—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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lyric-to-add-coordination-of-benefits-capabilities-to-payment-accuracy-solutions-302244189.html
SOURCE Lyric