Inspiration (not motivation) is the most important leadership trait, fueled by passion and purpose. In such a scenario we are featuring Dr. Karun Philip, Chairman & CEO and a co-founder of Tranquilmoney as one of the top CEOs to Watch in 2020who are transforming not only their workplace but the communities as a whole.
• You are the design and creative force behind the company’s products and services.What are some of your transformative qualities?
My philosophy of the source of human ability is “Clear Thinking”. Intellectual “intelligence” and emotional “intelligence” are things that people try to measure quantitatively, but every human being has the same hardware – a brain. With just putting in the effort to think clearly, people will start thinking you are a genius – intellectually, creatively, and emotionally. With “Clear Thinking” every individual is able to maximize their potential, and contribute to any project they work on together with others.
My work in Artificial Intelligence including Artificial Neural Networks for his PhD and his first job led him to realize that all AI, like all real people, necessarily have incomplete knowledge (even if what knowledge they do have is contextually accurate). He made the subtitle of his book, “Zen and the Art of Funk Capitalism” be “A General Theory of Fallibility.”
The best way to get past incompleteness and its consequent fallibility, is data. W. Edwards Deming invented what was called Total Quality Management (“TQM”), which I implement as Total Digital Management (“TDM”). Because Deming was not talking about the management of quality but rather the quality of management. My key point was to establish metrics for each person within an organizations under the headings (“PQDCM”) Productivity, Quality, Delivery (as per schedule), Cost, and Morale (as in “do my people love to come into work on time and enjoy managing themselves, given these metrics, rather than just doing what their boss tells them?”)
• How are youinspiring and empowering young entrepreneurs across industries into becoming great leaders with technical know-how?
As a member of organizations like Chennai International Center and India International Center, we encourage others to start companies and plan to offer our Total Digital Management as a commercial Web Service so that anyone can use it to start and manage their own company. This will be available globally to all entrepreneurs, SME’s and even large corporations.
In the US and India, we work with former employees who start their own businesses (as long as they left without disruption and clear handover of their responsibilities to their successors) by letting them subscribe to components of our software and services and focus on the area that they have chosen to take forward and focus on.
We hope to expand this to all potential entrepreneurs all over the world in all fields.
• Why was Tranquilmoney born?
To fix the business side of the US Healthcare systems for physicians and pharmacists. We started with Revenue Cycle Management for such Healthcare Providers, who are so busy doing the work they are trained for that they get paid far less than their patients’ insurance contracts stipulate. We have evolved to complete Physician Practice Management software and services with certified Electronic Health Records (“EHR”)
• How does your Healthcare AR services combined with your powerful technology ensure expedited payment, reduce claim rejections and minimize administrative overhead besides TCO?
My PhD and commercial research was in Artificial Intelligence (”AI”), which we incorporate into the systems we build. Our AI philosophy is this:All AI (like all human beings) make mistakes.
The solution invented first by IBM with data entry punch card systems in the 1960’s was this: Two people to do the same thing and when it is not the same result, a third person can check it.
With automation (including but not limited to AI), some or all the real people in the process can be eliminated. In our case, they are trained to be supervisors and constant re-trainers of the AI implementation (and of new recruits and employees of the Provider). We may never get to full automation, but at Tranquilmoney, our IT task is to get as close to it as possible, while real people with real domain expertise do it manually, assisted by as much automation as possible.
Tranquilmoney has an integrated system that Physicians and Pharmacies get free, and we do the Billing, Payment Reconciliation, and AR Follow Up on Third-Party Payments. We only take a portion of the increase in realized revenues, so it is better than free -- it ends up in increased income for the Physician or Pharmacist.
• Who is yourrole model & how has the individual inspired him to culminate into an inspiring leader?
My uncle, Mr. PJ Thomas, was President of Sundaram Clayton (now known as TVS Motor Company), one of the largest manufacturers of two- and three-wheeler vehicles, and various automotive components. He won the Deming Award for his company, which was the first Deming Award in India. I learned everything he knows about management and leadership of a company from him.
• Where do you see Tranquilmoney in the near future?
There are about 1 million Physicians in the United States. We are rolling out a sign-up so that Practices can just sign up on our web site. They can populate their data themselves or send it to us for loading into the new system. My goal is to provide at least some part of Tranquilmoney’s software or services to 999,999 of the 1 million.
We are also being approached by Physicians in India, and many other countries. These countries do not have the same mandated requirements as US Providers, but there is no law saying they cannot voluntarily follow the same system. We may end up serving the global Healthcare Provider market.
Dr. Karun Philip, CEO
We help Healthcare providers shorten the revenue cycle; we offer Healthcare payers accuracy in forms processing and quick turnaround. Our strengths lie in