Secure the power of the practice.
Founded in 2008, Strongbox is a cloud-based Revenue Cycle Management (RCM) and patient Finance (Finance) platform as a service (PaaS). Health provider developed, 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 PCI-DSS and HIPAA compliant 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 communication tools include comprehensive revenue reporting and patient emails to augment and/or replace billing are significant enhancements 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 up to 15 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.
|Provider A||"We've always done it this way!?"||StrongBox Value Creation - Year One||Notes|
|Gross Annual Revenue||$1,000,000||$1,050,000||StrongBox Finance alone delivers enhanced revenue due to more procedures generted by deeper pool of lenders|
|Bad Debt Expense %*||15%||5%||Financial instrument stored electronically double end to end encrypted will reduce Bad Debt Expense|
|Bad Debt Amount $||$150,000||$52,500||Financial instrument stored electronically double end to end encrypted will reduce Bad Debt Expense|
|Accounts Receivable Days Outstanding||> 60 days||< 20 days||Financial instrument stored electronically double end to end encrypted will acclerate accounts receivable|
|3rd Party Annual Finance Amount % of Gross Revenue||10%||15%||StrongBox deeper credit pool = more care to patients & more revenue to practice|
|Amount of 3rd Party Financing $||$100,000||$157,500||# of procedures increases resulting from more care to more patients who may be declined by other credit providers|
|Cost of 3rd Party Financing %||10%||3%||StrongBox charges 3% of loans funded vs. 10% by other credit providers|
|Cost of 3rd Party Financing $||$10,000||$4,725||Financed $50,000 more in procedures and financing costs have reduced by $5,000|
|Billing & Administrative Costs||$10,000||$5,250||Envelopes, stamps, billing costs substantally reduced - electroinc receipts generated by software and sent to patient|
|Credit Card Processing Costs % (Total Processing Costs/Amount Processed)||4%||2%||StrongBox committed to $1,000 in total fees per $50,000 processed|
|Credit Card Processing Costs $||$30,000||$15,750||StrongBox delivers 2% all-in credit card processing costs vs. processer 4-5% processing fees|
|StrongBox Year One Value Creation||$121,775||More than $120,000 of year one value created by StrongBox RCM + Finance|
|StrongBox Return on Investment (ROI)||4059%||StrongBox delivers over 4000% ROI to Provider Year One|
Billing & Administrative Costs % of Gross Revenue pre-StrongBox: 1%
Billing & Administrative Costs % of Gross Revenue post-StrongBox: .50%
% of Gross Revenue Transacted with Credit/Debit Card: 75%
StrongBox Finance Related Revenue Add (est.): 5%
* Medical Group Management Association (MGMA) estimates 12-20% of providers gross revenue is bad debt: 15%
StrongBox enhances health providers profitability by accelerating revenue, driving revenue recognition and reducing costs. Key Performance Indicators (KPI) are strong indicators of how effectively, efficiently, and profitably the practice is operating. Failure to measure and analyze KPIs significantly undermines your practice’s potential to maximize long-term profitability.
Strongbox has empowered users to track these important practice numbers. The office manager benefits from this because he or she can provide a more valuable contribution to the practice’s overall success and be more engaged, more satisfied and be vested in the success of the practice. Through tracking these important KPIs, users have the information necessary to keep practice performance on target.
Four specific, critical KPIs that StrongBox positively impacts and that the office manager should track and analyze are:
Although, these related KPIs are easy to track, they represent the most important measures in your practice. StrongBox RCM + Finance platform represents a unique and powerful platform and delivers significant returns on investment in excess of 4,000% for our clients.
A busy practice is not necessarily a profitable practice. A practitioner who comes to the practice each day and sees a full lineup of patients from the beginning to the end of the business day may feel successful because the practice cannot handle any more patients. But if the office manager does not track average production per patient, it is difficult for the practitioner to know whether the practice is as profitable as it should be.
A practice is most effective when it is producing the maximum services for each individual patient versus seeing as many patients as possible in a hectic, frenzied environment. There is a dramatic difference in revenue and profit for a methodical, measured practice due to the facts that the well-paced and managed practice has the time to present, sell, and deliver more comprehensive provider care. The more methodical practice also will run more efficiently, ideally with less stress because the office manager has more time to focus on the most important tasks in the practice.
StrongBox delivers efficiency and predictability to your practice. With patients seamlessly checking out and offered options to pay for procedures, more satisfied patients will drive patient retention rates and improve important word of mouth referrals and reviews.
It’s important to protect the data of your business and your employees. While you may be paying attention to physical security in your business, are you dedicating enough time to protect your information digitally? Between malware threats, remote-access attacks, and social engineering, it’s important to take the proper precautions to keep your computers, networks, and servers secure.
The whole purpose of the PCI DSS is to protect financial information from hackers and thieves. By following this standard, you can keep your data secure, avoiding costly data breaches and protecting your employees and your patients.
StrongBox is PCI-DSS compliant and certified. Our security risk mitigation value drivers are:
- Double End‐to‐End Data Encryption;
- Ultra‐secure StrongHold Data Vault;
- Firewalled AWS & Gateway Servers;
- Readers Utilizing Secure Encryption Key Management; and,
- Proprietary Provider Designed Cloud Based Software.