—Lyric first COB component, Medicare COB, made possible through Lyric’s partner strategy—
PHILADELPHIA, Sept. 10, 2024 /PRNewswire/ — Lyric, a leader in technology-first, platform-based payment integrity solutions, today announced it would offer coordination of benefits solutions as part of its leading payment integrity offering. The first component of Lyric’s overall COB offering is available as a result of a strategic partnership with Strout (formerly the Strout Company), a market leader in Medicare COB.
Customers can unlock greater savings opportunities through Lyric’s advanced technology and the specialized expertise of Lyric’s teams to optimize payment accuracy, especially for complex plan members such as those who are Medicare-eligible. When an individual has coverage from more than one health plan—such as Medicare and an employer-sponsored plan—and the wrong one is billed for a given healthcare service, payment errors can occur. Typically, these errors are not found until long after inaccurate payments have been made, adding increased costs and waste to the healthcare system. And, because many incorrect payments cannot be recovered due to regulatory limitations on the timeframe in which recovery can take place, patients may be stuck with unexpected out-of-pocket costs.
“More than a quarter of Medicare beneficiaries also have coverage from another health plan, and errors in determining primacy and payment are common and costly,” said Stacey Stabenow, President of Strout. “Together with Lyric, we can reduce the financial burden of care for some of America’s most vulnerable patients and the health plans that serve them, making healthcare more efficient for everyone.”
“Our partnership with Strout is another example of Lyric’s vision to simplify the business of care,” explained Lyric CEO, Rajeev Ronanki. “Strout has transformed coordination of benefits, delivering real-time, AI-powered payment accuracy to solve a problem that is generally otherwise managed through inefficient claim auditing after the fact. But together, we will address this critical need with unparalleled efficiency and effectiveness.”
About Lyric
Lyric, formerly ClaimsXten, is a leading healthcare technology company. Over 35 years of experience, dedicated teams, and top technology help deliver more than $14 billion of annual savings to our many loyal and valued customers—including 9 of the top 10 payers across the country. Lyric’s solutions serve as the foundation for streamlining increasingly complex claims payment processes, bringing the insights needed for more precision and efficiency along the continuum. Lyric serves many of the nation’s largest commercial and government-sponsored health plans, responsible for covering more than 185 million lives. Lyric’s strong relationships as a trusted ally to customers resulted in recognition from KLAS as “true partner” and “excellent value for investment,” with a top score for overall customer satisfaction and A+ likelihood to recommend in their October 2023 Payment Integrity and Accuracy Report.
As part of its vision to simplify the business of care, Lyric is investing in AI driven technology to ease implementation and speed to value for customer savings, while offering enhanced and newly available solutions through internal product development and strategic partnerships, including previously announced partnerships with Concert, Autonomize AI, and now Strout.
Discover more at Lyric.ai.
About Strout
Strout, formerly The Strout Company, is the market leader in Medicare Coordination of Benefits (COB) payment accuracy solutions. For more than 30 years, the company has combined expertise in complex healthcare regulatory issues and pioneering technology solutions to regional and national health plans, third party administrators and partner companies, collectively serving more than 100 million members. Based in Dallas, Strout is HITRUST CSF certified and a certified Women’s Business Enterprise.
Visit strout.ai to learn more.
Media Contact:
Amy Churchill
amy.churchill@lyric.ai
(724) 841-4450
Jodi Perkins
Amendola for Lyric
Jperkins@acmarketingpr.com
SOURCE Lyric