Lyric Launches AI-Powered Payment Accuracy Service, LyricIQ
Company also announces investment from Rory McIlroy’s Symphony Ventures
Lyric, an industry leader in payment accuracy, today unveiled its groundbreaking Artificial Intelligence as a Service (AIaaS) solution, LyriclQ. Backed by Lyric’s three decades of unrivaled clinical content expertise, LyriclQ harnesses the power of artificial intelligence (AI), machine learning, and predictive modeling to redefine payment accuracy processes for health plan payers, bringing a new era of precision and efficiency to the healthcare industry.
In addition to the launch of LyriclQ, Lyric announced its strategic partnership with Symphony Ventures, a venture capital firm founded and led by professional golfer Rory McIlroy that invests in innovative companies in the healthcare, technology, and sports industries. Lyric sits at the intersection of two of Symphony Ventures’ core focus areas and will work with Symphony to advance its brand and impact customers.
“The launch of LyriclQ and investment from Symphony speak to our continued commitment to revolutionizing the business of care,” said Raj Ronanki, CEO of Lyric. “Rory is a strong believer in the role of technology in improving health care. With the launch of LyricIQ and the support of Symphony Ventures, we become even better positioned to advance our vision to make the complex simple so our partners can focus on the bigger picture–delivering better patient experiences and outcomes.”
LyricIQ’s AI module collects and evaluates customer data through a secure and straightforward integration. This process identifies claims trends and forms predictive models for a comprehensive review. Leveraging AI-generated insights, Lyric’s seasoned team of data scientists and clinical experts identify potential opportunities for payment error reductions, substantial cost savings, and future value realization. With the implementation of LyricIQ’s advanced technological capabilities, the timeline for data review, collection, and realization of savings is drastically reduced, transforming years and months into mere weeks.
"In a landscape inundated with payment accuracy solutions—primary, secondary, post-pay, fraud, waste, abuse, coordination of benefits, subrogation, among others—our customers have endless choices," noted Carolyn Wukitch, Lyric's COO. "LyricIQ cuts through the clutter, offering a consolidated best-of-breed solution that not only focuses on data quality and algorithmic bias but also deploys AI in a responsible, ethical manner. Our platform creates unparalleled return on investment for our customers by integrating industry-leading pre-pay editing offerings—currently employed by over one hundred and ten health plans—into a seamless, end-to-end solution.”
“My career as a professional golfer has taught me the immense value of innovation and technology in understanding and enhancing human performance,” said McIlroy. "I am thrilled to back a pioneer like Lyric, a leader striving for enhanced clarity and connectivity.”
Founded in 2019 and headquartered in Dublin, Ireland, Symphony Ventures has grown its portfolio to include more than a dozen companies, many of them leaders in the broader health and wellness space.
About Lyric
Lyric is a leading AI healthcare technology company, committed to simplifying the business of care. 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.
