Flychain newsletter for August 2023

Our second major channel partnership: CoachCare

Highlights from August 2023

CoachCare partnership

We’re excited to announce our second major channel partnership, which we’ve signed with CoachCare. CoachCare provides Remote Patient Monitoring (RPM) services for Primary Care Physicians (PCPs) enabling PCPs to generate additional revenue by billing for RPM claims.

CoachCare invoices their clients monthly based on the value of RPM claims generated in the month. Given that the claims typically take 30-60 days to pay, PCPs experience a temporary dip in cash flow due to paying the CoachCare invoice immediately but having to wait 30-60 days for the claims to pay. This temporary dip in cashflow adversely impacts the customer experience and adds friction to the sales process.

By partnering with Flychain, CoachCare is able to offer their clients an option to spread out each monthly invoice into 10 equal installments charged over a 90 day period. This removes the temporary dip in cashflow thus improvingCoachCare’s sales conversion and customer satisfaction.

Below are a few highlights from the partnership:

• We’ve already onboarded and funded CoachCare’s first client.

  • This client is the first of 10s of clients that CoachCare has mentioned would be interested in the solution.

• Partnership velocity

  • It took us three weeks to sign the partnership from first meeting to signature.

  • This bodes well for future partnerships.

• Monthly recurring funding

  • Given that CoachCare invoices each client on a monthly basis, for every client that we onboard through the partnership, we will be funding that client every month.

  • This translates to predictable monthly revenue for Flychain.

• Estimated ACV for the CoachCare partnership is $200,000 in 2024

New website

Check out Flychain’s new website!  We welcome any feedback, as we’re still putting the finishing touches on the site.

AlayaCare partnership

We’ve verbally agreed to a partnership with AlayaCare, which is one of the largest EMRs in home health. We hope to have some exciting news to share with you on this in next month’s update.

HealthRev partnership

We’re in the contracting phase with HealthRev Partners, which is an up and coming revenue cycle management platform in home health. We’re excited to keep you updated as this partnership materializes.

Key metrics

As a reminder, we’ve decided to track the following two metrics every month:

Principal

The principal represents the total amount of funds that our capital partners have advanced to our providers in the given month.

Number of providers actively financed

This represents the number of unique providers that we are actively financing in the given month.

Goals

We’ve set ourselves the goal of increasing the principal and number of providers actively financed by 30% month over month between June 2023 and June 2024. You can see our monthly goals detailed here.

Goal vs Actual for August 2023

As shown in the table above, we fell short of August 2023’s goal. Having said that, we’re already in the process of onboarding additional CoachCare’s clients, which will help us meet our goals for the next few months.

Graphs since December 2023

Financials

Monthly burn

• $30,000

Bank balance

• $2,101,294.90 + ($320,000 incoming in the next week)

Runway

• 6.7 years

Asks

Later this month, we’ll be sending out a Target List of companies that we’ve identified as great channel partners for Flychain. Please stay tuned for this email.

In the meantime, we’d love to be introduced to the following types of companies if any come to mind:

• EMRs & Practice Management software

• Revenue Cycle Management platforms and Billing platforms.

• Other healthcare companies that are interested in offering working capital to their clients.

• Healthcare providers (any vertical).

Feel free to circulate our partner page to anyone who might be interested.

Till next month :)