Tue Sep 10 18:57:00 UTC 2024: ## Lyric Launches Medicare COB Solution, Partnering with Strout for Enhanced Payment Accuracy
**Philadelphia, PA -** Lyric, a leading provider of payment integrity solutions, announced today the launch of its coordination of benefits (COB) solution, focusing initially on Medicare COB. This new offering is made possible through a strategic partnership with Strout, a market leader in Medicare COB.
Lyric’s COB solution leverages advanced technology and specialized expertise to optimize payment accuracy, particularly for complex plan members with multiple coverage sources like Medicare and employer-sponsored plans. This addresses a common issue where incorrect billing leads to payment errors, ultimately increasing costs and inefficiency in the healthcare system.
“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.”
Lyric CEO Rajeev Ronanki highlighted the importance of this partnership: “Our partnership with Strout is another example of Lyric’s vision to simplify the business of care. 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.”
This latest expansion marks Lyric’s commitment to innovation and continued investment in AI-driven solutions. The company’s partnership with Strout adds to its existing collaborations with Concert, Autonomize AI, and others, demonstrating a focused approach to addressing evolving needs in the healthcare payment landscape.
**About Lyric:**
Lyric, formerly ClaimsXten, is a leading healthcare technology company with over 35 years of experience. Serving 9 of the top 10 payers across the country, Lyric provides solutions for streamlining complex claims payment processes, driving efficiency and precision.
**About Strout:**
Strout, formerly The Strout Company, is the market leader in Medicare Coordination of Benefits (COB) payment accuracy solutions. For over 30 years, the company has provided expertise and technology solutions to regional and national health plans, third-party administrators, and partner companies, serving over 100 million members.
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