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! 

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, ABA clinic requirements, 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!

Looking for ways to enrich your child’s cognitive, physical, and emotional growth during these long summer days?  One of the most effective ways to do so is through tactile sensory play!  Here are some summer-friendly sensory play ideas made easy with things from around your house, thoughtfully curated by an ASD (Autism Spectrum Disorder) Educator.

Sidewalk Chalk Paint

Materials: Muffin tin or cups, paint brushes/sponges/foam brushes, cornstarch, water, liquid food coloring

Instructions: Mix equal parts cornstarch and water and whisk smooth.  Divide the mixture into cups or a muffin tin.  Use one small drop of food coloring to color the individual containers. Then, use paint brushes, sponges, or foam brushes to paint onto sidewalks.

Ocean Oobleck

Materials: cornstarch, water, pan, measuring cup, blue food coloring, ocean animal toys

Instructions: Mix two cups of cornstarch with one cup of water. Add a few drops of blue food coloring when the mixture is partially combined. Add your ocean animals and see how fast they can swim!

DIY Moon Sand (Taste Safe)

Materials: Flour (or rice flour for gluten-free), coconut, canola, or vegetable oil, pan, sand/water toys

Instructions: Mix eight cups of flour with one cup of oil. Combine ingredients until the mixture feels silky and sandy but will hold shape if you squeeze it. Now, go ahead and build a sandcastle!

Ice Cream Sensory Bin (Taste Safe)

Materials: rainbow sprinkles, container, ice cream toys such as an ice cream scoop, spoons, cupcake liners, ice cream cones (real or pretend), and any other ice cream-type tools you have on hand

Instructions: Fill a bin with rainbow sprinkles and ice cream toys. Have fun scooping ice cream!

Incorporating tactile sensory activities into your child’s day nurtures their overall development by engaging their senses.  These activities can be done indoors or outdoors. So grab those materials to whip up hours of summer fun!