News

Tranquilmoney releases PharmTrackerTM for Independent Pharmacies and Small and Medium Pharmacy Chains

24 Dec 2020

Managing receivables from Insurance becomes easier for Pharmacies.

December 24, 2020. South Orange, NJ: Tranquilmoney, Inc., a company that managed pharmacy third-party claim reconciliation for Costco Pharmacy for over 20 years, has released a Web based version of its software. Any pharmacy can now sign up to PharmTrackerTM and start using the system to process their claims

Tranquilmoney has managed over $1 billion a year in pharmacy receivables reconciliation with 100% reconciliation and 99.9% collections. Industry standards of collection are about 92.5%.

Dr. Karun Philip, Chairman & CEO, says “Pharmacy claims are relatively small with an average of $40 from the insurance plans. Over 20 years, we developed a system that combined Artificial Intelligence, large data warehouses, and domain experts, that in combination allow us to match every payment to its corresponding claim. This way, all non-payments are identified, and an underpayment of even one cent is detected and can be rebilled.”

PharmTrackerTM can be used as a self-service software on the web or as an outsourced service.

Using Tranquilmoney’s system will help a Pharmacy collect as much as 99.9% from Insurance, more than the industry standard of about 92.5%.

Tranquilmoney’s charges start at 45 cents per claim for a minimum of 4000 claims per month. For larger volumes, here is the complete price list.

Claims per month

Price per (additional) claim $

Expected Revenue per month $

Additional

Total Claims

Assuming $40 per claim

First 4000 0.45

160,000

6000

10000 0.25

400,000

10,000

20,000 0.20

800,000

30,000

50,000 0.19

2000,000

50,000

100,000 0.16

4000,000

100,000

200,000 0.10

8000,000

300,000

500,000 0.08

20,000,000

500,000

1,000,000 0.06

40,000,000

1000,000

2,069,000 0.03

80,000,000

1000,000

3,000,000 0.02

120,000,000

1000,000

4,000,000 0.02

160,000,000

1000,000 5,000,000 0.02

200,000,000

 

Pharmacies can sign up here and start using the system.

Press Contact
Thomas Hayden
VP – Global Sales
Thomas.Hayden@tranquilmoney.com
Phone: 212.494.0383 Ext 141

About Tranquilmoney

Tranquilmoney, Inc. has been a HIPAA compliant healthcare solutions provider in the US since 2001. Their receivable management services and software have helped physicians and pharmacies increase their revenues considerably. The company is headquartered in South Orange, New Jersey, with offices in California and Chennai, India. www.tranquilmoney.com

 

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