Lyric, a leader in healthcare payment accuracy and integrity solutions, announced its acquisition of ClaimShark, an innovative payment integrity technology platform focused on enhancing integration, transparency, and precision for health plans. ClaimShark’s solutions will be integrated into the Lyric 42 Platform, Lyric’s AI-driven offering that provides health plans with comprehensive payment accuracy solutions. The acquisition marks significant progress towards Lyric’s mission to simplify the business of care – delivering smarter, faster, and more accurate transactions across the healthcare ecosystem.
Catch more Fintech Insights : Why the Payments Industry is Facing Its Biggest Transformation in a Decade
Streamlining and Simplifying Healthcare Transactions to Eliminate Waste
Key solutions include:
- Virtuoso: Virtuoso is a differentiated payment integrity command center providing resource planning, automated workflow, and controls for payment integrity operations. Virtuoso centralizes management and orchestration of claims, data, vendors, rules, and workflows. Virtuoso also enables the use of advanced generative AI & agents to address issues impacting medical trends, providing automated solutions while ensuring human oversight in clinical decision-making.
- Replay: Replay empowers health plan audit teams to swiftly review claims, surface inaccuracies, and take corrective action. Purpose-built for payment integrity operations, Replay brings automation, structure, and intelligence to previously manual workflows, dramatically increasing speed, precision, and ROI for customers.
Powerful Combined Platform
Combining ClaimShark with Lyric42 results in a platform with unique, AI-driven capabilities, including:
- A plug-and-play AI/Cloud foundation, available now, that connects payers to a deep library of pre-pay editing, data analytics, and overpayment detection tools – some developed in-house, others by trusted partners.
- Studio 42, a dynamic new interface guided by the belief that “AI is the new UI.” Launching in the coming months, it will offer real-time trend insights, automated content creation, and intuitive, agentic workflows for maximum user impact.
Leadership Perspectives
“This acquisition is a transformational step for Lyric and represents progress toward our long-term goal of scaling the business in areas where we have unique expertise, data and insights,” said Rajeev Ronanki, CEO of Lyric. “ClaimShark’s Virtuoso and Replay capabilities are an ideal match for Lyric’s platform and align strongly with our purpose of reducing complexity across the healthcare continuum by creating a simpler, more efficient system centered around patients.”
Ravi Umarji, Lyric’s Chief Financial and Strategy Officer, added: “Lyric’s acquisition of ClaimShark accelerates our evolution beyond pre-pay editing, and represents important progress towards our mission to drive transparency and efficiency in the healthcare system. We believe this acquisition positions us well for future organic and inorganic growth opportunities, and we look forward to leveraging our combined expertise and relationships to offer innovative solutions at scale.”
Suresh Kothapalli, ClaimShark CEO and co-founder, shared: “By joining Lyric, we’re amplifying the value we can deliver across the board – from health plans to providers to members. Together, we’re building a more intelligent and integrated healthcare payments system that expands accuracy and reduces complexity.”
Ram Davaloor, ClaimShark co-founder and Lyric’s new GM & President, Platforms, concluded: “Joining Lyric allows us to tackle some of healthcare’s biggest challenges head-on. Together, we’re developing a real-time intelligence platform that empowers health plans to predict trends, act early, and deliver greater value with precision.”
Read More on Fintech : Tokenized Self-Sovereign Identity: The Key to the Next Era of Banking
[To share your insights with us, please write to psen@itechseries.com ]
