"'The company is negotiating amendments to certain material agreements and evaluating the accounting and related disclosures,' LifeWallet said in a March 31 late-filing notice" - Translation: We haven't finished cooking the books yet.
Jokes aside, I'm still not sure what this company does... if a person has a $1000 insurance claim but the insurer will only pay $200, so they buy from the person for $300 and then they sue the insurer for the difference, is that what they do?
Let’s say a medical insurer has a million in unpaid bills that they can’t collect. They will sell that portfolio to someone for say 200k, and if the new owner can collect more than 200k out of it they profit.
So it's akin to Structured Settlements like what's its name....Wentworth? One has a settlement of $50k for 10 years and is paid $100k up front for that settlement (20%). Do the ROI and IRR on that!!
My understanding of MSP Recovery (now under the Lifewallet logo).....they primarily focus on assisting healthcare providers with assistance on identifying and billing claims for secondary payors. Their claim to fame seems to be technology, but from what I can gather it's just a lot of word salad. There is opportunity in that market niche....providers have long struggled with the complexity and volumes associated with the business side of healthcare. Typically providers find it cheaper to outsource certain segements of their revenue cycle, this is a common area. But that market is packed with vendors (I've been one for 35 years) and MSP is not a blip on the radar. In fact I had neever heard of them until NIL
I outsource my 90 day unpaid claims. A lot is from secondary insurance. It’s more cost effective to let a third party handle and take a % than paying a full time employee to chase it. I’m slowly moving away from insurance all together. It’s just too much hassle for a small business owner to handle.
Virtually every provider outsources at some point in the lifecycle of an account.....many use outside sources for Self-pay/patient responsibility at day 1. At the 90-120 day threshold no provider should still have their outstanding receivables in house.
My dentist doesn’t accept insurance at all. His prices are very competitive, maybe because of not having to have staff or 3rd parties deal with it
I see a primary care physician who stopped taking insurance 12 years ago. Said it was best decision he ever made.
It’s a fine line depending on competition and demographics. My patient base is primarily fed and defense contract workers. Insurance is prevalent. I built my office from scratch and had to attract patients and build a base and reputation overtime. Now that I’m established and pretty much word of mouth I’m slowly dropping insurance. You always fear losing patients but most have stayed because I’ve gained their trust and they refer. It’s been a blessing because I don’t have to work as hard for the same amount. My primary physician doesn’t take insurance and has a membership plan. He says it’s amazing. He caps his patient base as well. I’m thinking of doing an in house membership as well.
Gotcha. Yeah, all those things sound good if can pull it off. My dentist does a yearly cleaning plan. Two cleanings and one set of X-rays per year for an upfront fee. Office isn’t fancy but staff is great, prices are competitive and the guy is just a good dude. I guess we better slide this back on topic but Miami sucks so oh well lol
