1 00:00:00,080 --> 00:00:03,040 Hi, everyone. This is Elizabeth Gregersen with Becker's 2 00:00:03,040 --> 00:00:05,519 HealthCare. I'm excited to be joined today by 3 00:00:05,519 --> 00:00:06,419 Raj Rananki, 4 00:00:06,799 --> 00:00:09,279 CEO of Lyric.ai. 5 00:00:09,279 --> 00:00:11,059 Thank you so much for joining us. 6 00:00:11,599 --> 00:00:13,875 Yeah. Lots of changes, Elizabeth. So, as you 7 00:00:13,875 --> 00:00:16,995 know, Lyric was previously called Claims Extend, and 8 00:00:16,995 --> 00:00:20,035 it's been a a storied utility in in 9 00:00:20,035 --> 00:00:22,615 the health insurance and the health plan industry. 10 00:00:22,914 --> 00:00:24,994 It's been around for, you know, thirty plus 11 00:00:24,994 --> 00:00:27,315 years. And over the course of those thirty 12 00:00:27,315 --> 00:00:29,175 years, it's, changed ownership 13 00:00:29,739 --> 00:00:31,519 structures and various entities, 14 00:00:31,899 --> 00:00:34,000 from, you know, from time to time. 15 00:00:34,539 --> 00:00:35,280 Most recently, 16 00:00:35,739 --> 00:00:37,340 it was part of Change Healthcare, and as 17 00:00:37,340 --> 00:00:38,399 a part of the UnitedHealth 18 00:00:38,859 --> 00:00:41,760 acquisition, it was divested into a independent company. 19 00:00:42,495 --> 00:00:45,054 TPG acquired the company about, you know, a 20 00:00:45,054 --> 00:00:46,594 little over two and a half years ago. 21 00:00:46,975 --> 00:00:49,135 And, at that the point that I joined 22 00:00:49,135 --> 00:00:49,795 the company. 23 00:00:50,575 --> 00:00:52,575 And and, really, the goal was to to 24 00:00:52,575 --> 00:00:55,789 really understand what made the company tick. And, 25 00:00:56,229 --> 00:00:57,510 I think one of the first things that 26 00:00:57,510 --> 00:00:58,869 I learned was that the culture of the 27 00:00:58,869 --> 00:00:59,369 company 28 00:00:59,990 --> 00:01:02,810 and and the customer obsession and orientation 29 00:01:03,350 --> 00:01:06,390 were really just remarkable. There was not a 30 00:01:06,390 --> 00:01:08,549 single customer that was dissatisfied with with the 31 00:01:08,549 --> 00:01:10,469 state of the software or had any issues. 32 00:01:10,469 --> 00:01:10,969 So 33 00:01:11,395 --> 00:01:12,834 that was something that was very important for 34 00:01:12,834 --> 00:01:14,435 us to preserve and build on. You know? 35 00:01:14,435 --> 00:01:15,814 So what we did was then 36 00:01:16,275 --> 00:01:17,415 combine sort of 37 00:01:17,954 --> 00:01:20,435 that ethos of of a customer obsession that 38 00:01:20,435 --> 00:01:22,295 sort of served customers with distinction 39 00:01:22,915 --> 00:01:25,335 and really bought in some world class technology 40 00:01:25,475 --> 00:01:27,870 to to kinda power that. So the last 41 00:01:27,870 --> 00:01:29,469 couple years, that's what we've been doing. It's 42 00:01:29,469 --> 00:01:30,130 just to 43 00:01:30,510 --> 00:01:31,010 transform 44 00:01:31,630 --> 00:01:34,189 Lyric and our flagship application, which was a 45 00:01:34,189 --> 00:01:35,170 great point solution, 46 00:01:35,710 --> 00:01:37,010 from that into a platform 47 00:01:37,549 --> 00:01:40,515 that could then create multiple offerings and solutions 48 00:01:40,515 --> 00:01:42,754 for our customers and deliver that as a 49 00:01:42,754 --> 00:01:43,974 one stop shop for 50 00:01:44,355 --> 00:01:46,055 end to end, you know, payment integrity. 51 00:01:47,314 --> 00:01:47,814 Perfect. 52 00:01:48,834 --> 00:01:50,674 Did you wanna talk a little bit about 53 00:01:50,674 --> 00:01:52,674 what you're most looking forward to in the 54 00:01:52,674 --> 00:01:54,530 future? Yeah. As as I as I look 55 00:01:54,530 --> 00:01:55,030 ahead, 56 00:01:55,490 --> 00:01:57,490 I think, there have been a few times 57 00:01:57,490 --> 00:01:59,090 sort of in our in our history in 58 00:01:59,090 --> 00:02:00,150 in the recent past. 59 00:02:00,450 --> 00:02:02,930 I I think back to the Internet era, 60 00:02:02,930 --> 00:02:04,630 the mobile era, where 61 00:02:05,105 --> 00:02:07,125 the the tectonic shifts in technology 62 00:02:07,745 --> 00:02:10,004 really propelled, you know, businesses forward. 63 00:02:10,384 --> 00:02:13,125 And there was lots of disruption that happened, 64 00:02:13,344 --> 00:02:15,205 but there was a lot of opportunities created. 65 00:02:15,824 --> 00:02:18,110 So when I look at all that's happening 66 00:02:18,110 --> 00:02:20,530 in the world of AI, Gen AI, and 67 00:02:20,670 --> 00:02:23,189 how that's gonna disrupt pretty much every industry, 68 00:02:23,189 --> 00:02:25,230 you know, health care included, you know, I 69 00:02:25,230 --> 00:02:27,090 see tremendous opportunity for Lyric 70 00:02:27,469 --> 00:02:29,710 to leverage those technologies, which we already are 71 00:02:29,710 --> 00:02:30,530 to some extent, 72 00:02:30,905 --> 00:02:32,825 and reshape how health care can happen in 73 00:02:32,825 --> 00:02:34,504 our country, which is it could be more 74 00:02:34,504 --> 00:02:35,245 real time. 75 00:02:35,625 --> 00:02:37,245 I think we could be much more transparent. 76 00:02:37,465 --> 00:02:38,825 I think we could drive a lot of 77 00:02:38,825 --> 00:02:40,825 waste out of the system, create more value 78 00:02:40,825 --> 00:02:42,985 and impact. And the tech is our friend, 79 00:02:42,985 --> 00:02:44,185 you know, to be able to do all 80 00:02:44,185 --> 00:02:46,490 of that. So most looking forward to the 81 00:02:46,490 --> 00:02:48,490 next, you know, two to three years, you 82 00:02:48,490 --> 00:02:50,650 know, Lyric sort of driving a greater degree 83 00:02:50,650 --> 00:02:52,650 of impact with a greater amount of transparency 84 00:02:52,650 --> 00:02:53,310 and ultimately 85 00:02:54,169 --> 00:02:56,090 powering the transformation of the system to be 86 00:02:56,090 --> 00:02:58,169 much more real time, much more transparent, much 87 00:02:58,169 --> 00:02:59,310 more consumer friendly 88 00:02:59,665 --> 00:03:01,504 with more access and equity to in health 89 00:03:01,504 --> 00:03:03,504 care that, you know, has largely been missing 90 00:03:03,504 --> 00:03:04,724 for the last couple of decades. 91 00:03:05,344 --> 00:03:05,844 Perfect. 92 00:03:06,305 --> 00:03:08,245 So I'd love to talk about ClaimShark. 93 00:03:08,865 --> 00:03:11,344 Why was it the target of your first 94 00:03:11,344 --> 00:03:13,205 major organization acquisition? 95 00:03:14,419 --> 00:03:17,459 Great question. Very excited about that acquisition. And, 96 00:03:17,860 --> 00:03:19,699 you know, in fact, last week, we had, 97 00:03:19,699 --> 00:03:21,539 you know, some of our strategic customers in 98 00:03:21,539 --> 00:03:23,639 for an advisory board meeting here in Chicago. 99 00:03:24,340 --> 00:03:26,900 And we reviewed, you know, more, more of 100 00:03:26,900 --> 00:03:29,134 the detailed product road map and the rationale 101 00:03:29,134 --> 00:03:30,974 for the acquisition with them, and they'll be 102 00:03:30,974 --> 00:03:32,334 very excited about, 103 00:03:32,735 --> 00:03:34,275 you know, what we could bring in 104 00:03:34,574 --> 00:03:36,174 together with Lyric, you know, what what we 105 00:03:36,174 --> 00:03:38,014 can actually do in terms of impact for 106 00:03:38,014 --> 00:03:40,495 them. The main reason we acquired them was 107 00:03:40,495 --> 00:03:43,210 that, you know, it's twofold. One was we 108 00:03:43,210 --> 00:03:45,610 wanted to strengthen our platform capabilities. So think 109 00:03:45,610 --> 00:03:47,870 of that as the technical foundation, the plumbing, 110 00:03:48,409 --> 00:03:50,810 and making things easier for us to develop 111 00:03:50,810 --> 00:03:51,310 content, 112 00:03:51,610 --> 00:03:53,530 not only us, but also other partners that 113 00:03:53,530 --> 00:03:55,150 could develop content on our platform. 114 00:03:55,724 --> 00:03:57,724 And they have capabilities that enable us to 115 00:03:57,724 --> 00:03:59,884 do that. So our Lyric 42 platform, which 116 00:03:59,884 --> 00:04:02,284 we announced several months ago, I think would 117 00:04:02,284 --> 00:04:04,444 stand to to sort of have greater impact 118 00:04:04,444 --> 00:04:07,264 and greater potential with the ClaimShark edition. 119 00:04:08,150 --> 00:04:10,389 So together with them, we're setting out to 120 00:04:10,389 --> 00:04:13,430 create a ERP, sort of an enterprise resource 121 00:04:13,430 --> 00:04:15,689 planning system for payment integrity 122 00:04:16,310 --> 00:04:19,669 that would combine real time analytics insights with 123 00:04:19,669 --> 00:04:20,169 workflow 124 00:04:20,790 --> 00:04:23,029 so that all the the, you know, sort 125 00:04:23,029 --> 00:04:25,004 of the mess that our clients sometimes have 126 00:04:25,004 --> 00:04:26,925 to deal with in terms of silos, in 127 00:04:26,925 --> 00:04:27,425 terms 128 00:04:27,805 --> 00:04:30,305 of fragmented sort of data and fragmented teams, 129 00:04:31,084 --> 00:04:33,504 unify all that under one platform so that 130 00:04:33,644 --> 00:04:36,045 all things payment integrity, all thing medical trend 131 00:04:36,045 --> 00:04:37,324 could be in one place where you can 132 00:04:37,324 --> 00:04:39,490 look at it globally and action it. So 133 00:04:39,490 --> 00:04:41,750 ClaimShark allows us to do that. In addition, 134 00:04:42,050 --> 00:04:42,949 we can also 135 00:04:43,569 --> 00:04:45,649 leverage some of their post pay capabilities. So, 136 00:04:45,649 --> 00:04:47,970 for example, they have a coordination of benefits 137 00:04:47,970 --> 00:04:49,350 offering that's in post pay. 138 00:04:49,730 --> 00:04:51,889 They have a claims audit, you know, function 139 00:04:51,889 --> 00:04:54,514 that's in post pay and start to integrate 140 00:04:54,514 --> 00:04:57,235 that into prepay so that we can drive 141 00:04:57,235 --> 00:04:58,754 more yield and more impact, you know, for 142 00:04:58,754 --> 00:04:59,415 our customers. 143 00:04:59,794 --> 00:05:01,175 But also with that data, 144 00:05:01,555 --> 00:05:03,794 ultimately, we'd be able to create more real 145 00:05:03,794 --> 00:05:05,654 time intelligence on medical trend, 146 00:05:06,399 --> 00:05:08,079 so that we won't have to just react 147 00:05:08,079 --> 00:05:09,279 to the things that have happened in the 148 00:05:09,279 --> 00:05:11,279 past, but proactively predict what could happen with 149 00:05:11,279 --> 00:05:13,920 medical trend and mitigate it. And that was, 150 00:05:13,920 --> 00:05:15,839 I think, a super exciting development for us 151 00:05:15,839 --> 00:05:17,199 in terms of what we could do for 152 00:05:17,199 --> 00:05:17,860 our customers 153 00:05:18,240 --> 00:05:19,300 and I think the 154 00:05:19,904 --> 00:05:22,004 transformative impact could have on the whole industry. 155 00:05:22,305 --> 00:05:24,224 Absolutely. I had a panel that was actually 156 00:05:24,224 --> 00:05:26,544 talking about how to get all your different 157 00:05:26,544 --> 00:05:29,204 silos of data and merge them together. So 158 00:05:29,504 --> 00:05:32,220 it sounds really important. Yeah. How does Lyric 159 00:05:32,220 --> 00:05:35,120 balance the need to deliver high value services 160 00:05:35,419 --> 00:05:37,199 with the goal of achieving scalability 161 00:05:37,660 --> 00:05:40,479 and higher margins through technology and automation? 162 00:05:41,419 --> 00:05:42,939 Yeah. For no. For us, in our case, 163 00:05:42,939 --> 00:05:44,860 I think those things are not, 164 00:05:45,259 --> 00:05:47,714 at odds with with each other. In other 165 00:05:48,194 --> 00:05:50,355 words, driving more impact, driving more scale. You 166 00:05:50,355 --> 00:05:52,435 know? You know? Since Lyric is already at 167 00:05:52,435 --> 00:05:54,274 a hundred plus helpline customers, you know, we 168 00:05:54,274 --> 00:05:54,995 already have, 169 00:05:55,555 --> 00:05:57,794 you know, sort of achieved escape velocity in 170 00:05:57,794 --> 00:05:58,694 terms of scale. 171 00:05:59,074 --> 00:06:01,314 So now what we're doing is is looking 172 00:06:01,314 --> 00:06:03,029 at all the things that we do internally 173 00:06:03,029 --> 00:06:05,350 that require, you know, human horsepower to go 174 00:06:05,350 --> 00:06:08,389 drive. And we're saying, well, let's give AI 175 00:06:08,389 --> 00:06:10,389 the right of first refusal in doing anything. 176 00:06:10,389 --> 00:06:12,550 So before we add any single person, we'd 177 00:06:12,550 --> 00:06:14,855 say, well, can AI solve this problem? Or 178 00:06:14,855 --> 00:06:16,214 even if, let's just say, we wanna drive 179 00:06:16,214 --> 00:06:18,615 a little bit more productivity across the the 180 00:06:18,615 --> 00:06:21,415 company, we're asking everyone to use AI in 181 00:06:21,415 --> 00:06:22,935 their in their day to day life so 182 00:06:22,935 --> 00:06:25,254 that we can get that five, ten, fifteen, 183 00:06:25,254 --> 00:06:27,574 twenty percent, you know, productivity list. Right? So 184 00:06:27,574 --> 00:06:28,074 that's 185 00:06:28,430 --> 00:06:30,910 pretty much most companies are doing that. What's 186 00:06:30,910 --> 00:06:34,029 unique about but but Lyric is that where 187 00:06:34,029 --> 00:06:35,949 are we going next with that is this 188 00:06:35,949 --> 00:06:37,889 notion of creating autonomous operations. 189 00:06:38,509 --> 00:06:39,009 So 190 00:06:39,550 --> 00:06:41,485 automation is, you know, taking a task, a 191 00:06:41,485 --> 00:06:43,485 process, you know, or an end to end 192 00:06:43,485 --> 00:06:44,845 sort of workflow and saying, how could we 193 00:06:44,845 --> 00:06:45,664 automate that? 194 00:06:46,125 --> 00:06:48,764 Autonomous would mean that not only are we 195 00:06:48,764 --> 00:06:51,104 automating a process with a set of agents, 196 00:06:51,164 --> 00:06:53,404 but those agents could talk to other workflow 197 00:06:53,404 --> 00:06:54,865 and other processes. And then 198 00:06:55,485 --> 00:06:56,305 through that discussion 199 00:06:56,740 --> 00:06:59,220 that could happen, you know, a settlement or 200 00:06:59,220 --> 00:07:01,160 a outcome could be reached. So it's autonomous 201 00:07:01,379 --> 00:07:01,879 automation. 202 00:07:02,740 --> 00:07:04,339 So where could that be applied? So we 203 00:07:04,339 --> 00:07:06,419 look at things like coordination of benefits or 204 00:07:06,419 --> 00:07:08,279 itemized bill reviews or or 205 00:07:08,740 --> 00:07:11,000 reviewing a medical chart, all of which require 206 00:07:11,354 --> 00:07:13,615 human sort of judgment and understanding. 207 00:07:14,394 --> 00:07:16,074 But what if we could train agents to 208 00:07:16,074 --> 00:07:17,454 go do all of those tasks 209 00:07:18,074 --> 00:07:19,294 and then ultimately 210 00:07:19,595 --> 00:07:20,095 deliver 211 00:07:20,794 --> 00:07:22,974 normally the functions that require people, 212 00:07:23,274 --> 00:07:25,694 but deliver that, through software? So 213 00:07:26,120 --> 00:07:26,939 call that delivering, 214 00:07:27,959 --> 00:07:28,939 services software. 215 00:07:29,879 --> 00:07:31,879 That was something we're very excited about. But, 216 00:07:32,199 --> 00:07:33,399 over the course of the next two or 217 00:07:33,399 --> 00:07:35,079 three years, I think you could go from 218 00:07:35,079 --> 00:07:38,779 automation to autonomy to complete autonomy, which means, 219 00:07:39,535 --> 00:07:42,014 we're probably gonna require very few people to 220 00:07:42,014 --> 00:07:44,035 to do the things that are routine administrative 221 00:07:44,335 --> 00:07:47,134 tasks, and then focus instead the human attention 222 00:07:47,134 --> 00:07:49,154 to the things that matter around clinical decisions, 223 00:07:49,295 --> 00:07:50,275 clinical care, 224 00:07:50,895 --> 00:07:52,654 things that always should be you know, we 225 00:07:52,654 --> 00:07:54,029 should have a human in the loop. 226 00:07:54,430 --> 00:07:54,930 Absolutely. 227 00:07:55,949 --> 00:07:57,490 How does Lyric prioritize 228 00:07:57,790 --> 00:08:00,829 product development and road map decisions to ensure 229 00:08:00,829 --> 00:08:04,189 alignment with the shift left approach? And what 230 00:08:04,189 --> 00:08:06,990 are the key criteria for determining which products 231 00:08:06,990 --> 00:08:09,169 and content areas to invest in? 232 00:08:10,245 --> 00:08:12,165 Yeah. For us, it's it starts and ends 233 00:08:12,165 --> 00:08:14,324 with, you know, what what our customers are 234 00:08:14,324 --> 00:08:16,644 asking us to do. And because we're so 235 00:08:16,644 --> 00:08:19,925 intimately involved in in and integrated in real 236 00:08:19,925 --> 00:08:21,285 time with with a lot of the claims 237 00:08:21,285 --> 00:08:23,524 operations and claims systems of our our customers 238 00:08:23,524 --> 00:08:25,305 sort of, you know, operational architectures, 239 00:08:26,540 --> 00:08:29,660 the needs kinda surface themselves and as to 240 00:08:29,660 --> 00:08:31,180 what we need to what we need to 241 00:08:31,180 --> 00:08:33,340 build. So that sort of serves as kinda 242 00:08:33,340 --> 00:08:34,559 one source of input, 243 00:08:35,019 --> 00:08:36,077 in in shaping our road map. The second 244 00:08:36,077 --> 00:08:36,113 is we are proactively researching what's out there. 245 00:08:36,113 --> 00:08:36,639 Obviously, the data that we have access 246 00:08:37,500 --> 00:08:38,000 to, 247 00:08:40,214 --> 00:08:42,394 Obviously, the data that we have access to 248 00:08:42,615 --> 00:08:44,534 informs new features and functions that we need 249 00:08:44,534 --> 00:08:46,214 to build, you know, in our product. You 250 00:08:46,214 --> 00:08:47,575 know? So I think of that as a, 251 00:08:47,575 --> 00:08:49,595 you know, another source of of innovation. 252 00:08:50,454 --> 00:08:52,815 And then there's what can tech do, and 253 00:08:52,815 --> 00:08:54,059 how is that gonna disrupt and that gonna 254 00:08:54,059 --> 00:08:56,000 disrupt and reshape what's happening, 255 00:08:56,460 --> 00:08:57,360 in our industry. 256 00:08:58,220 --> 00:08:59,899 And and that's a little bit of combination 257 00:08:59,899 --> 00:09:01,120 of of experimentation. 258 00:09:01,420 --> 00:09:02,700 You know? It could be r and d 259 00:09:02,700 --> 00:09:04,299 in several areas to figure out, you know, 260 00:09:04,299 --> 00:09:06,379 what could be feasible to go productize for 261 00:09:06,379 --> 00:09:06,879 us, 262 00:09:07,654 --> 00:09:10,615 as well as, you know, continuous customer feedback. 263 00:09:10,615 --> 00:09:12,475 You know, as we are doing small pilots, 264 00:09:12,534 --> 00:09:14,154 you know, beta and alpha programs, 265 00:09:15,095 --> 00:09:17,334 getting early and and frequent feedback from our 266 00:09:17,334 --> 00:09:19,574 customers so that we're all all very tightly 267 00:09:19,574 --> 00:09:21,674 linked with what customer needs are, 268 00:09:21,980 --> 00:09:24,300 And then innovate within that sort of sphere 269 00:09:24,300 --> 00:09:26,320 of customer need driving innovation. 270 00:09:27,100 --> 00:09:29,180 Also, us pushing some outside in ideas to 271 00:09:29,180 --> 00:09:31,340 make sure that, we're challenging our customers to 272 00:09:31,340 --> 00:09:32,860 think ahead, you know, rather than just kind 273 00:09:32,860 --> 00:09:33,360 of, 274 00:09:34,335 --> 00:09:36,894 you know, building everything exactly to their specs. 275 00:09:36,894 --> 00:09:38,175 You know? So that's sort of the process 276 00:09:38,175 --> 00:09:39,955 by which we prioritize. And then, 277 00:09:40,815 --> 00:09:42,975 the the number one thing that drives it 278 00:09:42,975 --> 00:09:45,215 at Lyric and the single metric that matters 279 00:09:45,215 --> 00:09:46,575 for us is the value that we're creating 280 00:09:46,575 --> 00:09:48,320 for customers. So of all the things that 281 00:09:48,320 --> 00:09:50,720 we do, we rank order things that by 282 00:09:50,720 --> 00:09:52,639 the things that create the most most impact, 283 00:09:52,639 --> 00:09:54,500 and that's how we we get after it. 284 00:09:55,519 --> 00:09:58,639 Could you discuss Lyric's partner strategy and its 285 00:09:58,639 --> 00:10:00,899 importance in your overall strategy? 286 00:10:02,205 --> 00:10:04,785 Yeah. So so think of partners 287 00:10:05,165 --> 00:10:07,504 and developers and our own teams 288 00:10:08,285 --> 00:10:10,764 all sort of being participants on our on 289 00:10:10,764 --> 00:10:11,425 our platform. 290 00:10:11,884 --> 00:10:13,024 So Lyric forty 291 00:10:13,884 --> 00:10:16,605 two, technical plumbing and the thing that maps 292 00:10:16,605 --> 00:10:18,259 data and does all of the the hard 293 00:10:18,259 --> 00:10:20,419 work of of being integrated in in real 294 00:10:20,419 --> 00:10:22,120 time environment with with our clients. 295 00:10:22,980 --> 00:10:24,759 Based on that position 296 00:10:25,220 --> 00:10:27,959 in a processing architecture of claims, 297 00:10:28,740 --> 00:10:30,259 we can do a lot more in terms 298 00:10:30,259 --> 00:10:30,787 of, real time prepay, you know, sort of 299 00:10:30,787 --> 00:10:31,319 solutions. Clearly, you 300 00:10:32,740 --> 00:10:33,195 know, 301 00:10:36,235 --> 00:10:38,634 flagship prepay applications that we're we're rolling out 302 00:10:38,634 --> 00:10:39,934 and continuing to enhance. 303 00:10:40,394 --> 00:10:42,575 But we know that innovations happen 304 00:10:43,035 --> 00:10:45,690 across, you know, the industry. There's lot of 305 00:10:45,690 --> 00:10:48,269 money going into new AI startups, new 306 00:10:48,730 --> 00:10:50,889 partners that have unique capabilities that may be 307 00:10:50,889 --> 00:10:51,790 somewhat niche. 308 00:10:52,250 --> 00:10:54,509 But perhaps, you know, some of those companies 309 00:10:54,730 --> 00:10:56,809 have found it hard to scale and get 310 00:10:56,809 --> 00:10:59,070 into break into the helpline ecosystem. 311 00:11:00,044 --> 00:11:02,365 So by working with us, we we're able 312 00:11:02,365 --> 00:11:05,164 to, a, verify that what they're saying they 313 00:11:05,164 --> 00:11:06,464 do actually happens. 314 00:11:06,924 --> 00:11:08,784 And then if if that's the case, 315 00:11:09,245 --> 00:11:11,084 then we can start to kinda match them 316 00:11:11,084 --> 00:11:13,245 up against customer needs and take them to 317 00:11:13,245 --> 00:11:16,019 our our customers to sort of integrate them 318 00:11:16,019 --> 00:11:17,960 into our our ecosystem and deliver 319 00:11:18,659 --> 00:11:20,019 value through a set of a one stop 320 00:11:20,019 --> 00:11:21,860 shop, one integration, make it easy for our 321 00:11:21,860 --> 00:11:23,860 customers to do business with us. So that's 322 00:11:23,860 --> 00:11:25,940 the partner strategy. And there's a new one 323 00:11:25,940 --> 00:11:27,700 that we're we're gonna launch this year, which 324 00:11:27,700 --> 00:11:28,600 is around developers. 325 00:11:29,634 --> 00:11:31,715 So much like, you know, Apple has a, 326 00:11:31,715 --> 00:11:34,195 you know, developer program for iOS and Microsoft, 327 00:11:34,195 --> 00:11:36,115 you know, obviously been a leader in partner 328 00:11:36,115 --> 00:11:38,615 developer programs for the last fifty years. 329 00:11:39,075 --> 00:11:41,154 We're gonna use Lyric's platform to make it 330 00:11:41,154 --> 00:11:43,829 available to third party developers that could create 331 00:11:43,829 --> 00:11:45,909 applications on our platform, and then we'd integrate 332 00:11:45,909 --> 00:11:47,529 that and make it available to our customers. 333 00:11:47,909 --> 00:11:49,829 So those would be the three sources. One, 334 00:11:49,829 --> 00:11:51,610 our own developers creating content, 335 00:11:51,990 --> 00:11:54,629 part established partners that have an existing go 336 00:11:54,629 --> 00:11:55,394 to market that 337 00:11:55,955 --> 00:11:58,035 perhaps are looking, you know, to shift left 338 00:11:58,035 --> 00:11:59,634 and and do more in prepay. So we'd 339 00:11:59,634 --> 00:12:01,875 be a conduit for that. And then lastly, 340 00:12:01,875 --> 00:12:03,875 it'd be things that don't exist that developers 341 00:12:03,875 --> 00:12:05,795 wanna create. We become platform for that as 342 00:12:05,795 --> 00:12:06,295 well. 343 00:12:06,995 --> 00:12:08,995 So what are the key differentiators of a 344 00:12:08,995 --> 00:12:11,980 Lyric solution and the payment integrity market, 345 00:12:12,360 --> 00:12:14,459 and how does the company ensure its offerings 346 00:12:14,519 --> 00:12:16,220 provide a unique value? 347 00:12:17,639 --> 00:12:19,240 Is the is the last thing you said. 348 00:12:19,240 --> 00:12:21,320 And it's a unique value is the scale 349 00:12:21,320 --> 00:12:23,659 of of the savings that we create and, 350 00:12:24,105 --> 00:12:25,565 for our customers through, 351 00:12:26,264 --> 00:12:28,044 essentially what we call payment accuracy, 352 00:12:28,504 --> 00:12:31,625 payment accuracy solutions. You know? So which is 353 00:12:31,625 --> 00:12:34,365 our interest is in not, you know, either 354 00:12:34,664 --> 00:12:37,304 upcoding or downcoding or detecting that as much 355 00:12:37,304 --> 00:12:37,804 as 356 00:12:38,139 --> 00:12:40,059 making sure whatever is built, you know, by 357 00:12:40,059 --> 00:12:41,919 the provider community is accurate. 358 00:12:42,459 --> 00:12:44,699 And without judgment as to whether they should 359 00:12:44,699 --> 00:12:46,539 get paid more or the same or less 360 00:12:46,539 --> 00:12:48,539 than, you know, what what what they're describing 361 00:12:48,539 --> 00:12:49,759 in in in their bill. 362 00:12:50,940 --> 00:12:53,245 So if you've if you kinda start with 363 00:12:53,245 --> 00:12:55,884 that premise and then say our unique sort 364 00:12:55,884 --> 00:12:58,684 of position in the in the health care 365 00:12:58,684 --> 00:13:00,684 ecosystem is the amount of value that we 366 00:13:00,684 --> 00:13:01,665 create, which is, 367 00:13:02,445 --> 00:13:04,125 last year, I think when we benchmarked, it 368 00:13:04,125 --> 00:13:05,825 was nearly $20,000,000,000. 369 00:13:06,449 --> 00:13:08,769 So it's it's really building on that and 370 00:13:08,769 --> 00:13:10,449 then saying, what else could we do? So 371 00:13:10,449 --> 00:13:12,449 given that we serve over a hundred customers 372 00:13:12,449 --> 00:13:15,649 and we have visibility into, you know, claims, 373 00:13:15,970 --> 00:13:17,490 representing over a 80,000,000 374 00:13:17,490 --> 00:13:19,329 lives, we have a very longitudinal sort of 375 00:13:19,329 --> 00:13:21,169 view as to what's happening in with with 376 00:13:21,169 --> 00:13:22,865 with claims across the country. 377 00:13:23,325 --> 00:13:24,845 So we take that and we can say, 378 00:13:24,845 --> 00:13:27,325 well, what does medical trend look like next 379 00:13:27,325 --> 00:13:29,565 day, next week, next month? Then, you know, 380 00:13:29,565 --> 00:13:31,085 eventually, we'll start to get to the point 381 00:13:31,085 --> 00:13:33,825 of predicting medical trend and helping our customers 382 00:13:33,884 --> 00:13:35,504 ultimately mitigate it more proactively. 383 00:13:36,620 --> 00:13:39,100 So how does Lyric plan to leverage next 384 00:13:39,100 --> 00:13:40,720 generation AI applications 385 00:13:41,019 --> 00:13:43,759 to further enhance its payment integrity solutions, 386 00:13:44,460 --> 00:13:47,039 drive intelligent value creation, or transparency 387 00:13:47,419 --> 00:13:48,080 at scale? 388 00:13:48,865 --> 00:13:49,684 All diddough. 389 00:13:51,425 --> 00:13:53,585 So, so, I mean, in many ways, we're 390 00:13:53,585 --> 00:13:55,985 already, you know, have been incorporating AI for 391 00:13:55,985 --> 00:13:58,165 the last, you know, two plus years. 392 00:13:58,785 --> 00:14:00,465 We've got a you know, one of the 393 00:14:00,465 --> 00:14:02,785 leading teams, I think, in the industry when 394 00:14:02,785 --> 00:14:04,320 it comes to, you know, AI and sort 395 00:14:04,320 --> 00:14:07,039 of a good combination of AI machine learning 396 00:14:07,039 --> 00:14:09,039 and and, you know, sort of awareness of 397 00:14:09,039 --> 00:14:09,940 data and 398 00:14:10,720 --> 00:14:12,399 a deep sort of expertise in in the 399 00:14:12,399 --> 00:14:14,320 plumbing and data, which is, you know, about 400 00:14:14,320 --> 00:14:16,240 80% of the work of any, you know, 401 00:14:16,240 --> 00:14:18,014 AI initiative. So if you take all that, 402 00:14:18,575 --> 00:14:20,174 what we're able to do with it is, 403 00:14:20,174 --> 00:14:22,674 one, increased transparency. So think 404 00:14:22,975 --> 00:14:25,695 of solutions like, a Lyric Copilot that could 405 00:14:25,695 --> 00:14:26,195 explain, 406 00:14:26,575 --> 00:14:27,875 payment accuracy rules 407 00:14:28,254 --> 00:14:31,215 to providers and eventually to to consumers via 408 00:14:31,215 --> 00:14:32,355 the health plan channel. 409 00:14:33,230 --> 00:14:35,549 We could start to create autonomous operations, as 410 00:14:35,549 --> 00:14:36,529 I mentioned, through, 411 00:14:36,990 --> 00:14:39,649 automating the work of of humans that typically 412 00:14:39,709 --> 00:14:41,789 kinda do functions like coordination of benefits or 413 00:14:41,789 --> 00:14:42,850 itemized bill reviews 414 00:14:43,549 --> 00:14:43,870 and, 415 00:14:44,429 --> 00:14:46,429 and deliver that differently and and deliver that 416 00:14:46,429 --> 00:14:47,649 in real time in prepay. 417 00:14:48,345 --> 00:14:49,345 But, also, I think, 418 00:14:49,784 --> 00:14:51,865 the biggest thing I think we could, end 419 00:14:51,865 --> 00:14:53,084 up doing is that, 420 00:14:54,024 --> 00:14:56,504 health care is always intended to be kinda 421 00:14:56,504 --> 00:14:58,445 settled transactions in real time, 422 00:14:59,144 --> 00:15:01,225 much like fintech, you know, has done about, 423 00:15:01,225 --> 00:15:02,460 you know, a decade ago. 424 00:15:02,940 --> 00:15:04,460 But there have been various challenges along the 425 00:15:04,460 --> 00:15:07,420 way. It's inertia. It's legacy tech on the 426 00:15:07,420 --> 00:15:09,120 provider side, on the payer side. 427 00:15:10,059 --> 00:15:12,139 You know, I think leadership lack of sort 428 00:15:12,139 --> 00:15:14,320 of awareness around kinda what tech can do. 429 00:15:14,735 --> 00:15:16,735 All that's kinda starting to change slowly but 430 00:15:16,735 --> 00:15:18,415 surely, and I think it's gonna accelerate in 431 00:15:18,415 --> 00:15:19,634 the next, few years. 432 00:15:20,014 --> 00:15:23,055 So Lyric is uniquely positioned to facilitate that. 433 00:15:23,055 --> 00:15:25,055 In other words, we can take all of 434 00:15:25,055 --> 00:15:26,735 our AI and all of our algorithms, all 435 00:15:26,735 --> 00:15:29,375 of our rules, and embed it directly into 436 00:15:29,375 --> 00:15:30,330 the point of care, 437 00:15:31,049 --> 00:15:31,870 where as, 438 00:15:32,730 --> 00:15:35,210 you know, the physician, the provider community is 439 00:15:35,210 --> 00:15:38,350 delivering care, and then they're recording that care 440 00:15:38,490 --> 00:15:39,389 in the form 441 00:15:39,850 --> 00:15:42,090 of in the EMRs in our chronic medical 442 00:15:42,090 --> 00:15:42,590 records, 443 00:15:43,049 --> 00:15:44,745 we could essentially be a service 444 00:15:45,065 --> 00:15:47,245 that then could verify that what's being 445 00:15:47,865 --> 00:15:50,024 translated in terms of what care was provided 446 00:15:50,024 --> 00:15:52,904 into stuff that, you know, payers understand is 447 00:15:52,904 --> 00:15:54,904 accurate. And if we can do that in 448 00:15:54,904 --> 00:15:56,504 real time at the point of care, then 449 00:15:56,504 --> 00:15:59,164 once the transaction gets to the payer's footsteps, 450 00:16:00,179 --> 00:16:01,940 then the rest of the steps could be 451 00:16:01,940 --> 00:16:04,200 done relatively quickly versus 452 00:16:04,820 --> 00:16:05,480 it taking 453 00:16:05,860 --> 00:16:07,860 sometime two hundred plus days, you know, for 454 00:16:07,860 --> 00:16:09,620 for a claim to get settled, which in 455 00:16:09,620 --> 00:16:11,700 today's age, in today's tech, there's no reason 456 00:16:11,700 --> 00:16:13,460 for that. So our view is that that's 457 00:16:13,460 --> 00:16:15,059 the biggest impact we can have, which is 458 00:16:15,059 --> 00:16:18,654 that more transparency upfront, more accuracy upfront, and 459 00:16:18,654 --> 00:16:19,154 then 460 00:16:19,615 --> 00:16:21,534 straight through processing through the rest of the 461 00:16:21,534 --> 00:16:22,034 system, 462 00:16:22,414 --> 00:16:24,335 ultimately getting at that half a trillion in 463 00:16:24,335 --> 00:16:26,495 waste that happens because of all these issues 464 00:16:26,495 --> 00:16:27,475 across the system. 465 00:16:27,990 --> 00:16:29,669 Thank you so much, Raj, for your time 466 00:16:29,669 --> 00:16:32,309 and insights today. I also wanna thank Lyric 467 00:16:32,309 --> 00:16:35,590 dot AI for sponsoring today's podcast and invite 468 00:16:35,590 --> 00:16:37,750 our listeners to tune in to more podcasts 469 00:16:37,750 --> 00:16:40,649 from Becker's Healthcare by visiting our podcast page 470 00:16:40,950 --> 00:16:43,333 at beckershospitalreview.com. 471 00:16:43,333 --> 00:16:45,173 I hope you all have a wonderful rest 472 00:16:45,173 --> 00:16:45,993 of your day.