PharmTracker™ Services

Pharmacy Receivable Management Services

Track and Recover payments from PBMs

100% claim reconciliation; 99.9% collections.

Within 3 months, see your collections increase by 2%

Our receivable and reconciliation services for pharmacy chains and independent pharmacies offer up to 99.9% collections using our PharmTracker™ Software, AI, and our Domain experts. We have developed extensive processes and technology to manage pharmacy receivables for clients of varied scale.

We process paper and electronic pharmacy claims into our system, and also the remittance advice (RA) in NCPDP or 835 format. PharmTracker™ is Tranquilmoney's AI backed solution for reconciling pharmacy claims with RAs / checks and providing the maximum collections.

While the average pharmacy collections are 92%, our pharmacy billing services offer up to 99.9% collections. We also try and recover your backlogs. Outsourcing this time-consuming and complicated process to Tranquilmoney results in saving time and increased revenue.

How it Works

We have developed extensive processes and technology to manage pharmacy billing for clients of varied scale.

Reconciliation Services Works - Tranquilmoney

While physical documents are scanned in the US, data capturing, processing reconciliation and AR follow up is done in our offices in India.

We process paper and electronic pharmacy claims and also the remittance advice (RA) in NCPDP or 835 format into PharmTracker™ , Tranquilmoney's AI backed solution for reconciling pharmacy claims with RAs / checks, enabling 100% matching of the two. This allows follow up of the unpaid or partially paid claims. Our system also talks to many Enterprise Pharmacy Systems (EPS)

Why is Claim level matching important?

Matching each claim with its check/ RA allows identification of unpaid or partially paid claims (15 to 20 percent of claims). This enables re-submission of claims to the Insurance payor.

Show realistic receivables in your books. With compliance laws like Sarbanes Oxley and SSAE TYPE II, each company is required to report revenue accurately.

Why is Claim level matching important?

Key Benefits

  • Proven improvement in pharmacy collections of 2% within 3 months and up to 99.9% collections on adjudicated claims
  • Reduce write-offs, open claims using Claim level reconciliation and detailed analysis
  • Better predictability of reimbursement patterns using payor business rule database
  • Our highly tuned process and AI backed PharmTracker™ software enables accurate tracking
  • Compliant with Sarbanes Oxley with requirements for reporting revenue
  • SSAE TYPE II compliant well-defined processes for billing, collections and auditing
  • Low cost addition of billing and AR follow up staff
<Pharmacy Receivables Financing
Tranquilmoney

PharmTracker™ - AI backed software to manage Pharmacy billing

Our proprietary web-based solution for pharmacy receivables management. It addresses reconciliation of checks with corresponding payment, application of payments to claims, exception processing, reporting and compliance with laws.

  • Auto matching of claims and payments
  • The software integrates with electronic switch data and data feeds from POS systems including Condor, TechRx, PDX, QS1, Renlar, MPS, etc.
  • The high end functionality allows easy identification of rules used by each payor for each retail pharmacy client.
  • The technology follows Deming's principles of workflow management and accountability

Customer Speak

CASE STUDY

Claims reconciliation and receivables management for a Pharmacy Chain

A huge pharmacy chain was finding it problematic to manage claims, identify unpaid claims, and reconcile claim payments. With our process, software, and domain experts, we delivered 100% claim reconciliation and 99.9% collections.

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