Flychain newsletter for September 2023

Welcoming Miguel to the team and growing our channel partner pipeline

Oct 13, 2023

Growing our team

We couldn’t be more excited to share that Miguel Ayala has joined our team as Founding Engineer. Miguel joins us from Affirm and he’s already hit the ground running, bolstering our product development and infrastructure initiatives. Instead of speaking on his behalf, we thought we’d let Miguel share more about himself:

We’re so fired up to welcome Miguel to the team!

Channel partner pipeline growth

Flychain has active conversations with several EMR/RCM/Practice Management companies including:

HealthRev Partners (RCM) - In contracting. Hope to close by 10/16.
Quilted Health (RCM/EMR) - Proposal sent to power capital program for their midwives.
Healthie (EMR) - 2nd in-person partnership discussion scheduled for 10/16.
PointClickCare (EMR) - Partnership discussion to continue post HLTH conference.
RethinkBH (RCM) - 2nd in-person meeting with Co-founder and Head of RCM on 10/13.

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 September 2023

Graphs since December 2022

Reflecting on goals

We’ve missed our monthly goals for the past three months. Given the positive feedback that we’ve heard from our channel partners and the providers that we’ve funded, we think that these missed goals are a result of the early stage of our business as opposed to a fundamental lack of desire for our product. Nevertheless, we’ve decided to focus on the following action items to ensure that we get closer to our goals in future months:

Massively expanding our pipeline of channel partners.
Increasing the percentage of providers using our solution within our current channel partners.

One of the main reasons we’ve been falling short of our monthly goals is that several channel partners at the contracting finish line have not yet converted. Given this, we are concentrating our efforts on expanding our channel partner pipeline to insulate us from any potential delays that might occur with some partners.

In order to greatly expand the number of active channel partner conversations, we’re doubling down on what’s worked for us thus far:

Attending more regional conferences.
Bringing in a virtual assistant to greatly increase our LinkedIn outreach to C-suite and partnership-level employees at target channel partners.
Signing referral agreements with healthcare super-nodes.
- Individuals or organizations that are very well connected in the healthcare space that can give us warm intros to channel partners.
Continuing to grow our healthcare network.

Another reason why we fell short of our goals was that the activation of providers within our current channel partners was not as high as we had projected. To address this, we are working closely with the account management teams of our current channel partners to:

Ensure that they are actively offering Flychain’s solution to new and existing clients that fit a certain revenue profile.
Co-develop collateral to convey the benefits of Flychain’s solution as clearly and concisely as possible.

As we partner with larger channel partners, activation as a percentage of total clients will be an important metric for us to optimize. While our current channel partners are on the earlier side, some of the channel partners we are talking to have 100s or 1,000s of clients. We’re excited to launch Flychain to the client bases of these much larger channel partners!

Financials

Monthly burn

$50,000

Bank balance

$2,325,000.00

Runway

3.8 years

Asks

We’d love to be introduced to the following types of companies, which are ideal channel partners for us:

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 inter.

Till next month!

Flychain