Lyric to Offer Real-time Medicare Coordination of Benefits in Pre-Pay Payment Accuracy Solutions

Lyric COB offering made possible through strategic partnership with Strout and customized connections built by DatumSure

Lyric, a leader in technology-first payment accuracy solutions ,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.

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COB errors cost patients and health plans an estimated $17 billion each year. 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.”

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“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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