Richard Lieberman is one of the nation's foremost authorities on risk adjustment, having been involved in the design and implementation of risk adjustment models and risk-adjusted payment systems since 1991 — across commercial, Medicare, and Medicaid markets.
His career spans clinical medicine, health services research, software development, and policy — a combination that enables him to communicate complex healthcare financing topics to clinicians, financial professionals, attorneys, and technology teams alike.
Richard co-founded Health Data Essentials, Inc. in 2004, growing it to a 40-person firm serving Medicare Advantage and Medicaid health plans before its acquisition by Peak Health Solutions in 2012. He subsequently founded Cortex Analytics in 2021, building the CortexRisk, CortexETL, and CortexQuality software platform before founding Rekova Health AI.
He is the sole author of the forthcoming Risk Adjustment Odyssey, a comprehensive operational guide targeting Q4 2026 publication, and has delivered more than 30 national conference presentations and 40 industry webinars throughout his career.
Johns Hopkins Bloomberg SPH
Graduate study, Biostatistics, Epidemiology & Health Services Research · Key contributor, ACG Risk Adjustment System (1991–2005)
Co-Founder, Health Data Essentials (2004–2012)
Grew from two-person startup to 40-person firm serving MA and Medicaid health plans · Acquired by Peak Health Solutions in 2012
Founder, Cortex Analytics (2021–2025)
Built CortexRisk, CortexETL & CortexQuality — data science platform serving MA, Medicaid, ACA, and ACO clients
Expert Witness · Federal & State Courts
Risk adjustment, health care financing, encounter data, and health informatics — active engagements since 2016
EMT-Paramedic · Clinical Trials Researcher
Pre-hospital emergency medicine; FDA-approval trial support in cardiology and oncology at GWU
Complex Data. Clear Solutions.
Not always the answer you want, but it is the answer you need.
Precision Over Hype
At Rekova, we deploy AI and machine learning as precision tools — applied where the data and the problem warrant it, not as a substitute for deep domain expertise. Our models are built on decades of healthcare data experience, and every output is reviewed through that lens. AI is a powerful instrument in the right hands. In healthcare, those hands need to understand the regulatory environment, the clinical context, and the financial stakes — not just the algorithm.
The People Behind Rekova
Richard is a nationally recognized authority in risk adjustment, quality measurement, and healthcare data science. He played a key role in developing the Johns Hopkins ACG Risk Adjustment methodology — the first commercially available risk adjustment system — and has designed and implemented risk-adjusted payment systems for commercial, Medicare, and Medicaid markets since 1991. He co-founded Health Data Essentials in 2004 and founded Cortex Analytics in 2021, building the CortexRisk, CortexETL, and CortexQuality software platform before founding Rekova Health AI. He has served as an expert witness and data scientist in federal and state courts, along with private arbitration matters involving risk adjustment, ACOs, and health care financing, and is the author of the forthcoming book, Risk Adjustment Odyssey, targeting Q4 2026 publication.
Tracy brings over two decades of executive leadership in healthcare technology, software development, and consulting. She co-founded Health Data Essentials, Inc. in 2004, growing it from a two-person startup to a 40-person firm before its acquisition by Peak Health Solutions in 2012. At Health Data, she directed consulting and business process outsourcing services to Medicare Advantage and Medicaid health plans, managed software design projects for capitated health plans, oversaw medical record technicians and coders for risk score improvement and HEDIS quality measurement, and led clinical education programs for providers new to healthcare capitation. At Cortex Analytics, Tracy served as Chief People Officer, managing client relationships, software development project management, and onboarding for health plans, Exchange issuers, ACOs, and risk-bearing provider groups. Earlier in her career, she supported the commercial release of the Johns Hopkins ACG Risk Adjustment methodology at the Bloomberg School of Public Health — the first commercially available risk adjustment system.