MSP Recovery, Inc., which powers LifeWallet, announced that it has entered into a licensing agreement with a new client for a $7.5 million one-time fee, as well as expected prospective fees of $1 million per year. The licensing agreement provides the Company's client with a license to utilize its proprietary LifeWallet platform. LifeWallet launched its technology in January 2022.

LifeWallet provides real-time analytics at the point of care, helping identify the primary insurer, assisting providers in receiving reasonable and customary rates for accident-related treatment, shortening the company's collection time frame, and increasing revenue visibility and predictability. The platform will also avoid the improper documenting of medical claims that leads to improper billing, thereby preventing fraud, waste, and abuse. The LifeWallet platform also provides an Application Programming Interface (“API”) that allows patients to gain immediate access to all of their medical records when seeking medical treatments.

The LifeWallet licensing agreement provides the Company's client with various software capabilities, including but not limited to: a provider portal, which is a web-based dashboard that allows the client to manage their patient population; bi-directional integration into Electronic Health Records (“EHR”); universal patient intake forms to be received prior to appointments; biometric check-in capabilities, including a facial recognition check-in system and verification backed by government-issued Real ID codes; enhanced scheduling capabilities; intelligent infrastructure, including on-site data and navigation, and complete Internet of Things (“IOT”) connectivity and asset tracking tools; and cutting-edge blockchain technology, which allows for the creation of an expansive ledger for all historical and real-time medical claims transactions in the MSP Recovery and LifeWallet ecosystems.