KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Lyric, a leading claims editing software business owned by TPG Capital, today announced the appointment of Raj Ronanki as Chief Executive Officer. Ronanki most recently served as Senior Vice President of Elevance Health and President of Carelon Digital Platforms. Carolyn Wukitch, who has served as CEO of the company, formerly known as ClaimsXten Portfolio, will continue in a leadership role as Chief Operating Officer of Lyric.
Lyric also announced its new brand identity to reflect its next chapter as an independent company and its mission to bring simplicity to the ever-changing healthcare landscape. Lyric’s solutions serve as the foundation for streamlining increasingly complex payments processes, bringing the insights needed for more precision and efficiency along the continuum. The company’s core primary and secondary editing software provides the initial, automated check on inbound medical claims, enabling health plans to optimize payment accuracy and data completeness and drive operational efficiency. Lyric serves many of the nation’s largest commercial and government-sponsored health plans, which are responsible for covering more than 185 million lives.
“As the healthcare landscape becomes increasingly complex, health plans, providers, and consumers alike are looking for solutions that bring more clarity and simplicity to the payments process,” said Ronanki. “With Lyric, we are committed to using AI and creating a platform to solve payment cycle and transaction challenges to ultimately transform consumer healthcare experiences. I’m excited to join the team at a time of opportunity for us to grow our offerings.”
At Elevance, Ronanki was responsible for driving strategy to commercialize digital capabilities for consumers, care providers, and the broader healthcare ecosystem to help the company innovate care delivery processes. Prior to his work at Elevance, Ronanki served as a Principal at Deloitte Consulting, where he worked for more than 10 years and led the company’s Artificial Intelligence and Health Care Innovation practices. He is the author of “You and AI,” which explores how exponential technologies can solve the problems confronting the American healthcare industry.
“We see tremendous opportunity for Lyric as the healthcare industry seeks new technologies that will ultimately create better experiences for patients,” said Bill Miller, Chairman of Lyric. “Raj’s industry experience and history in driving the vision for an AI-first approach in healthcare gives us confidence in his ability to scale this mission-critical technology company. We also want to thank Carolyn for her leadership and commitment to our team and customers as we navigated the carveout process. We are excited to continue our partnership with her."
“I’m proud of all the work our team has done to enable Lyric’s transition to a standalone healthcare technology company that is providing innovative, high-quality solutions and services for our customers,” said Wukitch. “I’m looking forward to working alongside Raj as we grow the company and continue to build on our industry leadership in payments.”
Lyric combines a flexible software rules engine with a comprehensive library of clinical content to help health plans address policy management needs and pay claims correctly the first time. The company’s advanced editing framework effectively applies health plan, governmental, and industry policy to a claim in near real time with interoperability designed and built to scale with a plan’s mix of products, network infrastructure, and growth. Lyric’s comprehensive product suite includes primary and secondary editing, content and policy management, and other analytics services and solutions. For more information, visit www.lyrichealth.com.