Lyric Debuts New AI-Driven Platform Aimed at Streamlining Payment Accuracy and Cost-of-Care

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Jun 04, 2024, 13:40 ET

Lyric's new 42 platform enables customers to unlock greater value, reduce administrative costs, and simplify technology deployment related to payment accuracy and healthcare affordability

PHILADELPHIA, June 4, 2024 /PRNewswire/ -- Lyric, a long-time industry leader and well-known pre-pay editing provider, is announcing the launch of 42, an innovative platform and the latest solution as Lyric continues its evolution as an AI-first platform company. Lyric's 42 brings value unlocking capabilities by connecting customers to Lyric's best-in-class partner offerings that span the payment accuracy and cost-of-care continuum. Enabling ease of technology deployment, 42 delivers the advantages of a multi-vendor strategy, while minimizing operational complexity, integration, and administrative costs.

Lyric's 42 enables customers to:

Transition to a SaaS model that delivers greater efficiencies and ease of deployment.
Integrate multiple solutions—including a customer's own tools, solutions developed by Lyric, and those developed by other partners, simplifying the management of payment accuracy and cost-of-care solutions.

42 also enables Lyric and third-party developers to create AI-first solutions to automate processes such as claims audits, prior-authorizations, and resolution of pended claims.

"Our next-generation platform provides health plans with a comprehensive approach to payment integrity, and other capabilities designed to optimize outcomes across many health plan functions. Our transformative, digital-first solution is easily configurable and deployable through a single integration with your core systems," said Tawfiq Bajjali, Lyric's Chief Platform Officer.

"From a technology perspective, even more important for our current customers, 42 accelerates how we deliver more value, faster, and with better performance. What's also important for Lyric customers is that 42 will reduce the total cost of ownership for technology investments, increase ROI, and open ways in which we can bring forth Lyric and partner capabilities in a scalable way," Yevgeny (Gene) German, Lyric's Chief Product and Technology Officer said. "And that can make all the difference at a time when health plans are looking for ways to be much more efficient and to reduce administrative costs."

"42 will not only include solutions to help our customers ensure payment integrity and accuracy," explained Rajeev Ronanki, Lyric's CEO. "Ultimately, our vision is to enable 42 to allow customers to optimize cost of care, increase the efficiency of administrative functions, meet new government regulatory requirements, navigate or participate in disruptions to existing business models and improve member experience. It will be a game-changer in the healthcare ecosystem."

Developed to address the pain points described by customers and marketing intelligence information, Lyric's 42 platform removes many of the challenges that customers face and that create needless complexity throughout the payment integrity process.

"We have long-standing, deep relationships with our customers and it's important that they know that we're evolving to continue to meet their needs as their ally," Carolyn J. Wukitch, Lyric's President and Chief Operating Officer explained. "42 is just one of the many ways we're doing this. Now more than ever Lyric, is positioned to meet our customers where they are with solutions that fit their needs."

To learn more about Lyric and 42, click here.

* The name 42 is a nod to the cultivation of abilities and achieving excellence in them.

Lyric, formerly ClaimsXten, is a leading platform-based AI healthcare technology company, committed to simplifying the business of care. Over 35 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 leverage the power of machine learning, AI, and predictive analytics to empower health plan payers with pathways to increased accuracy and efficiency, while maximizing value and savings. 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. Discover more at Lyric.ai. 

Media Contact:
Amy Churchill
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(724) 841-4450

SOURCE Lyric