This is where Tranquilmoney comes in. Founded by Karun Philip, Chairman and CEO, Tranquilmoney, the company provides the only "soup-to-nuts" solution including Cloud-hosted software, and a dedicated trained team of IT and medical billing professionals to each client. The New York based company charges a flat percentage of actual collections, with no extra charges for training, customization, and outsourced A/R follow up.
The revenue comes out of complying with electronic data standards and making sure the insurance plans pay what they contractually owe. In addition, Tranquilmoney also provides all the assistance needed to comply with the Affordable Care Act incentive payments, which is $44,000 per physician for Medicare. Tranquilmoney's software platform PracticeTracker is certified as meeting the requirements for this incentive payment.
Tranquilmoney's biggest client is Costco Pharmacy, who has been with it since inception in 2001. "We manage around $900 million a year in third party healthcare receivables each year. We expect the future growth to come from the $2.7 trillion broader healthcare market, of which around $600 billion is physician receivables," explains Philip. The market is fragmented, but there is a trend towards consolidation that is emerging, and Tranquilmoney is positioned to be a strong player in the market over the next decade.