In the latest installment of Raven Health’s ABA Startup Success 101 series, Tim Crilly sits down with Ethan Schwarzbach, Co-Founder and CEO of Flychain, to discuss a critical yet often overlooked aspect of running an ABA practice: financial management. The partnership between Raven Health and Flychain aims to provide ABA practitioners with the tools and knowledge necessary to manage their finances effectively, ensuring they can focus on their clinical mission.
The Importance of Financial Management Tim opens the discussion by highlighting the “dirty little secret” of running a clinical practice: the need for effective financial management. Without it, practices struggle to keep the lights on, pay employees, and ultimately fulfill their mission of helping families. Ethan, whose background lies in finance and lending, founded Flychain to address these challenges, especially within the behavioral health space.
Revenue Cycle Management (RCM): The Lifeblood of Your Practice A significant portion of the discussion centers on Revenue Cycle Management (RCM), which Ethan describes as the lifeblood of any fee-for-service business, including ABA practices. RCM involves managing the entire billing process, from submitting claims to ensuring timely payments. Poor RCM can lead to delayed payments and financial instability, which is why it’s crucial for ABA practices to have a robust system in place. Flychain’s approach to RCM emphasizes tenacity in chasing down payments and ensuring that practices receive the revenue they’ve earned promptly.
Capital Planning: Preparing for Growth Ethan also discusses the importance of capital planning, particularly in the early stages of an ABA practice. He explains that the first year is often the most challenging, as small businesses have limited access to traditional forms of capital. Flychain offers solutions to bridge this gap, such as advancing payments on insurance claims to improve cash flow. Ethan advises new business owners to plan their capital needs early, ensuring they have the necessary funds to weather initial financial challenges and position themselves for growth.
Bookkeeping and Accounting: The Foundation of Financial Health Flychain has developed a specialized accounting and bookkeeping service tailored to the unique needs of healthcare providers, particularly in the ABA field. Ethan emphasizes the importance of having clean, accurate financial records from day one, as they are crucial for securing loans, managing expenses, and eventually selling the business. Flychain’s service is designed to take the financial burden off the shoulders of ABA practitioners, allowing them to focus on delivering care.
Final Thoughts The webinar concludes with a discussion on the various forms of capital – equity and debt – and the importance of understanding these concepts as a business owner. Ethan and Tim both stress the need for ABA practitioners to educate themselves about financial management, as it is integral to the success and sustainability of their practice. The partnership between Raven Health and Flychain represents a significant step forward in providing ABA practices with the financial tools they need to thrive.
This partnership with Flychain offers ABA practices the opportunity to not only streamline their financial operations but also to secure the capital necessary to grow and continue providing essential services to their communities. Interested in learning more? Watch the free, full webinar below: Click here to watch the webinar!
We’re thrilled to announce our new partnership with Flychain, a leader in financial tools for healthcare providers. This collaboration empowers our ABA therapy providers to optimize revenue cycles, secure funding, and enhance financial reporting, all within a seamless, integrated system.
This new partnership provides a more comprehensive offering for our partnered clinics to have a robust all-in-one solution that addresses both your clinical and financial needs.
If you’re launching an ABA practice, Raven Health is here to support you every step of the way, ensuring your clinic runs smoothly from every angle. To explore how our partnership can elevate your practice: Book a demo today.
Raven Health recently hosted a webinar titled ‘Making Compliance Your Best Friend.’ In this session, Tim Crilly, BCBA, chats with Rebecca Womack, BCBA, on the crucial topic of compliance in ABA therapy. Womack, President and CEO of Raw Consulting, shared invaluable insights on how new and growing ABA practices can navigate the often daunting world of compliance. Key Takeaways: Proactive Compliance Strategies Womack emphasizes that compliance isn’t just about following rules – it’s about safeguarding the practice and ensuring the highest standards of care for clients. She discusses common pitfalls that ABA providers face, such as misunderstandings about CPT codes and the importance of accurate documentation. “Most people don’t realize they’re making mistakes until it’s too late,” Womack noted, highlighting the necessity of proactive compliance measures. Building a Robust Compliance Program Womack also stresses the importance of a robust compliance program, even for smaller practices, to prevent costly mistakes and maintain strong relationships with payers. “Assuming you’re compliant without double-checking can lead to significant business and clinical implications,” Womack warned. Final Thoughts To dive deeper into these insights and learn practical tips for implementing effective compliance strategies in your own practice, it is highly recommended to watch the full interview. Womack’s expertise can help ensure that your practice is not only compliant but also positioned for long-term success. Interested in learning more? Watch the free, full webinar below: Click here to watch the webinar!
Raven Health recently hosted a webinar titled ‘Making Compliance Your Best Friend.’ In this session, Tim Crilly, BCBA, chats with Rebecca Womack, BCBA, on the crucial topic of compliance in ABA therapy. Womack, President and CEO of Raw Consulting, shared invaluable insights on how new and growing ABA practices can navigate the often daunting world of compliance. Key Takeaways: Proactive Compliance Strategies Womack emphasizes that compliance isn’t just about following rules – it’s about safeguarding the practice and ensuring the highest standards of care for clients. She discusses common pitfalls that ABA providers face, such as misunderstandings about CPT codes and the importance of accurate documentation. “Most people don’t realize they’re making mistakes until it’s too late,” Womack noted, highlighting the necessity of proactive compliance measures. Building a Robust Compliance Program Womack also stresses the importance of a robust compliance program, even for smaller practices, to prevent costly mistakes and maintain strong relationships with payers. “Assuming you’re compliant without double-checking can lead to significant business and clinical implications,” Womack warned. Final Thoughts To dive deeper into these insights and learn practical tips for implementing effective compliance strategies in your own practice, it is highly recommended to watch the full interview. Womack’s expertise can help ensure that your practice is not only compliant but also positioned for long-term success. Interested in learning more? Watch the free, full webinar below: Click here to watch the webinar!
In this Raven Health webinar, Tim Crilly sat down with Matt Zabolotny, founder and managing principal at exydoc, to discuss effective strategies for contracting and credentialing in ABA practices. Credentialing can be daunting, especially for new practice owners, and Matt provided invaluable tips for navigating this process smoothly.
Key Takeaways: Credentialing & Contracting Matt emphasized the importance of identifying the largest insurers in your state and starting with those networks. Focus on becoming in-network with a handful of major payers to maximize revenue without overwhelming your billing processes. Matt also warned against relying solely on being out-of-network, as it can create financial complications for both your practice and your clients.
Stay Persistent Credentialing timelines vary from 30 to 120 days depending on the insurer, so Matt encouraged new business owners to start as early as possible. He stressed the importance of persistent follow-up – networks can open unexpectedly, and checking in frequently can pay off.
Mistakes to Avoid One of the most common mistakes Matt sees is failing to collect client financial responsibilities. For private insurance clients, it’s crucial to set up systems to track co-pays and deductibles – failing to do so can drastically impact your revenue.
Final Thoughts Credentialing is essential for getting paid, and missteps can lead to denied claims and lost revenue. For new ABA practice owners, Matt recommends getting help when needed and focusing on becoming in-network with key insurers to secure a stable financial footing.
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