Flychain is a truly revolutionary medical bookkeeping software, dedicated to giving you a clear overview of your financials. Flychain is designed to help healthcare professionals understand their healthcare organization's financial health. It assists you in preparing your practice's books for tax season. It also helps cut overspending and manage cash flow effectively.
What’s different with Flychain in comparison to Quickbooks and other off-the-shelf bookkeeping solutions is that Flychain specializes in healthcare. That’s because it’s been built from the ground up by medical professionals, for medical professionals, utilizing industry-specific data to quickly and accurately assess a practice’s financial health.
Flychain’s tailor-made platform supports all medical specialties and serves both small businesses and medium-sized healthcare businesses. Practices across behavioral health, home health, home care, hospice, and more have already seen significant benefits from using Flychain. Flychain ensures precision in accounting and bookkeeping—and it simply doesn’t stop there! The feature set goes far beyond that.
Flychain benchmarks your performance against industry standards and identifies key areas for improvement. It analyzes your financial indicators, helps you make sense of your financial statements and chart of accounts, and uncovers opportunities to optimize. From spotting overspending on expenses to evaluating payer rates and cutting unnecessary costs like unused subscriptions and telecom bills, Flychain helps you take control of your bottom line.
Our team of skilled financial experts will help you at every step. This way, you can focus on what you do best: caring for your patients!
Accounting & Bookkeeping
Many healthcare providers overlook the consequences of subpar accounting and bookkeeping until they encounter regulatory penalties, cash flow shortages, or operational inefficiencies. The hidden costs of poor financial management and wrong financial information can greatly disrupt a practice. This makes accurate record-keeping not just helpful but necessary.
From hefty fines due to non-compliance — such as inaccurate tax filings, payroll accounting errors, or improper reporting that can trigger audits — to cash flow instability caused by poor visibility into financial data, it’s clear that the stakes are high. These issues can impair a practice’s ability to cover payroll, rent, and other critical expenses, while revenue delays, missed reimbursements, and unoptimized spending further compound financial stress and stunt growth. Beyond compliance and cash flow, disorganized financial management creates operational inefficiencies and hidden losses.
Administrative staff often waste time fixing billing errors, chasing payments, or reconciling discrepancies—time that could be better spent on patient care. Meanwhile, providers may unknowingly bleed money by overpaying on payroll, rent, supplies, telecom, IT, administrative costs, or employee benefits like health insurance and workers’ compensation, simply due to a lack of clear financial oversight.
Flychain’s healthcare-specific accounting and bookkeeping software addresses these challenges head-on, offering tailored insights to benchmark your financial performance against peers in your specialty. By tracking key KPIs like gross profit margin, net profit margin, and payroll as a percentage of operating revenue, Flychain helps you identify inefficiencies, optimize expenses, and maintain smoother, more cost-effective operations, all within one intuitive platform.
Savings
Reducing costs in your medical practice can take a lot of time. It needs a careful approach to save money while keeping things running smoothly.
A key strategy is securing more cost-effective health benefits for your employees - comprehensive coverage at better rates. This can be achieved by regularly reviewing and negotiating rates with vendors, bundling policies, or adjusting coverage based on current needs and the unique risk profile of your practice.
- Implementing robust safety protocols and staff training can also reduce liability risks, potentially qualifying you for discounts on premiums like workers’ compensation or malpractice insurance.
- Partnering with Flychain will streamline this process by analyzing your insurance spending and identifying cost-saving opportunities tailored to the healthcare industry.
Besides employee health benefits, the next most effective avenue for expense reduction is maximizing tax savings. This can also be costly and time-consuming as it involves working with healthcare-specific accountants to ensure you’re leveraging all available deductions, credits, and incentives. Tax saving opportunities may include medical equipment purchases, energy-efficient upgrades, or research and development activities. Additional opportunities can also include funding retirement plans, utilizing health savings accounts, reviewing business structures for tax efficiency, and more!
The Flychain platform enhances tax savings by providing real-time, accurate financial data and industry benchmarks, enabling our CPAs to pinpoint deductible expenses and optimize your tax strategy with precision.
Additionally, pursuing state grants offers a proactive way to offset costs without dipping into operational revenue. Many states provide funding programs for healthcare providers, particularly for small-to-medium-sized practices, to support initiatives like technology adoption, staff training, or community health programs. Identifying and applying for these grants requires staying informed about eligibility criteria and deadlines, which can be streamlined through web searches or industry networks.
Flychain provides financial reporting tools to help you build stronger grant applications. Accurate financials, including your chart of accounts and cash flow statement, can help increase grant application success. Flychain also tracks the impact of grant-funded projects on your bottom line, by combining these key strategies:
- Lowering employee health insurance costs
- Optimizing tax savings
- Tapping into state grants - ensuring you can significantly reduce expenses and reinvest savings into growing your practice.
Revenue Intelligence
Improving revenue performance isn’t just about submitting more insurance claims - it’s about knowing whether you’re being paid fairly in the first place. Even with efficient claims processing and solid accounts receivables management, underperforming payer contracts can quietly chip away at your margins. Flychain helps healthcare providers gain deeper visibility into their payer contracts through a detailed contract rate analysis, giving you the clarity needed to make data-driven decisions.
We compare your contracted rates to industry benchmarks and identify opportunities to renegotiate sub-optimal contracts with insurance companies. This allows you to take a more proactive approach to revenue management. Whether you’re looking to expand services, improve margins, or simply ensure you’re capturing the full value of the care you provide, this level of insight is essential for long-term success.
Flychain also highlights which payer relationships contribute most to your bottom line, giving you a clearer sense of where to focus your energy. This helps you prioritize negotiations, allocate resources more effectively, and strengthen your overall financial strategy.
With a more accurate picture of how your reimbursements stack up, you can reduce revenue leakage and improve profitability. All of this can be done without needing to overhaul your billing systems.
How does Flychain differ from Quickbooks?
Flychain delivers a healthcare accounting solution crafted specifically for healthcare providers, featuring dedicated, industry-savvy bookkeepers who handle all your bookkeeping needs. Unlike QuickBooks, which demands either self-management or the added expense of hiring a bookkeeper, Flychain streamlines the process at a more cost-effective price. Flychain is tailored for small to medium-sized providers and addresses the distinct financial hurdles of healthcare, such as navigating regulatory requirements and understanding intricate billing cycles, with specialized tools unavailable in QuickBooks.
Beyond accounting, Flychain integrates a suite of financial services - including capital access, valuation services, treasury management, savings opportunities, and revenue cycle insights - all within a single platform. For multi-entity practices, Flychain simplifies operations by offering consolidated financials and consistent reporting across locations, eliminating the manual effort or external software often required by other solutions, which can overcomplicate the process.
Next steps
Book a call with us today. Schedule a demo to see how Flychain can improve your practice's finances. This way, you can focus on what you love - taking care of your patients!