Lyric COB offering made possible through strategic partnership with Strout and customized connections built by DatumSure
PHILADELPHIA, March 5, 2024 /PRNewswire/ — Lyric, a leader in technology-first payment accuracy solutions, today announced a new, real-time Medicare Coordination of Benefits (COB) solution as a result of a strategic partnership with Strout (formerly The Strout Company), the market leaders in Medicare COB. The strategic partnership—powered by a customized connection by DatumSure—enables Lyric customers to access Strout’s Medicare COB capabilities as pre-pay claim edits within the Lyric payment accuracy environment.
COB errors cost patients and health plans an estimated $17 billion each year1. These errors occur 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.
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 are stuck with unexpected out-of-pocket costs.
But now, through the Lyric + Strout partnership, Lyric customers can solve this problem as part of the pre-payment process, effectively attributing healthcare service claims to the appropriate health plan coverage, notify health plans and employers to correct the claim record, which helps to eliminate administrative cost inefficiencies, and provide out-of-pocket cost transparency for patients.
“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.”
The technical partnership is made possible by a customized real-time connection built by DatumSure, a leading data technology company. DatumSure’s underlying data model promotes seamless integration of outside data sources.
About Lyric
Lyric, formerly ClaimsXten, is a leading healthcare technology company. Over 30 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 recently announced partnerships with Concert Genetics, Autonomize AI, Codoxo, and now Strout and Datumsure.
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.
About Datumsure
DatumSure is a data technology company based in Houston, Texas with innovative solutions at the intersection of data fabric and data mesh. The company’s flagship product, DS-Tapestry, liberates data from disparate sources without moving or duplicating data from the point of origin. DatumSure has ushered in a new era of real-time data solutions with an unprecedented level of data privacy, security, and mobility, and is currently supporting global initiatives in healthcare, life sciences, information systems, financial services, education, and humanitarian aid.
Visit www.DatumSure.com to find out more.
Media contact:
Amy Churchill
amy.churchill@lyric.ai
(724) 841-4450
1 Journal of the American Medical Association. Waste in the U.S. Health Care System. Estimated Costs and Potential for Savings, October 2019.
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SOURCE Lyric
