MSP Recovery, Inc. MSPR

Company Overview

MSP Recovery, Inc. (traded publicly as MSPR) is a healthcare litigation and claims recovery company focused on enforcing reimbursement rights under the U.S. Medicare Secondary Payer (MSP) statute. The company operates at the intersection of healthcare services, legal recovery, and data analytics, primarily seeking to recover conditional payments made by Medicare, Medicaid managed care organizations, and other secondary payers when a primary payer—such as an insurer or self-insured entity—was legally responsible. Its core business model is contingent and litigation-driven, with revenues dependent on successful recoveries, settlements, or judgments.

The company’s primary revenue driver is the pursuit of large-scale reimbursement claims against insurance carriers, healthcare providers, and other responsible entities. MSP Recovery positions itself as a specialized recovery platform with proprietary data assets and legal expertise that it asserts provide scale and leverage in complex, long-duration claims. The company was founded in 2014 by John H. Ruiz and grew rapidly through acquisitions of recovery rights portfolios before going public in 2022 via a merger with a special purpose acquisition company (SPAC), becoming one of the largest publicly traded firms dedicated to MSP recovery enforcement.