MSP Recovery and Palantir Partner to Transform Connectivity Across the U.S. Healthcare System
12 October 2021
MSP Recovery, LLC, a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader today announced the formation of a partnership to transform legal, data, and healthcare delivery into one united ecosystem. MSP will provide the detailed underlying legal, data and healthcare knowledge, utilizing Palantir Foundry as the foundation of the data ecosystem.
“The U.S. healthcare system has the most knowledgeable and qualified doctors and healthcare practitioners,” says MSP Recovery Founder and CEO, John H. Ruiz. “However, after personally taking depositions for the last 8 years on healthcare data collection, data ingestion, as well as payer systems, MSP has confirmed through legal wins in the Federal Appellate courts, that these systems are a disaster. This affects patient care and quality of healthcare delivery, causes unnecessary deaths and serious injuries to patients, while the Medicare and Medicaid systems lose billions of dollars each year. MSP Recovery has innovated a solution, and with the use of Palantir Foundry and our partnership with Palantir, we will execute on our knowledge, speeding up systems that can be used, not just in the U.S., but globally, for medical records, billing, payment and healthcare solutions. Harnessing these systems will take the care and treatment of individuals to new levels and open doors to finding cures for many conditions. Today, after forging a deal with Palantir, I am more excited than ever. This is a new world for MSP.”
The American healthcare system, which serves millions of people every year, rests upon a series of data systems which are currently fragmented. Data is stored in passive knowledge silos that are ill-equipped to handle the complexity of the healthcare system. As a result, limited data flow produces inefficiencies that lead to increasing costs for healthcare in the U.S., paid for by the U.S. taxpayer.
From following the data journeys of millions of patients, MSP has developed a deep understanding of where data integration issues lead to adverse outcomes for providers, payers, patients, and taxpayers. By utilizing Palantir Foundry, MSP Recovery will combine this deep expertise with the power of Palantir Foundry, to connect data both within and between organizations and help unlock connectivity on an unprecedented scale.
The vision for this solution, designed with privacy and civil liberties in mind, is to make it available to entities within the healthcare system, with an initial focus on payers and providers. Providers would be able to integrate their electronic health records (EHR) and billing data with MSP’s industry knowledge to improve billing accuracy, allowing payments to be collected more efficiently. In the same environment, payer organizations would be able to integrate their claims data with MSP’s automated compliance and legal recovery strategies, to reduce unnecessary claim payments and associated costs. This would help improve compliance, reduce fees and avoid regulatory sanctions. Built-in data protection functionalities will facilitate compliance with strict rules and regulations. These protection functionalities include granular access controls, along with additional tooling to facilitate transparency and accountability.
“MSP Recovery has built deep expertise in the complexities of the United States healthcare system and MSP is using that expertise to disrupt the antiquated healthcare reimbursement system. We are excited for the potential this partnership has to increase transparency and improve overall delivery of care,” said Shyam Sankar, Chief Operating Officer of Palantir Technologies. “Foundry continues to be the trusted operating platform for the healthcare industry — from the U.S. and U.K. vaccine programs to insurance companies and healthcare providers around the world.”
Together, MSP Recovery and Palantir are tackling an inherent data challenge by turning industry leading knowledge into a united, data-driven solution. Over time, the partnership aims to eliminate the inefficiencies that exist today and use this knowledge to reduce rising costs across the healthcare industry. Ultimately, the partnership is expected to improve care at both a patient and population level, while introducing new potential revenue for both companies.
MSP’s pioneering data analytics platform is integrating comprehensive compliance solutions, legal know-how, and efficient healthcare delivery to create a results-based solution to a fragmented healthcare system, in real time. Palantir offers the advanced technology to take this to the next level. Together, MSP Recovery and Palantir seek to offer the most comprehensive solutions for both historical issues as well as real-time results for the payer, provider, and patient. The benefits of these solutions aim to achieve more accurate, efficient billing and elimination of improper payments, resulting in improved healthcare for all patients.
About MSP Recovery
Founded in 2014, MSP Recovery has become a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader, disrupting the antiquated healthcare reimbursement system with data-driven solutions to secure recoveries against responsible parties, while providing the industry with comprehensive compliance solutions. For more information, visit: www.msprecovery.com
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In addition to as noted above, this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the partnership, as well as the expected benefits of Palantir’s software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of Palantir’s management as of that time with respect to future events. Additional information regarding these and other risks and uncertainties is included in the filings Palantir makes with the Securities and Exchange Commission from time to time. Except as required by law, Palantir does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.