, development of the 2007 Exchange server and 36 patents. Following his tenure at Microsoft, DeMello founded and scaled PSafe, the largest cybersecurity company in Latin America. Most recently, he joined Tokenology Labs as CEO and Partner.

“The American health care system has been broken for many years,” DeMello said. “It is unconscionable that in 2022 none of us, as patients, own and control our medical records and history. With blockchain and LifeWallet technologies, this will change radically, including, for example, helping emergency medical technicians treat you with complete and accurate medical data in an emergency by scanning your face, or being able to check in for a new doctor’s appointment. in seconds with the same simple face scan, or instantly know which new medications interact negatively with medications you were previously prescribed – while guaranteeing your complete privacy and security.”

About MSP Recovery
Founded in 2014, MSP Recovery has become a leader in Medicare, Medicaid, commercial and secondary payer reimbursement recovery, disrupting the antiquated healthcare reimbursement system with data-driven solutions to secure recovery against liable parties. MSP Recovery provides healthcare with comprehensive compliance solutions, while innovating technologies to save lives. For more information, visit: www.msprecovery.com.

About LifeWallet
LifeWallet powered by MSP Recovery was developed as a solution to fragmented computer systems. It provides connectivity through an easy-to-use ecosystem of practical applications for multiple industries, including healthcare, giving patients control over their health information and providing invaluable resources for providers and payers. For more information, visit: www.lifewallet.com.

About Tokenology Labs
Tokenology Labs focuses on unlocking the full potential of blockchain technology by delivering real utility through large-scale, secure enterprise tokenization solutions. For more information, visit: www.tokenologylabs.com.

Forward-looking statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can generally be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan” and “will” or, in each case, their negative or other variations or similar terminology. These forward-looking statements include all matters that are not historical facts, including, for example, MSPR’s expectations or beliefs regarding the development of the technology, including LifeWallet and LifeChain, as well as how these technologies may affect the business. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance or results, and actual events may differ materially from those expressed in or suggested by forward-looking statements. Any forward-looking statement made by MSP Recovery herein speaks only as of the date made. New risks and uncertainties emerge from time to time and it is impossible for MSPR to predict or identify all such events or how they may affect it. MSPR undertakes no obligation, and does not intend to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that may cause these differences include, but are not limited to, the inherent unpredictability of technological innovation and development, particularly blockchain technology; the pace at which such technology is developing; MSPR’s ability to predict whether such technological innovation will benefit the business in the way it expects; technological errors or deficiencies that adversely affect the business or product development; MSPR’s ability to innovate and develop new solutions, and whether these solutions will be adopted by MSPR’s existing and potential assignees; and the other factors included in MSPR’s annual reports on Form 10-K, quarterly reports on Form 10-Q and other reports filed by it with the SEC. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

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