Is Your Bank Holding Your Healthcare Practice Back?
Reliable financial management is at the core of running a successful healthcare practice. Whether you’re managing a behavioral health clinic, home health agency, or a practice in any specialty, the right banking partner can help you stay ahead of cash flow challenges, streamline operations, and focus on delivering excellent care.
Unfortunately, many healthcare providers still rely on legacy or local banks that fail to meet the demands of modern business. These outdated institutions often come with clunky processes, additional fees, and limited benefits that create unnecessary roadblocks for providers trying to grow their practice.
To ensure your practice runs smoothly, here’s what you should expect from your banking partner - and why you shouldn’t settle for less.
Seamless Financial Integrations Matter
Think of your bank account as the central hub for your business’s finances. If it doesn’t integrate with your financial tools, you’re likely stuck juggling spreadsheets and manually inputting data into other platforms.
Legacy banks often lack compatibility with third-party financial tools such as accounting platforms, payment processors, and payroll providers. This creates a fragmented workflow that makes tasks like reconciling payments and tracking expenses more time-consuming, and in some cases, impossible.
By contrast, modern banking platforms are designed to integrate with other platforms. They easily sync with bookkeeping solutions (like Flychain) and payment platforms, so your financial data flows seamlessly between systems. The result? Less time spent on manual data entry and more accurate financial reporting that helps you make smarter decisions.
The Digital Experience Should Be Easy, Not Frustrating
We live in a digital-first world, but you wouldn’t know it based on the user experience offered by many legacy banks. Many healthcare providers find themselves struggling with outdated mobile apps that crash frequently, websites that timeout, and banks that charge additional fees for simple services like ACH, all of which make accessing and moving money frustrating.
Modern banks, however, put the user experience first. With sleek, intuitive mobile apps and web platforms, they provide real-time balance updates, instant push notifications, and simple mobile check deposits. Whether you’re approving payroll or transferring funds, a good digital interface makes your financial life easier, not harder.
If your bank’s platform feels more like a headache than a tool, it’s a sign you could be getting more elsewhere.
Opening a New Account Shouldn’t Take Weeks
Setting up a new business account with a legacy bank often means blocking off time for an in-person visit, printing stacks of paperwork, and waiting for days - or even weeks - for manual verifications to be completed. In contrast, modern banks offer fully digital onboarding processes that allow you to open a new account in minutes from your phone or computer.
With secure virtual verification, there’s no need to visit a branch or submit physical documents. A fast account setup process is especially valuable for growing healthcare practices that need to make quick financial moves, such as hiring new staff or securing a line of credit.
Customer Support Should Feel Like a Partnership
Imagine this: it’s payroll week, and you’re facing a cash flow hiccup. You call your bank for support, only to be met with long wait times and impersonal service from someone who doesn’t understand the unique financial pressures healthcare providers face.
The right banking partner offers more than just a 1-800 number - they provide dedicated support and personalized assistance. Modern banks prioritize fast, knowledgeable customer service with representatives who understand your business and can troubleshoot complex financial needs. You should feel confident that your bank is there to help you, not leave you scrambling for answers during critical moments.
Fair Access to Capital Can Make or Break Your Growth
Many healthcare practices experience seasonal fluctuations in cash flow, especially when waiting for insurance reimbursements. Yet, legacy banks often offer rigid loan options with lengthy approval processes and collateral-heavy terms that don’t fit the needs of healthcare providers.
Modern banks, however, provide fast access to flexible financial solutions, such as lines of credit and small business loans, often with competitive rates and transparent pre-approval processes. Instead of struggling with predatory financing or waiting weeks for a decision, you can secure the capital you need to grow your practice or cover unexpected expenses without jeopardizing your financial health.
Transparency, Perks, and Security Should Be Non-Negotiable
Hidden fees can eat away at your practice’s resources. Some legacy banks charge for services you didn’t even know had fees, such as wire transfers, ACH payments, or overdraft protection. Worse, they rarely offer any rewards or incentives that benefit your business.
A modern bank operates differently. Fee transparency is the norm, and perks like cash-back rewards on card spend, referral bonuses, and no overdraft fees can help your practice save money. On top of that, robust security features - such as two-factor authentication, real-time fraud detection, and immediate transaction alerts - ensure that your accounts remain protected from unauthorized activity.
Your bank should give you confidence, not cause unnecessary financial strain.
The Cost of Staying with a Legacy Bank
If your current bank doesn’t meet your needs, the hidden costs can add up quickly:
- Wasted time: You’ll spend more hours manually managing financial workflows that could be automated.
- Delayed growth: Without quick access to capital, expanding your services or hiring new staff becomes more difficult.
- Inconsistent support: Poor customer service can leave you stranded when you need help the most.
Flychain and Mercury: Banking That Empowers Healthcare Providers
At Flychain, we understand the unique financial challenges healthcare providers face, which is why we’ve partnered with Mercury to deliver best-in-class banking solutions. Together, we’re offering healthcare providers access to modern financial tools that integrate seamlessly with their operations, enabling:
- Seamless integration with financial tools like Flychain and payment platforms to improve your workflow.
- Unlimited 1.5% cash back on all corporate credit card spend.
- Free ACH and wire transfers (USD) to help you avoid costly transaction fees.
- Streamlined, free account setup process that takes minutes, not weeks.
- Access to transparent, fairly priced capital when you need it through the Flychain platform.
- Unlimited bill pay to stay on top of bill management and process bills faster at zero cost.
- Up to $5M in FDIC insurance* through Mercury’s partner banks' use of sweep networks to make sure that your business's funds are secure.
- Exclusive benefits when signing up for Mercury through Flychain, including a $500 cash bonus after depositing $10,000 into a checking or savings account, and an additional $500 after spending $10,000 on the IO card within 90 days of approval.
With Flychain and Mercury, you don’t have to settle for outdated banking that holds your practice back. Instead, you’ll gain a financial partner designed to support your success and help your business thrive.
Is your healthcare practice ready for a better banking experience? Join us on February 19th at 1-1:45pm (EST) for a webinar hosted by Mercury and Flychain. During this session, you will:
- Discover the benefits of the Flychain-Mercury partnership
- Gain insights into Mercury’s offerings, and
- Watch an exclusive live demo of the Mercury platform, showcasing how it can simplify and enhance your practice’s financial management.
At Flychain, we know the odds are stacked against independent healthcare providers - but we’re here to change that. Our mission is to equip you with the right financial tools to run your business more efficiently, stay independent, grow, and financially thrive. Whether you need medical accounting software, banking support, or fairly priced working capital, we have your back. We’re continuously expanding our financial toolkit and strengthening our network of trusted partners, including practice management and HR and payroll solutions, so you always have the resources to thrive.
*Mercury is a fintech company, not an FDIC-insured bank. Checking and savings accounts are offered by our bank partners Choice Financial Group, Column N.A., and Evolve Bank & Trust; Members FDIC. Deposit insurance covers the failure of an insured bank. Checking and savings account deposits may be held by sweep network banks. Certain conditions must be satisfied for pass-through insurance to apply. Learn more here.