Reported Sunday, LifeWallet Secures Key Waiver From Largest Creditor, Launches New Agreements With Health Plans and Insurers

Author: Benzinga Newsdesk | September 09, 2024 02:37am

This initiative is expected to generate revenue through fees charged on savings from unnecessary Medicare secondary payments. 

• Clearinghouse System: In partnership with Palantir Technologies, Inc. (NYSE:PLTR) ("Palantir"), LifeWallet continues to enhance its "Chase to Pay" model with a sophisticated clearinghouse solution designed to build an expansive repository of data that can be used to determine medical conditions as well as payer obligations. This system utilizes the Palantir Foundry platform, through the development of new technological tools and machine learning to capture and manage healthcare data effectively.
• Settlements with Property and Casualty (P&C) Insurers: As previously announced, LifeWallet has reached settlements with multiple P&C insurers, demonstrating the viability of its approach. These agreements include the provision of historical data (up to 10 years) and future claims data sharing; long-term agreements to resolve Medicare claims cooperatively; P&C Insurers' agreement that they are Primary Payers1 for any unreimbursed Medicare liens that LifeWallet identifies from data sharing; and the P&C Insurers' agreement to assign all rights to collect against other third parties that either failed to pay liens or collected twice from Medicare funds and the P&C Insurers.
• Ongoing Negotiations: LifeWallet continues to make progress in ongoing negotiations with additional P&C insurers to resolve claims on similar terms, potentially expanding the reach of its Medicare claims resolution system. These settlements provide a going-forward process to collaboratively and timely resolve future claims and share important historical data. This is expected to enhance LifeWallet's claims reconciliation capabilities by identifying claims owned by LifeWallet that it may have the right to recover on, while benefitting Medicare plans and downstream entities across the mainland U.S. and Puerto Rico.

Posted In: LIFW PLTR