Lyric, a leader in technology-first, platform-based payment integrity solutions, 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.”
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