Tranquilmoney Releases PharmTracker for Independent Pharmacies, Small and Medium Pharmacy Chains
Managing receivables from Insurance becomes easier for Pharmacies
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SOUTH ORANGE, N.J., Dec. 24, 2020 /PRNewswire/ -- 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 PharmTracker
TM 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."