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Payment Integrity Leader ClaimLogiq Acquires NLP Pioneer SyTrue - Margaret Kelly - 07-28-2022
Payment Integrity Leader ClaimLogiq Acquires NLP Pioneer SyTrue
Combining the premier payment integrity platform with the leading NLP technology solution to transform how health plans address payment integrity, risk adjustment and data management
MOUNT PLEASANT, S.C., July 27, 2022— ClaimLogiq, a leading technology enabling payment integrity platform, announced today that it has acquired SyTrue, the pioneer in healthcare natural language processing technology, creating a seamless and cohesive solution for clinical, coding and medical record reviews.
“Healthcare data is far too often fragmented, incomplete, inconsistent, and difficult to analyze,” said Neal Miller Chief Revenue Officer, ClaimLogiq. “The synergies of ClaimLogiq and SyTrue will empower health plans to leverage our cutting-edge technology to transform unstructured data into actionable insights to deliver more effective and accurate payment integrity programs.”
The integration of ClaimLogiq’s platform and SyTrue’s NLP OS technology is poised to streamline and transform the medical record review ecosystem by empowering clinicians and coders with valuable and actionable insights to make rapid and accurate payment decisions, resulting in significant productivity gains and greater cost savings. Specifically, healthcare organizations will gain more flexibility to automate, process and analyze unstructured data for multiple downstream use cases, including payment integrity, risk adjustment, and more.
This highly configurable platform will support the healthcare industry's focus to a more transparent and proactive approach to payment integrity, enabling payers and service providers to deliver a more comprehensive and dynamic payment integrity program. This new platform is the only market offering that enables users to either perform their own payment integrity reviews, leverage ClaimLogiq subject matter experts, or operate a hybrid model that employs both methods, creating wide range scale and flexibility.
“To make informed decisions, it is essential that payers have access to the most up-to-date, accurate data,” said SyTrue Founder and CEO Kyle Silvestro. “However, with so much critical information locked in medical records as unstructured data, this is far easier said than done. Transforming the unstructured data, paired with our added workflow tools, will allow ClaimLogiq to address the enterprise needs of payers across payment integrity, risk adjustment and more.”
First Analysis Securities Corporation acted as exclusive advisor to SyTrue in its sale to ClaimLogiq.
About ClaimLogiq
ClaimLogiq is a healthcare software and technology company that delivers a proactive approach to payment integrity through a powerful, simplified solution. The unique payer-facing, claim-analyzing solution is HITRUST CSF® certified and makes claim reviews accessible to all size healthcare payers for in-depth insight and real-time access into the status of every claim at every stage of the audit lifecycle for controlled, consistent, accurate, and defensible outcomes. ClaimLogiq's innovative software stands out by allowing payers control, configurability, and transparency over the entire claim process and can be applied as a SaaS model, full service, or as a hybrid to suit the specific needs of every payer. For more information, visit www.claimlogiq.com or follow ClaimLogiq on LinkedIn.
About SyTrue
SyTrue, the leader in modernizing payer workflows to reduce costs and increase efficiencies, enables healthcare payers to make sense of fragmented, dirty data, driving greater transparency that increases productivity, reduces costs and enhances revenue. Healthcare payers must analyze extensive amounts of unstructured data to identify insights from patients’ episodic health records, which cannot be accessed by traditional methods of search and require expensive chart reviews. SyTrue’s innovative clinical Natural Language Processing (NLP) Operating System NLP OS™ synthesizes, normalizes and transforms unstructured clinical data into a strategic enterprise-wide digital asset that catalyzes informed decision-making for payment integrity, risk adjustment and care coordination. Developed by clinicians and data scientists with deep healthcare domain expertise, SyTrue’s solutions boost the productivity of review teams and generate higher ROI on clinical and medical chart reviews through greater accuracy, speed, repeatability and scalability. SyTrue has processed more than 10 billion health records, yielding insights that lead to increased efficiencies and improvements in financial performance.