03 Jul 2020
Headquartered in New Jersey, Tranquilmoney Inc. is a software and services company that uses leading-edge technology and proven TQM (Total Quality Management) systems for cost-effective information management and high-volume document processing in the retail pharmacy, healthcare, insurance, and other industries. The company’s tagline, ‘the network is the people’, mirrors its determination and passion for solving the “three-body problem” of patients, physicians, and health insurance companies. Its forte lies in proven delivery capability in healthcare outsourcing, technology leadership through proprietary technology, TQM, ISO 9001:2008 certified processes for service delivery at the back office in India, and Dual Shore outsourcing.
As a leading company in the healthcare industry, Tranquilmoney provides practice management and healthcare receivables management technology and services, enabling easy management of the healthcare receivables, faster turnarounds, and automatic compliance with HIPAA and the HITECH Act. The company encompasses skilled team members who use their combined years of experience in technology, healthcare, and business process outsourcing to deliver superior, sustainable results to their customers.
The dynamics of healthcare claims and AR management, in addition to the burdens on hospitals in the form of increased paperwork, reduced insurance reimbursements or denials, follow up —add up to a large administrative overhead. Pharmacists and physicians, even after submitting claims, are confronted with delayed reimbursements. Reconciliation of claims to start with is a complicated issue. It also has an adverse effect on cash flow. Tranquilmoney understands these complexities and is helping them collect claims faster through its complete receivables management solutions. This includes pharmacists and Physician Practice Management software and services.
These services, combined with its powerful technology, ensure expedited payment, reduce claim rejections, and minimize the administrative overhead besides the total cost of ownership (TCO). The leading company also takes care of AR management related activities like medical billing, electronic and manual claim submission, claim tracking and verification, AR follow up, and maintains relationships with patients or payers. The key aim of these services is to simplify the health claims administration to make the health plan more efficient, flexible, and responsive to the needs of members and business partners.
The competition is rising in the healthcare industry amongst healthcare service providers to deliver quality care service. They are leveraging advanced technologies and tools to gain a competitive edge. Using this same approach, Tranquilmoney is adapting state-of-the-art technologies and integrating with its services and products. The company is using Artificial Intelligence (AI) in collaboration with domain experts to deliver the best breeds of services.
The future is unpredictable. Many new issues related to healthcare will emerge for healthcare players to tackle. As a leading healthcare service provider, Tranquilmoney plans to solve all healthcare problems, including financial issues, globally. The company will continue to deliver value to patients through its services and solutions.
Dr. Karun Philip (Chairman and CEO) is spearheading the transformation of healthcare across the APAC region through Tranquilmoney. He holds an M.S. and Ph.D. in Computer Engineering and Biomedical Engineering from the University of Iowa, and B.E. in Electrical Engineering from Birla Institute of Technology & Science, Pilani, India. He states, “I had high enough grades, and my family had enough money to send me there. I focused on Control Theory because calculus was always my love.” This led him to use AI techniques to interpret medical images for a project at his US graduate school, which was funded by the US National Institutes of Health.
Prior to establishing Tranquilmoney, Dr. Philip ran Imagine Technologies, Inc. It is a company focused on using proprietary imaging and workflow technologies to enable and outsource remote back-office operations for the healthcare industries. Before founding Imagine Technologies, the seasoned leader worked in the R&D center at TCS, India’s largest Software Company, in the field of imaging technology.
Serving the healthcare industry over the past two decades, Dr. Philip understands the demands of the current environment. He does this by keeping an eye out in the industry to stay updated with the latest news and trends. Then, he applies the gained knowledge into Tranquilmoney’s services and products to gain a competitive edge and lead the race.
The coronavirus pandemic has triggered a chain-reaction that is affecting every human being as well as business. As a prominent key figure, Dr. Philip believes that the COVID-19 is different from all prior pandemic only because of our information about it, right or wrong, spreads instantaneously via social media. He further remarks, “The same techniques used in the previous pandemic will work, but we must use the social networks themselves to provide government monitored (but not government-controlled) presentation of actual data.” Furthermore, Dr. Philip firmly believes that data plays a crucial role in monitoring this deadly virus.
Dr. Philip has observed that over the past years, the healthcare industry has transformed into a consumer-focused model due to escalating healthcare costs, aging populations, and increased demands of quality care services. In ancient times, the concurrent treatment of mind and body was an essential part of the APAC region. Then modern science took over in colonial days, but Japan had remained relatively independent and led the way forward. He firmly claims that we are now beginning to move western medicine forward today by thinking backward, but scientifically checking it.
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