News

Tranquilmoney teams with California based ProLogic Redemption Solutions

29 Jan 2010

Dr. Oriente Esposo and Dr. Arun Keni become the first PracticeTracker™ physicians to receive incentive checks of $21,250 each from the US government for achieving meaningful use of an Electronic Health Records system.

ProLogic Redemption and Tranquilmoney, Inc. enter into a teaming agreement to bring Pharmacy Receivables Reconciliationsolutions to supermarket and pharmacy chains across the country. An established leader in the pharmacy receivables industry, Tranquilmoney has managed pharmacy receivables for over ten years using their web-based hosted software product, PharmTracker™.

The Pharmacy Receivables Reconciliationsolution includes claim-level reconciliation of every single payment, including manual exception processing where necessary, and detailed online reporting of aging, DSO, partial payments, over payments, unapplied payments, checks without RAs, RAs without checks, and more. PharmTrackerTM also allows users to create custom reports and perform data mining and analysis on past data. Delinquencies for Tranquilmoney clients are typically down to 0.1% and unapplied cash virtually zero. This partnership is expected to benefit the retail pharmacy industry substantially, with cost effective reconciliation services and adherence to compliance standards.

ProLogic Redemption (http://www.prologicredemption.com) offers solutions for retailers and wholesalers in the grocery, pharmacy and restaurant industries to manage their receivables and maximize their collections. ProLogic Redemption is focused exclusively on the success of grocery, pharmacy and restaurant chains. Based in United States and Mexico, ProLogic serves 20000 of the nation’s leading retail stores, pharmacies and restaurants. ProLogic handles both paper and digital coupon redemption. ProLogic has been processing paper coupons for over 40 years and is one of the largest clearinghouses in the coupon industry, processing more than 1.1 billion coupons in 2009. The process for clearing digital coupons is similar to that for clearing paper coupons.

Tranquilmoney provides revenue cycle management solutions to the US healthcare industry. Using proprietary software, Tranquilmoney manages the revenue cycle for healthcare providers, hospitals and pharmacies. An established leader in the pharmacy receivables industry, Tranquilmoney has been processing over 20 million claims annually with a value of over $ 500 million, for the last ten years. Reconciliation is complex, time-consuming and expensive, and many pharmacies do not have a system for claim-level tracking, or have a system that generates too many exceptions to investigate manually. There is a need for a cost effective reconciliation solution for pharmacy chains of all sizes.

Our Pharmacy Receivables Reconciliation services are backed by robust technology. Our software PharmTrackerTM is an end to end tool that automates the pharmacy receivables process, and constantly kept up to date with changes in the use of the 837 electronic formats by each payor. Paper remittance advice (RA) documents, audit deductions, and other non-recurring fee documents are also processed at no additional charge. PharmTrackerTM also provides web based reporting and search capabilities and access to images of source documents including RAs and checks.

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