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. These challenges are only multiplied when you’re using generic bookkeeping software that’s not made for healthcare.
Flychain solves this with a healthcare specific financial operating system replacing bookkeeping tools like QuickBooks. Our custom platform provides real-time reporting, financial KPI tracking and data-driven benchmarking & analyses. This results in smarter decisions, more efficient cost control and better growth strategies.
The outcome: long-term development and financial success.
Real-Time Financial Reporting
Flychain provides detailed, real-time financial reports that make your bookkeeping data visible through an easy-to-digest dashboard you can access 24/7. Inside the platform, you’ll have a whole chart of accounts built out and clear profit and loss statements so you can see how your business is doing at any time. Flychain’s bookkeepers specialise in healthcare, providing 100% accurate financials for the healthcare industry.
Flychain knows the importance of separating clinical vs. administrative payroll and service level income, and understands the specifics of payer reimbursements. This provides the clean base needed to allow for further profitability and forecasting analysis.
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.
Flychain allows providers to confidently maximize their spend knowing that each decision is backed by data-driven insight.
The result: Smarter strategy, bigger margins, and a scalable practice-wide operating efficiency.
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 fill funding gaps without having to resort to predatory lenders. Flychain’s Advanced Payment on Claims offering is really one of the most provider-friendly working capital solutions in 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. That means you can take precise action—from renegotiating vendor contracts to refining 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 draws on 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 requires health plans to make available machine-readable files of in-network negotiated rates and out-of-network allowed amounts. This gives you access to previously hidden reimbursement data.
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?
Managing a healthcare practice is a juggling act with a thousand moving parts, but your finances shouldn’t be a mystery. Flychain helps providers go beyond basic bookkeeping, and really know the financial health of their business. Flychain equips you with the tools to make smarter, more confident decisions, including detailed cost breakdowns, 100% accurate charts of accounts, contracted rate analysis, and capital access.
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 are self-evident. A home care provider in Florida reached out to Flychain after working with a $200/hour accountant who had no healthcare experience. QuickBooks was only used to close their books on a quarterly basis, and key expenses were miscategorized due to the accountant not understanding the industry. This led to misleading and unreliable financial statements. The team also did not want to ask questions because they knew every email or phone call would cost them money. Strategic decisions were slowed and overspending ignored.
We grew 30% in less than a year, saved $15,000 by finding and eliminating wasteful telecom spend, and have real-time visibility into our finances with Flychain. Flychain also helped refinance their $200,000 merchant cash advance loan, which was quietly sucking up $3,900 a week. Refinancing also eliminated excessive interest payments, saving the practice more than $39,000 a year.
Ready to take the guess work out of your finances? To learn more about Flychain or to book a quick call to find out how we can help you financially thrive, visit our contact page here. We would love to talk!
