Tranquilmoney: Bridging Healthcare and Accounting '

Tranquilmoney: Bridging Healthcare and Accounting

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Karun Philip,  CEO and founder, Tranquilmoney Karun Philip, CEO and founder, Tranquilmoney
Patient care is top priority for physicians, but what is equally important for them is to have an efficient wealth collection system to sustain their practice. With stringent compliance regulations in place, reimbursement for physicians depends on their ability to accurately reconcile diagnosis and treatment data. In such a difficult scenario, paper-based workflow can lead to an irreparable damage to physician’s practice as physical documents are often inadvertently misplaced or misrepresented. To assist caregivers in casting the financial fears aside so that they can focus wholly on medical practice, Tranquilmoney, a medical billing solution specialist, is helping physicians move from a paperbacked workflow to a digital workflow. “We are the bridge between healthcare and accounting for physicians. Through e-submissions, we gather their complete accounts receivable (AR) information and guide them to make informed decisions in accounting for maximum benefits,” says Dr. Karun Philip, a healthcare technology specialist, and founder and CEO of Tranquilmoney.

As private practices have been heavily hit by the COVID-19 pandemic in the last few months, physicians have started adopting teleconferencing and other virtual communication systems to contact their patients to perform accurate diagnosis and prescribe remedies. A hurdle they must overcome, however, is the lack of connectivity between conferencing platforms and other healthcare technology applications such as electronic health record (EHR) and medical billing systems. To ensure physicians have optimal medical practice management, Tranquilmoney has released its teleClinic platform. Capable of integrating with other healthcare software platforms such as EHR and AR systems, teleClinic enables physicians to set up virtual practices for patients easily.

Physicians can also opt for Tranquilmoney’s medical billing and certified EHR services to have a proper system for AR payments.

Through e-submissions, we gather complete accounts receivable (AR) information and guide them to make informed decisions in accounting for maximum benefits

The basic version of teleClinic is free; physicians can sign up and offer consultation to patients who have been in their active care, without paying a single dollar to teleClinic. Patients can also log in to the teleClinic platform to enter their medical data and view a list of available registered doctors for specialised treatments in a particular location. Patients who wish to consult a particular physician who is not available on the platform can send a link to the physician to join the network. While contacting individuals, Tranquilmoney ensures that the confidential documents do not have to leave their home. “We can send a professional to the place of their choice with a portable scanner. Depending on the amount of data, we create a personal and secure EHR for them in a week,” says Philip.

While submitting a claim, physicians are required to collect all the documentation and signatures needed to prove that the patient visitation occurred, and the diagnosis and subsequent procedure was appropriate. For this purpose, physicians use various diagnostic and procedural identifiers. teleClinic has a built-in data source for codes that are normally used within the medical sector. If a physician has to create personalized documentation in certain cases, teleClinic provides the criteria and information to ensure the quality of the final statement. In addition, Tranquilmoney offers back-office consulting to verify documentation required for the disbursement of payments for an insurance claim.

Heading into the future, the medical billing specialist company is putting together a team of AR management experts to further close the gap between the many stakeholders in healthcare and digital accounting systems. Tranquilmoney is also conducting research to enhance the teleClinic platform both from patient and physician communication perspectives. Tranquilmoney aims to aid physicians in delivering diagnosis reports with clarity and sharing data securely to avoid hidden costs.

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Top 10 Medical Practice Management Consulting/Services Companies - 2020

Company
Tranquilmoney

Headquarters
South Orange, NJ

Management
Karun Philip, CEO and founder

Description
Tranquilmoney, a medical billing solution specialist, helps physicians move from a paper-backed workflow to a digital workflow. The company acts as a bridge between healthcare and accounting by enabling private medical practices and pharmacies to gather complete accounts receivable (AR) information through e-submissions and guide them to make informed decisions in accounting for maximum benefits. To ensure physicians have optimal medical practice management, Tranquilmoney has released its teleClinic platform. Capable of integrating with other healthcare software platforms such as electronic health record and AR systems, teleClinic enables physicians to set up virtual practices for patients easily