MSP Recovery Expands Partnership with Tokenology Labs to Include Development of Multiple Blockchain Initiatives
October 27, 2022 at 09:43 pm
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MSP Recovery, Inc. announced the expansion of their ongoing relationship with Tokenology Labs MSPR and Tokenology Labs have been developing the proprietary tokenization platform, LifeChain, and made significant progress on the project, which has led to efficiency, speed and scalability in the tokenization of claims. LifeChain -- which will connect providers and payers to tokenized medical claims at unparalleled speeds 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 the parties responsible make the proper 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 alongside Polygon's Layer-2 Ethereum solution. MSP Recovery's leadership team believes that applying this new technology will allow medical providers to ensure that they are filing claims with the proper identification codes, as well as provide more transparency on the parties responsible for payment, and assist with receiving compensation in a much shorter timeline than the traditional claims cycle.
The processing of claims by LifeChain, as the real-time solution for MSPR's "Chase to Pay" platform, will now take teams a matter of minutes, rather than days, and allow MSPR to analyze its portfolio of historical claims in a fraction of the time. This speed is also expected to be important when it comes to identifying and processing new assets. LifeChain will also be implementing a point-of-care biometric authentication hash included in each tokenized claim, which is expected to help eliminate fraud and inefficiencies that currently plague the healthcare industry nationwide.MSP Recovery's expanded relationship with Tokenology Labs will now include the additional role of the development and scaling of LifeWallet and its multiple service-oriented verticals in the LifeWallet ecosystem.
MSP Recovery, Inc. doing business as, LifeWallet, healthcare recovery and data analytics company. The Company is a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery specialist. It is engaged in disrupting the antiquated healthcare reimbursement system, using data and analytics to identify and recover improper payments made by Medicare, Medicaid, and commercial health insurers. It analyzes historical medical claims data to identify recoverable opportunities. The Company has developed over 1,400 algorithms, which help identify waste, fraud and abuse in the Medicare, Medicaid, and commercial health insurance segments. LifeWallet solutions include LifeWallet Health, LifeWallet Legal, LifeWallet Sports, LifeWallet EDU, and LifeChain. It provides services to other parties in identifying recoverable claims as well as provides data matching and legal services. LifeWallet provides solutions for multiple industries, including healthcare, legal, education, and sports NIL.