CORAL GABLES, Fla. - LifeWallet Inc. (NASDAQ: LIFW), a company specializing in healthcare reimbursement solutions, has reached a settlement with 28 property and casualty insurers (P&C Insurers) that promises to streamline the process of resolving Medicare claims.
The agreement, announced on Sunday, includes the sharing of ten years of claims data, a commitment to resolving future claims through collaboration or mediation, and a monetary payment to LifeWallet, the specifics of which remain confidential.
The settlement aims to address long-standing inefficiencies in the healthcare reimbursement system, particularly in the identification and settlement of Medicare liens. LifeWallet's approach combines legal expertise with data-driven technology to recover payments for Medicare and other healthcare providers.
Under the terms of the settlement, P&C Insurers will provide historical claims data from January 1, 2014, to the present and continue data sharing for an additional year. This information is expected to enhance LifeWallet's ability to reconcile claims more effectively.
The insurers have also agreed to implement LifeWallet’s coordination of benefits clearinghouse solution and to resolve relevant Medicare claims that LifeWallet owns for the next five years either cooperatively or through binding mediation.
The agreement also entails the P&C Insurers acknowledging their role as primary payers for unreimbursed Medicare liens identified by LifeWallet and assigning rights to collect from third parties that have either failed to pay or double-dipped into Medicare funds.
John H. Ruiz, the Founder and CEO of LifeWallet, expressed optimism that the settlement marks significant progress in the company's business model and its efforts to improve outcomes for healthcare entities nationwide. The settlement is part of LifeWallet's broader strategy to create a more transparent and efficient healthcare payment system, which includes leveraging artificial intelligence and blockchain technology.
This settlement is a critical step for LifeWallet in its mission to revolutionize healthcare reimbursement practices and recover funds more efficiently. The company cautions, however, that this agreement does not guarantee future settlements with other primary payers on similar terms.
The information in this article is based on a press release statement from LifeWallet.
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