Voyage MIA Magazine Q&A Session
BOCA RATON, FL (April 22, 2018) – StrongBox eSoluitions, LLC (“StrongBox”), a leading provider of revenue cycle management and patient finance software, recently sat down with Voyage MIA Magazine for a question and answer session.
Meet Dr. Bradford Ress, Director & Advisor, John O’Connor CEO, Steven Franklin, Chief Business Development Officer of StrongBox eSolutions in Boca Raton, FL
Today we’d like to introduce you to Dr. Bradford Ress, John O’Connor, Steven Franklin.
Dr. Ress, John, Steven, please share your story with us. How did you get to where you are today?
StrongBox eSolutions (StrongBox) was started in 2008 as a leader and innovator in the health provider Revenue Cycle Management (RCM) marketplace. The original platform was developed as a web-based application to address and improve the broken revenue recognition practices for health providers – basically to help insure health providers securely collect fees, co-pays, deductibles, net amounts due after insurance companies remit funds back to the health provider. The net positive impact StrongBox delivers to its clients is an acceleration of revenue recognition, reducing costs, improving efficiency in a secure cloud-based environment.
StrongBox re-launched the platform in 2017, updating the core RCM platform and recently added patient financing to its application. StrongBox is establishing partnerships nationwide in the medical and dental health provider marketplace to establish StrongBox has the solution to reducing provider costs, help improve the work environment of its clients and deliver an accretive revenue management application to health providers across the U.S. to contribute to the lowering of health care costs.
Has it been a smooth road?
There have been challenges for sure. Solid leadership backed by integrity, discipline, work ethic and accountability are areas we have focused on of late. As with all ideas and concepts, the most significant challenge is execution of a business plan. This entails both vision and flexibility to pivot when and as needed. So, yes there have been learning experiences along the way.
We are effectively changing behaviors that have been entrenched in the health provider marketplace forever. There is a perverse and prevailing practice of billing patients for amounts due to the health provider, including co-pays and all other amounts due. This systemic health provider behavior stems from the primary focus of the practice principals (DDS, Dr.’s, MDs, etc…) is to provide care to their patients and business operations tend to take a back seat. The concept of bill patients later and hope to collect for health care provided creates market inefficiencies that actually increase the cost of health care as the higher costs of non-collection are passed on to the consumer (i.e. the patients) – the front-end behavior has to be addressed and changed and change is challenge for most.
Another challenge we encountered was competition. One example, Strongbox developed a mobile application in 2010 to add another tool to our clients’ arsenal to help improve revenue recognition – this was well before other mobile providers entered the market. Over the last several years this market has become saturated with mobile payment alternatives with the net effect resulting in shrinking margins. We maintain the platform as a bolt on alternative to our solution set but are not currently utilizing that aspect of the platform. There were effectively sunk costs associated with the mobile build-out – we learned from that and moved on.
We also learned the importance of user experience, client support and listening to our clients – we view our clients as partners to constantly look to improve the user experience. If our clients have a suggestion, we work to understand their position and if it makes sense that other clients would benefit from, we address the issue and implement the upgrade.
So, as you know, we’re impressed with StrongBox eSolutions – tell our readers more, for example what you’re most proud of as a company and what sets you apart from others.
Strongbox is a cloud-based Revenue Cycle Management (RCM) and patient Finance platform as a services (PaaS). We specialize in the $3 trillion health provider marketplace focusing on the dental and medical fields.
Our application enhances practice profitability and efficiency in a secure web-based environment. Our application improves key accounting metrics of health providers (e.g. accelerated accounts receivable days outstanding, significantly reduces bad debt expense, increases collection rates, reduces administrative and billing related costs) and also improves the work flow and the overall environment of the practice. Our comprehensive revenue reporting is a significant enhancement for practices as well.
StrongBox provides patients with desired payment alternatives to create “self financed” installment plans as well as third party financing from our pool of 14 lenders. Patients can apply for health provider loans in as little as five minutes. This is critical given the continued shift of increasing health care costs to the patients from insurance companies. Patients want and need payment flexibility to receive care – StrongBox provides this flexibility to the patient while helping to minimize the risk of payment for the health care provider.
The combination of RCM and patient Finance is a unique application in the crowded but very fragmented and dysfunctional health provider and software as a service marketplace.
StrongBox is executing on a very targeted strategy to provide significant value to both the patient (i.e., payment options to receive care) and the practice (i.e., improved financial and business efficiencies). StrongBox’s combination of RCM and patient Finance creates a compelling Return on Investment for the health provider in excess of 4,000% – this is unique in any market.
Responsive customer service and quick turnaround is a hallmark of the service we provide – we believe this is a differentiation opportunity for the company.
Let’s touch on your thoughts about our city – what do you like the most and least?
StrongBox has been incorporated in the community for several years and it is home to both StrongBox and the residence of our founder, Dr. Bradford Ress. Dr. Ress also operates his practice Ress ENT from Boca Raton and is active in the community. StrongBox and Dr. Ress are passionate about South Florida and the citizens of our beautiful communities! Charitable and philanthropic endeavors have always been of utmost importance to our entire team.
Dr. Ress is the Director of Community Service for the Cornell Club of Fort Lauderdale and Boca Raton, an active supporter of the University of Miami and also sponsor of the Elvie & Alex Ress Music for Healing 5k race. This unique program brings student musicians from Florida Atlantic University into local treatment centers to introduce live music performances as a positive influence in the medical setting. In addition to reducing stress and anxiety for the patients, this program teaches the students the importance of community outreach and service.
The area in general is thriving and offers the best of all worlds! It is a diverse and growing culture with a metropolitan community feel, offering beautiful parks beaches and nightlife, significant economic opportunities, and a unique quality of life second to none.
About StrongBox eSolutions LLC.
Strongbox eSolutions LLC is a cloud-based Revenue Cycle Management (RCM) and patient Finance (Finance) platform as a services (PaaS). Health provider developed, StrongBox specializes in the $3 trillion health provider marketplace, focusing on the dental and medical fields and related specialties. StrongBox streamlines the entire revenue cycle process as well as provides a cost effective, comprehensive patient Finance application.
Chief Executive Officer