MSP Recovery Inc (NASDAQ: MSPR) is a healthcare claims recovery company that acquires, through irrevocable assignment, the rights to pursue reimbursement claims against primary payers on behalf of Medicare, Medicaid, and commercial health insurance entities. Revenue is generated when recoveries are collected, with MSP Recovery retaining a contractually defined share of gross proceeds. The company holds recovery rights associated with approximately $87.7 billion in Paid Value of Potentially Recoverable Claims as of December 31, 2024, derived from approximately $380 billion in Paid Amount across its assigned portfolio. MSP Recovery pursues recoveries primarily under the Medicare Secondary Payer Act, acting as plaintiff in litigation rather than as a third-party vendor. The company also operates Chase to Pay, a near real-time analytics platform designed to identify the correct primary payer at or near the point of care, preventing improper payments before they occur. As of the 10-K filed April 16, 2025, the company has not generated substantial revenue from its Claims portfolio.

Revenue model

Contingency-based recovery revenue. MSP Recovery is typically entitled to 100% of assigned recovery rights under Claims Coordination and Recovery Agreements (CCRAs) but is contractually obligated to pay 50% of gross recoveries to the Assignor. In select cases, the company has purchased 100% of recovery rights outright from Assignors. No cash dividends have been declared or paid as of December 31, 2024.

Products and services

Core service: irrevocable assignment and litigation-based recovery of healthcare claims under the Medicare Secondary Payer Act. Technology platform: Chase to Pay, a near real-time analytics platform that identifies the proper primary insurer at or near the point of care to prevent wrongful payments. Data analytics: proprietary algorithms to identify waste, fraud, and abuse across Medicare, Medicaid, and commercial health insurance claims data.

Customers and end markets

Assignors are Medicare Advantage plans, Medicaid managed care organizations, and commercial health insurers that transfer claims recovery rights to MSP Recovery. End markets are Medicare, Medicaid, and commercial health insurance sectors. Defendants in recovery actions are primary payers, including property and casualty insurance carriers.

Value-chain role

Claims recovery assignee and plaintiff. MSP Recovery sits between Medicare/Medicaid/commercial health plan Assignors and liable primary payers, acquiring claim rights, performing data analytics to identify recoverable amounts, and directing litigation to collect reimbursements.

Geographic exposure

United States. Recovery actions filed across multiple federal court jurisdictions, with notable Eleventh Circuit appellate precedent. The 10-K does not disclose revenue by geography.

Source: SEC 10-K, filed 2025-04-16

Industry: Services-Computer Processing & Data Preparation Peers: 1Life Healthcare Inc AMEDISYS INC AMN Healthcare Services Inc Option Care Health Inc CVS Health Corp Guardant Health Inc LHC Group, Inc Oak Street Health, Inc. Privia Health Group Inc Premier, Inc.