MSP Recovery (d/b/a LifeWallet) identifies and recovers improper healthcare payments made by Medicare Advantage Organizations and other healthcare payers that should not have been the primary payer. The legal basis is the Medicare Secondary Payer Act, which establishes Medicare and Medicaid as payers of last resort — meaning when accident-related injuries are involved, a private insurer (e.g., a no-fault auto or workers' comp carrier) is legally required to pay first. When Medicare or an MAO pays instead, MSP Recovery pursues those recoveries. The key differentiator is that MSP Recovery acquires recovery rights outright through irrevocable assignments from healthcare payers (its "Assignors") via Claims Cost Recovery Agreements, making MSP Recovery the plaintiff in any litigation rather than a service vendor. This structure also allows MSP Recovery to pursue double damages under the MSP Act. As of year-end 2024, MSP Recovery held recovery rights associated with roughly $380B in paid claims, of which it estimates ~$87.7B is potentially recoverable, and MSP Recovery is entitled to ~56.8% of that pool. Under the standard deal structure, MSP Recovery receives 100% of gross recoveries, pays Assignors 50% of net proceeds, and pays its affiliated law firm 40% of MSP Recovery's share on a contingency basis. The path from claim identification to cash is long and litigation-heavy, and MSP Recovery has not yet generated substantial revenue. Beyond its core recovery model, MSP Recovery is developing technology platforms — including a real-time payer identification tool and a Palantir-built clearinghouse — aimed at shifting the model from post-hoc litigation toward prevention and more predictable, recurring revenue.