LifeWallet Reaches Comprehensive Settlement with 28 Affiliated P&C Insurers, to the Benefit of LifeWallet’s Medicare Clients

March 4, 2024

DENVER, Colo., Mar 04, 2024 (247marketnews.com)- LifeWallet (NASDAQ:LIFW) states, on Sunday, that it reached a comprehensive settlement with 28 affiliated property and casualty insurers, which settles existing claims, establishes a process to resolve future claims, and share important historical data that is expected to enhance LifeWallet’s claims reconciliation capabilities, benefiting its Medicare clients across the mainland U.S. and Puerto Rico.

LifeWallet is trading at $1.20, up $0.17 (+16.50%), on 1.66M premarket shares traded. Its 52-week range is $0.7211 to $28.00 and is on target to hit a new one month high.

The P&C Insurers agree to provide ten years of historical data (identifying all claims processed from January 1, 2014, through the present) and data sharing of future claims, extending out for one year, assisting LifeWallet in reconciling its current and future assigned Medicare claims, as well as a cash payment, for an undisclosed amount, from the P&C Insurers to LifeWallet to settle existing historical claims.

LifeWallet Founder and CEO, John Ruiz, stated, “Today’s news shows LifeWallet’s significant progress in implementing our business model and commitment to achieving positive outcomes for healthcare entities across the country.” LifeWallet Co-Founder and Chief Legal Officer, Frank C. Quesada, added, “We are hopeful these collaborative efforts will pave the way for similar resolutions with other property and casualty insurers, including those currently in negotiations with LifeWallet. This benefits all stakeholders willing to work together to address issues that have plagued the healthcare industry for decades and be part of the solution to improve the healthcare system for insurers, providers, and patients alike.”

Ruiz worked with LifeWallet’s counsel, Charlie Whorton, on the settlement resolution, further commented, “This settlement encompasses the two most important concepts that LifeWallet set out to resolve — discover conditional payments and recover reimbursement from primary payers. While some insurers have failed to follow the law and been uncooperative, we commend those insurers that have stepped up to the plate to do what is required.” Ruiz continued, “Our goal has been to create a more compliant and transparent environment, where secondary payers and primary plans are coordinating and sharing information. Such an environment ultimately serves to preserve the Medicare Trust Funds.”

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