Lyric CEO Rajeev Ronanki, M.S., on What Makes His Payment Integrity Different

In the first segment of an interview with Managed Healthcare Executive, Rajeev Ronanki, M.S., CEO of Lyric, a payment integrity company, gives his account of what makes his company different from its competitors. He started by mentioning that Lyric is subscription-based. "Our incentives are aligned with payers and providers to make sure the transactions are accurate, in contrast to others that essentially work on a contingency basis," he said. Payment integrity paid on contingency creates an incentive to "maximize findings," Ronanki said, in contrast to accuracy.

Other payment integrity firms are subscription-based but none are as large as Lyric, which has 100-plus health plan customers, Ronanki said.

Ronanki also called out Lyric's status as a platform. "A platform, by definition, means that we develop our own content to make sure the payments are accurate, but we also recognize that there's a vast number of third parties that develop customized, specialized, personalized things that we could be integrating into our platform," he said. The approach is rooted in a philosophy that healthcare is not lacking for innovation but tech platforms and integration at scale, Ronanki said. He described his company as a "one-stop shop for making payments more accurate."

Lyric is also differentiated by transparency, Ronanki said. "Our rules, algorthims and everything else we use to determine the accuracy of payments are transparent to both providers and our customers [which are] health plans," he said.