Tranquilmoney Releases PharmTracker for Independent Pharmacies, Small and Medium Pharmacy Chains
Managing receivables from Insurance becomes easier for Pharmacies
SOUTH ORANGE, N.J., December 24, 2020 (Newswire.com) - 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 Tranquiilmoney's system will help a Pharmacy collect as much as 99.9% from insurance, more than the industry standard of about 92.5%.
Tranquilmoney fees start at 45 cents per claim for a minimum of 3000 claims per month going down to 2 cents a claim for larger volumes. Here is the complete price list.
|
Claims per month |
Expected Revenue per month $ |
Price per (additional) claim $ |
|
|
Additional |
Total Claims |
Assuming $40 per claim |
|
|
First 4000 |
160,000 |
0.45 |
|
|
6000 |
10000 |
400,000 |
0.25 |
|
10,000 |
20,000 |
800,000 |
0.20 |
|
30,000 |
50,000 |
2000,000 |
0.19 |
|
50,000 |
100,000 |
4000,000 |
0.16 |
|
100,000 |
200,000 |
8000,000 |
0.10 |
|
300,000 |
500,000 |
20,000,000 |
0.08 |
|
500,000 |
1,000,000 |
40,000,000 |
0.06 |
|
1000,000 |
2,069,000 |
80,000,000 |
0.03 |
|
1000,000 |
3,000,000 |
120,000,000 |
0.02 |
|
1000,000 |
4,000,000 |
160,000,000 |
0.02 |
|
1000,000 |
5,000,000 |
200,000,000 |
0.02 |
Pharmacies can sign up here and start using the system.
Press Contact
Thomas Hayden, VP - Global Sales
Thomas.Hayden@tranquilmoney.com
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
Source: Tranquilmoney, Inc.