May 14, 2024
May 14, 2024

Giving Independent Medical Practices the Cash Flow They Need to Thrive

Thrivory is an end-to-end financial partner, providing convenient, risk-free access to capital.

Independent medical practices offer personalized, responsive care at a lower cost per patient. Yet many practices face severe cash flow problems, which is the No. 1 cause of business failure.

The cash flow crisis in medical practices stems from various factors. Firstly, practice owners must navigate uncertain and sluggish reimbursement cycles to maintain positive cash flow. Inefficient revenue cycle management, an unfortunate reality in most small-to-midsize medical practices, makes it next to impossible to achieve cash flow consistency.

Moreover, practices face mounting pressure due to a surge in claim denials from payors. Compounding the issue, the growth of high-deductible health plans has put patient payment responsibility at an all-time high, all while collections remain at an all-time low.

When practices try to solve these problems by accessing capital from traditional lenders, they encounter multiple barriers. Traditional lenders don’t truly understand the nuances of healthcare. Lending through factoring companies and merchant cash advances (MCAs) creates bad debt that can decrease a practice’s valuation and make it difficult to borrow in the future.

To overcome these obstacles, practices must accelerate the claim-to-payment process, predict denials with greater accuracy, and optimize their revenue cycle management processes. They need new ways to access capital faster and with far less risk.

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Introducing Thrivory

Thrivory, built at Redesign Health, gives practices the financial ease and stability they need to thrive independently. A true end-to-end financial partner for the independent medical community, Thrivory combines an efficient underwriting process, an AI-powered analytics platform, and deep expertise in medical practice revenue to help independent practices thrive.

With Thrivory, practices can access:

  • Guaranteed cash in days, not months. Practices will receive on average 95% to 97% of their cash flow, including 80% up front, all for a low, one-time fee, collected as reimbursements are received. This provides immediate cash flow and initial funding within 4.5 days, with instant claims-to-cash thereafter.

  • Payment certainty without risk. Thrivory offers competitive financing with annual fees that average between 3% to 5% which is far less than any loan or access to capital currently available today. Personal guarantees are not required, and non-recourse terms protect practices from reimbursement risk. Thrivory assumes all risks associated with collections, denials and adjustments on claims deemed collectible*.

  • Streamlined underwriting with simplified approvals. The proprietary Thrivory platform optimizes the underwriting process with an automated analysis of a practice’s historical claims data. Approval is based on practice creditworthiness instead of personal credits or assets.

  • Predictive insights to maximize revenue potential. Thrivory’s AI-powered reporting solutions enable practices to benchmark against claims records and KPIs, access real-time payment at the claim level, and find the root causes of delays and low payments proactively.

  • Advanced integration, compliance and security for improved transparency. Thrivory’s platform is HIPAA-compliant, EDI secure and works directly with most U.S. banks through its integration with Plaid. As a result, practice owners and their staff receive full transparency and control over finances without disrupting workflows or bank accounts.

Delivering immediate results to early practice partners

A digital behavioral health provider has already used Thrivory to improve its revenue cycle management and unlock more revenue. With Thrivory, the practice has:
Improved the contracted value of claims through data-driven negotiations. Leveraging frequently updated industry claims data, the practice identified procedures that were being paid below national averages. The practice then used that data to inform discussions with payors about potential rate increases.

Created a data-driven denial prevention strategy. The provider leveraged the Thrivory platform to analyze claims data, identify the reasons for denials, and create a plan to address them. The plan focuses on areas with preventive measures such as eligibility verification and checking patient eligibility for allowed amounts.

Boosted its cash flow: The practice is on track to accelerate its cash flow by $2.8 million over four months, a 91% improvement.

Meet the team behind Thrivory

Redesign Health has assembled an experienced team of business builders, revenue generators and financial professionals to drive Thrivory forward.

  • Patrick LaVoie, CEO and Co-Founder, has transformed and grown companies for 25+ years by instilling a culture of excellence in people, products and next-generation technologies. He’s led GeniusRx, a U.S.-based digital and patient-first pharmacy-as-a-service platform, GlobalMed Telemedicine, Openforce, and is an alumni of Deloitte and Ernst & Young.

  • Shannon Palmeri, Director of Operations, brings a proven track record of implementation and business process management. She’s worked with GeniusRx, Chrysalis Health, and MDLive, Inc.

  • Ashley Hayden, SVP of Underwriting, is an expert-level credit manager with deep financial industry expertise. Her background includes leadership roles at FundThrough, BlueVine, and Republic Business Credit, LLC.

  • Devon Seitz, Head of Data, brings experience in business intelligence, data analytics and predictive modeling. He led data engineering and data science at CirrusMD, GeniusRx, and MDLive.

Creating a stronger financial footing for independent medical practices

Independent physicians dedicate themselves to delivering the best outcomes for their patients. They should be rewarded properly for their work by getting paid faster for the care they provide without risk. Thrivory enables small-to-midsize practices to streamline the complexities of reimbursement, enabling them to build a fiscally sound future and extend their care to more patients.