NEW YORK – Insurance claim editing software provider Lyric and Concert Genetics announced a partnership on Wednesday that will combine Concert's genetic testing payment module with Lyric's software to improve claim payment accuracy.
Lyric, formerly known as ClaimsXten Portfolio, will add Concert's genetic testing edits module to its claims editing solution, which applies health plan, governmental, and industry payment policies to a specific claim. The firm's product suite includes primary and secondary editing, content and policy management, and other analytics services, Concert Genetics said in a statement.
The partnership will combine machine learning models and proprietary market data to eliminate "complexity in the ever-changing genetic testing space," Lyric CEO Rajeev Ronanki said in a statement.
The addition of Concert's genetic testing module will help health plans and members address the challenges of coding for genetic tests as the number of tests, scope of clinical applications, and associated clinical evidence continue to increase, Concert added. The firm's focus is on standardizing reimbursement across genetic testing, providing a taxonomy tool to identify genetic tests and make it easier for laboratories to determine what codes should be used for what tests.
"Concert Genetics is building towards a vision in which information on genetic testing, including coverage and cost, is instantly available at the point of care to support informed clinical decisions and cost-effective access for patients," Concert CEO Rob Metcalf said in a statement. "We are delighted to partner with Lyric, an organization that is aligned with this vision and brings to bear the technical infrastructure to connect information all the way through to reimbursement decisions."