In today’s healthcare landscape, business moves fast, and it’s full of complexity and nuance. As a result, small to medium-sized providers often struggle to maintain clear financial oversight amid multiple moving parts, intricate payer systems, and unpredictable reimbursements. Relying on generic bookkeeping software not built for healthcare only amplifies these challenges.
Flychain addresses this with a healthcare-specific financial operating system that replaces bookkeeping tools like QuickBooks. Our tailored platform provides real-time reporting, financial KPI tracking, and data-driven benchmarking and analyses. This empowers smarter decision-making, more efficient cost management, and stronger growth strategies. The result: sustainable growth and financial success.
Real-Time Financial Reporting
Flychain surfaces your bookkeeping data through detailed, real-time financial reports, all presented in an easy-to-digest dashboard that’s accessible 24/7. Within the platform, you’ll find a fully built-out chart of accounts and clear profit and loss statements, giving you immediate visibility into your financial performance whenever you need it.
Flychain’s healthcare-specific bookkeepers ensure 100% accurate financials tailored to the healthcare industry. Flychain captures the nuances of payer reimbursements and understands the importance of breaking down clinical vs. administrative payroll and service-level income. This gives the clean foundation needed to enable deeper profitability and forecasting analyses.
All data is easily exportable to Excel for planning, loan applications, or preparing for a sale. And we go a step further by formatting your financials to meet the expectations of investors, lenders, and strategic partners.
Budgeting Tools
Flychain’s budgeting tools empower healthcare providers to set and monitor expense budgets with precision. Take the guess work out of bookkeeping – easily compare performance against budgets and go further with industry specific benchmarking data that flags overspending enabling you to make informed, proactive adjustments.
At Flychain, we help providers take a more sophisticated approach to budgeting by breaking down major cost drivers like clinical payroll and marketing spend - and benchmarking them against top-performing peers in their specialty. This unlocks a clearer picture of where their dollars are going and how those investments stack up.
By grounding every decision in data-driven insights, Flychain empowers providers to optimize their spending with confidence. The result? Smarter strategy, improved margins, and operational efficiency that scales as the practice grows.
Access to Fairly Priced Working Capital to Navigate Reimbursement Delays
A frequent issue in operating a medical practice is reimbursement delays. Flychain addresses this by offering access to fairly priced working capital through a resting line of credit with no personal guarantees, unused line fees, prepayment penalties or origination fees.
This exclusive Flychain offering enables healthcare providers to receive advance payments on outstanding insurance claims - typically within one business day. Unlike traditional lenders, Flychain can confidently underwrite these advances because we manage our customers’ financials through our bookkeeping and accounting services. We also deeply understand the healthcare landscape, including how and when claims are paid.
This flexible cash flow buffer allows practice owners to bridge funding gaps without resorting to predatory lenders. Flychain's Advanced Payment on Claims offering is truly one of the most provider-friendly working capital solutions on the market.
Data-Driven Benchmarking
Flychain’s benchmarking engine goes beyond surface-level cost comparisons: it evaluates core financial KPIs like net profit margin, gross profit margin, and clinical payroll as a percentage of operating revenue. By comparing these metrics against similar providers in your specialty and region, Flychain shows you exactly where your practice stands - and where there’s room to improve.
Whether you’re overspending on operating expenses or your cost of goods sold (i.e., cost of delivering care) is eating into profitability, Flychain helps pinpoint the root cause of margin pressure. This allows you to take targeted action - from renegotiating vendor contracts to adjusting staffing models - and improve financial performance with clarity and confidence.
For example, Flychain saved its own team $10,000 annually by identifying a more cost-effective health insurance plan with the same coverage, thanks to benchmarking insights. That same methodology now helps our customers uncover savings and strengthen their bottom line.
Contracted Rate Analysis
One of Flychain’s newest offerings is our contracted rate analysis, available to every Flychain customer. This tool is designed to help providers compare their rates against similar businesses in their region and specialty, and uncover opportunities for stronger payer negotiations.
The tool leverages data from the Health Plan Price Transparency Act, which went into effect on July 1, 2022, and requires insurers to publicly disclose detailed pricing information. The rule mandates that health plans publish machine-readable files containing in-network negotiated rates and out-of-network allowed amounts. This makes previously hidden reimbursement data accessible for the first time.
However, the catch is, while the data is technically “public,” the reality of accessing it in practice is extremely lengthy and difficult.
- Insurers are only required to release the information in massive XML or JSON files intended for data-processing software. Sadly it’s not in an easily digestible human-format. This means the files are virtually unusable without specialized technology and expertise. To access and interpret this information, providers often have to purchase expensive datasets from third-party vendors who have built the infrastructure to extract and organize it.
- Recognizing how critical this data is for negotiating stronger payer contracts and informing the payer mix strategy, Flychain has purchased and processed this data on behalf of our clients removing the financial and technical barriers that normally stand in their way.
The aim is to make this valuable pricing data widely accessible, leveling the playing field by giving smaller providers the same negotiating power as larger organizations.
By pinpointing when a provider’s contracted rates are in the lower quartile for their specialty and region, Flychain delivers actionable insights, empowering providers to negotiate better rates. The goal: boost revenue and ensure greater financial stability.
Curious how Flychain can improve your financial visibility?
Running a healthcare practice means juggling a thousand moving parts, but your finances shouldn’t be a mystery. Flychain helps providers go beyond basic bookkeeping to truly understand the financial health of their business. From detailed cost breakdowns and 100% accurate charts of accounts to contracted rate analysis and capital access, Flychain gives you the tools to make smarter, more confident decisions.
Whether you’re trying to improve margins, scale your operations, or simply gain clarity on where your money is going, Flychain brings enterprise-level financial insights to independent healthcare businesses - without the complexity or cost.
And the results speak for themselves. A Florida-based home care provider came to Flychain after relying on a $200/hour accountant with no healthcare background. Their books were only closed quarterly in QuickBooks, and key expenses were miscategorized due to the accountant’s lack of industry knowledge. This resulted in confusing and unreliable financial reports. On top of that, the team hesitated to ask questions, knowing every email or call came with a bill. Overspending went unnoticed, and strategic decisions were delayed.
After switching to Flychain, the practice gained real-time financial visibility, grew 30% in under a year, and saved $15,000 by identifying and eliminating unnecessary telecom expenses. Flychain also supported the refinancing of their $200,000 merchant cash advance loan that was quietly draining $3,900 per week. By refinancing it, the practice eliminated excessive interest payments, saving over $39,000 annually.
Ready to take the guesswork out of your financials? Learn more about Flychain on our website here or schedule a quick call to see how we can help you financially thrive. We’d love to chat!