Dr. Karun Philip, Chairman, Co-Founder & CEO
In 1998, when over $150 million was lost from a large healthcare receivables financing operation named Pharmacy Fund, they approached Tranquilmoney to re-process the entire data set to recover the missing funds. Taking a cue from this experience, Tranquilmoney, a technology company headquartered in New Jersey, embarked its journey to manage the healthcare revenue cycle. Today, the company provisions complete Practice Management software, fully certified EHR capabilities to physicians’ practices along with medical billing and revenue cycle management.
Dr. Karun Philip, Chairman & CEO, Co-founder, Tranquilmoney stressed on the current state of healthcare revenue systems that involve pending payments from many third party payers and lack accurate information required to follow up. “The systems rely on paper data in the third party billing and collection process,” says Dr. Philip. This is where Tranquilmoney steps in offering a wholly electronic data platform which supports all major electronic formats, and also accepts paper data. The paper is sent through a rigorous double entry data capture and verification process before entering the system. Addressing the denial of claims or partial payment of claims by third party payers, Tranquilmoney leverages powerful technology to ensure expedited payment and reduced claim rejections.
Tranquilmoney’s solution for pharmacy receivables management— PharmTracker™—is a web based solution to address various aspects of receivables and reconciliation management such as reconciliation of checks with corresponding payment, application of payments to claims, reporting and compliance with laws. In addition, the firm’s certified EHR integrated with practice management system—PracticeTracker—assists healthcare providers manage their practice, patient data, appointments, claims, and reports. This software-as-a-service also includes features like scheduler, inbuilt custom report, charts module, dashboard, secured messaging, patient portal, audit and contract management, clinical and billing alerts, and more.
Reimbursement methodologies have been subject to disruption over the years. Along the same lines, Tranquilmoney simplifies the process for healthcare providers with a seamless interface to these disruptions. “We charge a standard amount that remains the same no matter how much the underlying technology needs to be changed over time,” states Dr.Philip.
We are SSAE type II certified and have strict HIPAA security practices at our work flow that ensures proper internal controls and processes in place
The strength of Tranquilmoney lies in its ability to provide both software and actual billing and collection services. The company offers custom-tailored software to meet the need of continuous improvement and adaptation as market conditions change. “We are SSAE type II certified and have strict Total Quality Management (TQM) practices at our work flow that ensures proper internal controls and processes in place to deliver high quality services to clients,” illustrates Dr.Philip.
With over ten years of experience in managing healthcare receivables, Tranquilmoney has assisted hospitals, physician practices, pharmacy chains, and medical billing companies to escalate their financial returns. Once, the company was approached by Kern Women’s Health Group for the management of complex health care receivables. “We used a three-pronged approach to drum up revenue: error prevention; increasing staff training on the billing cycle; and enhancing the ability of the practise to serve its patient load,” delineates Dr. Philip. This ushered record-keeping efficiency, reduced claim denials and rejections, accelerated billing, proactive payment collection and self-evaluations thus raising the percentage of collections at Kern Women’s Health Group from 35 percent to 73 percent.
As the current healthcare sector is mired in a muddle of complexities, many smaller physician practices are looking to sell or even close down. Tranquilmoney offers partnership to these practices to cope with the changing market. In days to come, “Our goal is to grow as slowly or fast as practical, but to focus on 100 percent satisfaction of every single client along the way,” concludes the CEO.