01 Jun 2020
The healthcare industry is undergoing an unprecedented transformation driven by technology. The adoption of advanced equipment and innovative system is contributing in significant ways to measure and reduce healthcare costs while substantially improving the overall health and well-being of the patients. EHR (Electronic Health Record) is one such advancement that is playing a critical role in improving modern medical practice management and cost savings. It enables healthcare providers to get comprehensive and accurate information which enhances their ability to diagnose diseases, prevents medical errors, improves patient outcomes, and deliver better medical care.
But despite a broad consensus on the advantages of this advanced system, some health care providers in the United States still rely on documentation and manual entry of patient records. Sensing the opportunity, two industry veterans Dr. Karun Philip and Harpal Maini, collaborated and formed Tranquilmoney, Inc with a vision to improve the operational efficiencies of healthcare institutions through preeminent EHR solutions. Today, Tranquilmoney stands tall as one of the reliable health record solution providers in the USA for its unique and innovative technology.
Fascinating Journey of Tranquilmoney So Far
Tranquilmoney started off as a company focused on integrating scanned images of paper documents with standard and proprietary business applications. And since it began operations after the acquisition of MM Imagine Technologies P Ltd, a company that was already a leader in this domain, Tranquilmoney had a strong start in the electronic records business. The company had deployed systems for big-name companies like Citibank, UPS, and Prudential Security and eventually moved its focus to US healthcare providers as it kept expanding. Tranquilmoney built an entire Physician Management software package and a Pharmacy Reconciliation software Package that had a pricing model where it got paid only if the cost to profit ratio of setting up a global office was significantly high. With this, the company’s journey towards making medical transactions 100% electronic was well and truly underway.
“Tranquilmoney’s focus was not just the cost-effectiveness of globalized work staff, but rather to use the experience to modify their software to make it electronic and automatic,” elucidates Karun.
PracticeTracker™: An Efficient EHR and Practice Management Software
The innovative company offers PracticeTracker™ software as a service, complete practice management software on the cloud. Being fully certified for EHR and meaningful use, the software ensures that data is stored in the prescribed format so that patients or physicians can send patient records selectively with a click of a button. It has several modules that enable many specific functions including E-prescription, support for the Meaningful Use (MU) incentive program, data standardization from multiple formats, data transition services, and customization of templates.
“It is not just software or just service. It is a combined solution. Combined with its Telehealth module coupled with updated Telehealth Billing Services make it unique among all EHR software and/or service providers,” asserts Karun.
Keeping Clients Satisfaction at the Forefront
The business model at Tranquilmoney revolves around providing individual support to every client about all aspects of EHR technology that will enhance their efficiency. The company provides each client with a full-time off-site dedicated team to aid them in the effective utilization of the EHR system. They evaluate their practice and suggest changes in the EHR design so that it can fit seamlessly into their practice and workflow needs.
Over the years, Tranquilmoney has helped many healthcare companies in efficiently managing their appointments, billing, claims, reports, and more through its PracticeTracker™. Illustrating their experience with PracticeTracker™, a Practice Administrator at an urgent care clinic says, “Just newly converting our practice to EHR, we have found Practice Tracker to be extremely flexible. From customizing our physician notes to adding a special referral form for each HMO we work with. The billing side of Practice Tracker has been flexible as well. The Practice Tracker group is all about problem-solving and goal-reaching.”
Such positive responses from its clients are certainly a testament to its unwavering commitment to quality and market leadership.
Conquering Challenges along the Way
Even with its assets and expertise, Tranquilmoney had to overcome several hurdles to reach where it is today. One of the biggest challenges was the digitization of the physician practice management system. As the majority of the industry is still running on paper documents, making the system electronic is quite challenging. Moreover, the most popular electronic formats such as the 835 and 837 are Meta formats and are not rigid.
While each company handles such issues by adding custom fields and changing reimbursement rates without always informing the patient or provider, Tranquilmoney follows the strict regulations in this regard and reverse engineers any unannounced changes. The company either asks for full payment or signing of a revised contract.
“Additionally, Tranquilmoney also aids health insurers by helping them avoid cases of fraud through the collection of proper documentation from the providers and enrolling them with the right payers,” says Karun.
Focusing on Automated Management Systems
Tranquilmoney ensures quality in many ways. Firstly, the company focuses on digitizing and making operations electronic as much as possible. It continually updates its software to improve efficiency and add features. This not only improves cost-effectiveness but also makes life easier for both patients and caregivers by providing online booking of appointments and templates to diagnose and perform procedures.
The second factor that majorly influences quality is the company’s work ethic. By following Edward Deming’s management system of TQM, the company focuses on delivering in five major areas: productivity, cost, quality, delivery, and morale for everyone in a team. Tranquilmoney works for the people. It ensures that all of its employees are well trained and equipped to better serve the clients and keep them satisfied.
Aims To Reach Even Greater Heights
By following the philosophy of Lou Holtz, a famous NFL coach, the company has always worked towards becoming the “best” before becoming the “first”. Being backed by the MM group – a multibillion-dollar group of business in India, the company never had to bother about its market share. But, from 2020 onwards, Tranquilmoney has set itself to reach even greater heights.
“We intend to become the Operating System of choice for US Healthcare Providers, whether they work independently, in a clinic, in a loose association, or for a major hospital chain. But our focus is on the Healthcare Provider – the Pharmacists and Physicians,” shares Karun.
“There are about 1 million of them in the US, and our goal is to get at least 999,999 of them,” he concludes.