Lyric Enhances Payment Accuracy with COB Capabilities

Author: Henry Turner Updated: 09-10-2024 03:10 PM

Lyric Launches Innovative Coordination of Benefits Solutions

Lyric, a leader in technology-first payment integrity solutions, is excited to announce the launch of its coordination of benefits solutions. This initiative is part of its broader commitment to enhance payment accuracy, particularly for complex plans involving Medicare-eligible members. The launch stems from a strategic partnership with Strout, known for its expertise in Medicare COB.

Enhancing Payment Accuracy Through Collaboration

The first segment of this new offering aims to minimize payment errors that typically occur when patients have overlapping health plan coverage. Payment mistakes, especially those involving Medicare and employer-sponsored plans, can lead to unexpected out-of-pocket expenses for patients. Moreover, these errors often go unnoticed until much later, contributing to unnecessary healthcare costs.

Stacey Stabenow, President of Strout, emphasizes the significance of this collaboration: "With more than a quarter of Medicare beneficiaries covered by another health plan, having a clear understanding of payment primacy is essential to reducing costs and improving the efficiency of healthcare services. Together with Lyric, we focus on alleviating the financial burdens faced by vulnerable patients and the plans serving them. This partnership is designed to create a more streamlined and cost-effective healthcare experience for all parties involved."

Lyric's Vision for Simplifying Healthcare

Rajeev Ronanki, CEO of Lyric, underlines the strategic importance of this partnership, stating, "This collaboration with Strout aligns perfectly with our vision of simplifying the business of care. Strout has revolutionized the coordination of benefits process by integrating AI-driven solutions that enhance payment accuracy. Together, we will tackle these pressing challenges with unprecedented effectiveness and efficiency. This will transform the way healthcare payments are managed, moving from reactive auditing to proactive real-time solutions."

About Lyric and Its Commitment

Lyric, previously known as ClaimsXten, is an influential player in the healthcare technology industry. It boasts over 35 years of experience and uses top-of-the-line technology to save its clients more than $14 billion annually. The company caters to many leading health plans and covers over 185 million lives, highlighting its extensive reach and commitment to enhancing payment processes.

Lyric has also earned recognition in the field for providing excellent value, as seen in recent reports praising their overall customer satisfaction. Their partnerships and technological innovations aim to ensure high efficiency and accuracy in claims payments.

Investments in Advanced Technologies

As part of its strategy to enhance its offerings, Lyric is investing significantly in AI-driven technologies. These technologies streamline the implementation process and ensure that clients realize savings more quickly while rolling out new solutions and enhancements.

About Strout

Strout, the market leader in Coordination of Benefits (COB) payment accuracy, has developed its expertise over more than three decades. The company focuses on complex healthcare regulatory challenges and offers innovative solutions to health plans and administrators, serving over 100 million members in various capacities.

With its commitment to excellence and proven success, Strout remains a vital ally in the healthcare landscape, contributing to efficiency and accuracy in COB processes.

Looking Ahead

Together, Lyric and Strout are poised to make significant impacts in the domain of healthcare payment integrity. Their combined efforts will address long-standing issues surrounding payment inaccuracies, benefiting both healthcare providers and patients alike.

Frequently Asked Questions

What are coordination of benefits (COB) solutions?

Coordination of Benefits solutions are designed to manage claims for individuals covered by more than one health plan, ensuring accurate billing processes and reducing payment errors.

Who is Lyric and what do they specialize in?

Lyric, formerly known as ClaimsXten, specializes in technology-based payment integrity solutions in the healthcare industry, helping to save billions in annual costs.

What is the significance of the partnership with Strout?

The partnership with Strout aims to leverage advanced technologies to enhance payment accuracy, particularly for Medicare and complex health plans, ultimately improving healthcare efficiency.

Why are payment errors a problem in healthcare?

Payment errors can lead to unexpected costs for patients, inefficient processes for providers, and overall increased expenses within the healthcare system due to delayed recoveries and audits.

How does Lyric's technology aim to change the payment process?

Lyric's technology seeks to transition from reactive claim auditing to proactive solutions that enhance real-time payment processing and accuracy for health plans.

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