Flychain newsletter for February and March 2024

Change Healthcare, record originations in March, and SaaS revenue from our Financial OS

and

Apr 11, 2024

Change Healthcare Cyber Attack

As many of you may know, the nation’s largest insurance claim clearinghouse experienced a cyber attack, effectively halting ⅓ of all of all claim payments in healthcare. Providers of all sizes were not able to submit new claims, and previously submitted claims were frozen.

While many Flychain providers were affected by the outage, we’re excited to share that we were able to help all affected providers navigate this unprecedented event by providing cash flow relief so they were able to make payroll and continue to care for patients.

This event has reinforced the importance of Flychain’s capital solution and will serve as an amazing tailwind for us. Stay tuned for a case study that demonstrates that power of our product. Hint: we saved an ABA therapy provider doing $15M in annual revenue!

Partnership with AZ Billing

In March, we secured a partnership with AZ Billing, which helps 100 home care agencies with their billing. We’re excited to deepen our footprint in the home care industry with this partnership!

Record originations in March 2024

The Change Healthcare cyberattack coupled with a growing number of channel partners resulted in record originations in March 2024 of $1,890,559.26. We remain very optimistic about leveraging our capital solution as a way to develop a trusted, financial relationship with providers.

SaaS revenue from our Financial OS

Flychain’s Financial OS is finally live! We’ve already signed and onboarded two providers to date with a growing pipeline of providers.

$12K ARR signed.
$110K ARR in our pipeline from the last month alone.

More importantly, providers have been reacting very positively to our platform. They specifically note the simplicity of the design and how easy it is to understand and drill into their financials. If you’d like a demo of the platform, please reach out to us and we’d be happy to walk you through it!