Flychain begins with a consultation to understand the healthcare provider’s financial challenges and requirements. This includes assessing bookkeeping needs, capital access, valuation, and treasury management goals.
The platform is configured to align with the provider’s specific operations, including multi-location financial consolidation, uniform charts of accounts, and tailored reporting structures.
Existing financial data is securely migrated into Flychain’s system, ensuring seamless integration with historical records while maintaining accuracy.
Flychain connects to external systems such as banking platforms, revenue cycle management tools, and accounting software for streamlined workflows.
Healthcare providers receive training on Flychain’s features, including bookkeeping tools, capital solutions, valuation services, and revenue cycle intelligence.
The platform undergoes a testing phase to ensure all functionalities operate correctly and meet the provider’s expectations.
The system is officially launched, with ongoing monitoring to address any issues or optimize performance.
Flychain can be customized to fit specific business needs, offering a range of financial solutions for healthcare providers. Here are the customization capabilities based on the provided data:
Multi-Entity Financial Consolidation: Flychain consolidates financials across multiple locations, providing uniform charts of accounts and rolled-up reporting at the parent entity level, tailored to multi-location practices.
Capital Solutions for Specific Needs: The platform offers customized capital access options, including receivables financing, lines of credit, SBA programs, and term loans. Each solution is tailored to the provider's financial requirements and growth goals.
Custom Valuation Services: Flychain provides real-time business valuations and strategic planning tools that are customized based on a provider's specialty, geographical region, and financial health.
Expense Optimization: Providers can monitor recurring and non-recurring expenses, track changes, and identify savings opportunities in areas like insurance premiums, employee health plans, and tax planning.
Revenue Cycle Intelligence: Flychain customizes revenue cycle tracking by analyzing profitability by CPT code, forecasting insurance claim payouts, and benchmarking contracted rates against state and national averages.
Treasury Management: The platform offers tailored treasury management services to optimize idle cash investments in institutional-grade assets while ensuring safety and liquidity.
Specialty-Specific Features: Flychain is adaptable to various healthcare specialties such as behavioral health, home care, hospice, dentistry, pharmacy, and more. This ensures that each provider receives tools relevant to their unique operational challenges.
Custom Reporting Dashboards: Providers gain access to real-time financial reporting dashboards that can be customized to track key performance indicators (KPIs) specific to their business goals.
Tailored Bookkeeping Services: Healthcare-specialized bookkeepers manage bookkeeping needs specific to the provider’s operations, ensuring tax-ready financials and compliance with industry standards.
Flychain offers training and support to ensure new users can effectively adopt and utilize its financial management platform:
Personalized Onboarding: Flychain provides a tailored onboarding experience for healthcare providers, guiding them through the platform's features such as bookkeeping, capital access, valuation services, and revenue cycle intelligence. This ensures that users can quickly integrate Flychain into their financial workflows.
Dedicated Support Team: Users have access to a responsive and knowledgeable support team that assists with setup, troubleshooting, and ongoing platform use. The team is proactive in addressing user needs and resolving any issues that arise.
Healthcare-Specific Expertise: Flychain’s support team includes healthcare-specialized bookkeepers and financial advisors who understand the unique challenges of the industry. This expertise ensures that users receive relevant guidance tailored to their operational needs.
Continuous Assistance: Beyond initial onboarding, Flychain offers ongoing support to help users optimize their use of the platform, including assistance with advanced features like treasury management and profitability analysis.
Flychain employs robust security measures to protect user data and ensure compliance with regulatory standards. Here are the key security practices implemented by the platform:
SSL Encryption: Flychain encrypts its services using Secure Socket Layer (SSL) technology, ensuring secure transmission of sensitive data and protecting it from unauthorized access during communication.
Access Restrictions: Access to personal and financial information is restricted to authorized Flychain employees, contractors, and agents who require it for processing. These individuals are bound by strict confidentiality agreements and are subject to disciplinary action if they fail to comply.
Regular Security Reviews: The platform conducts regular reviews of its information collection, storage, and processing practices, including physical security measures, to guard against unauthorized access or breaches.
Fraud Detection and Prevention: Flychain actively monitors accounts and processes user information to detect, prevent, and mitigate fraud or abuse of its services. This includes measures to protect against account compromise or data loss.
Identity Verification: To comply with commercial lending laws and manage risks, Flychain uses third-party services to verify user identities by comparing personal information against public records and databases.
Regulatory Compliance: Flychain adheres to legal requirements for data collection, storage, and usage in line with commercial lending laws and other applicable regulations.
Flychain policy on data ownership and portability ensures that users retain control over their data while providing mechanisms for secure and seamless transfer. Here are the key details:
Data Ownership: Users retain full ownership of the content and information they provide to Flychain’s platform. This includes personal, business, and financial data entered into the system. Flychain explicitly recognizes users’ ownership rights, ensuring they maintain control over their information.
Portability Rights: Flychain supports data portability by allowing users to export their data in structured, commonly used formats (e.g., CSV or XML). This enables users to transfer their data to other systems or platforms without restrictions.
License for Service Delivery: While users retain ownership of their data, Flychain requests a non-exclusive, royalty-free license to process, adapt, or distribute the data as necessary to deliver its services. This includes sharing anonymized data with trusted partners for research and service improvement.
Secure Data Transfers: Flychain ensures that all data transfers are encrypted and conducted securely to protect user information during migration or export.
Compliance with Regulations: Flychain adheres to legal frameworks like GDPR, ensuring that users have the right to access, download, and transfer their data securely while meeting regulatory requirements.
Flychain offers flexible terms for scaling up or down to accommodate changing organizational needs, ensuring healthcare providers can adjust their financial tools and services as their practices evolve. Here are the key terms:
Flexible Subscription Model: Flychain operates on a monthly subscription basis, allowing providers to scale their plans up or down based on the complexity of their business and the number of locations. This ensures cost efficiency and adaptability.
Customizable Features: Providers can add or reduce services such as bookkeeping, capital solutions, valuation tools, or treasury management depending on their current requirements.
Multi-Entity Support: Flychain’s platform can scale to consolidate financials across multiple locations or entities, making it suitable for growing practices with expanding operations.
No Long-Term Commitment: Flychain’s subscription model eliminates long-term contracts, giving users the flexibility to cancel or modify their plans without penalties.
Tailored Capital Access: Providers can scale their access to capital solutions, including receivables financing, lines of credit, and SBA programs, based on their financial needs at any given time.
Flychain compliance with regulatory standards is primarily focused on meeting legal and regulatory requirements associated with its financial services for healthcare providers.
Regulatory Compliance for Financial Services: Flychain complies with laws and regulations related to commercial lending, including identity verification processes. This involves using third-party services to match customer information against databases and public records, ensuring adherence to applicable laws across jurisdictions.
Local Healthcare Standards: Flychain adapts its platform to comply with local healthcare regulations, such as ABDM (Ayushman Bharat Digital Mission) in specific regions, ensuring its operations align with healthcare compliance standards.
