Episode Transcript
[00:00:03] Speaker A: Welcome to Home Health Revealed, the podcast for home health and hospice leaders who want to stay connected to the industry and ahead of what's next.
All right, tell us who you are and who you're with.
[00:00:13] Speaker B: My name is Alexander shikharov. I represent Finhealth. We are a profit cycle management SaaS that identifies and repairs margin leaks in home health and hospice industry.
[00:00:26] Speaker A: Yeah. So let's talk about profit cycle management because that wasn't a term that I had heard before I got to talking with you. And you are co founder. Is that co founder with Victoria, your wife. Really cool, Great team. Victoria is. Can we call her the brains of the operation? We can.
[00:00:42] Speaker B: Brains and looks.
[00:00:43] Speaker A: And then you do a lot of the marketing you support. Tell me what all you do with the company.
[00:00:48] Speaker B: Yeah. So I helped initially Victoria to get the business off the ground. I wasn't sure that I'm going to be part of it. And with time I really felt the need and desire to be part of it.
It's an exciting industry. Home health and profit cycle management is something new that did not exist before. Everybody is familiar with revenue cycle management, which focuses on the top line on collection, very important. And we focus on the bottom line, which is profits, margins and ebitda.
[00:01:23] Speaker A: Right. We're a great seesaw in what we do. Health rev is revenue cycle management and that's really how we connected. Victoria's been in the industry I and we've been at several conferences together and really gotten to know what each other's business does. And this idea of profit cycle management and being able to be a decision making process for these agencies. I've really enjoyed getting to know more about what you do. The module that you've built, modules. There are 11, 12, 12 modules. 12 modules. And they really take all of the information from an agency. I'll let you explain it. You do a much better job.
[00:01:56] Speaker B: Yeah. So it's a 12 module system and we take the information from EMR, from accounting software like QuickBooks or QuickBooks as well as workforce planning and we put it all together into our system. And our system identifies your current margins, your EBITDA and we engineer your next year EBITDA based on their findings that we find. So quite often we come to a company and without any changes in the structure, we can see that they should be about 10% higher on EBITDA than they are right now. As long as they make small adjustments
[00:02:38] Speaker A: in every department and you guys give the adjustments. So it takes the guesswork out of running an agency. I really think all leaders within the home health industry should at least talk with you and get to know what you're doing so they can think through their own numbers and make better decisions.
[00:02:54] Speaker B: Absolutely. It's one of those platforms that gives you the visibility that you wish you have.
You know it's there. But because it's just such a complex business and industry, it's hard to have the visibility. Our software creates a visibility so decisions can be made much faster. We allow our clients to close the books in less than five days. So the faster you close the books for the month, the better you can make a decision for next month.
[00:03:23] Speaker A: Exactly, exactly. And in this world that we live in, every agency should be either building to sell or to acquire, period. Like, there's no staleness that should be happening right now. You're either growing or you're dying. What your software also does is poises people for this M and A environment that we're living in.
[00:03:43] Speaker B: Absolutely, absolutely.
It's unfortunate that so many agencies are struggling with single digit EBITDA or sometimes even with zero EBITDA. And some of these agencies have a thousand census, $20 million in revenue, and they're struggling to improve their EBITDA and improve their margins. And our software truly resolves that.
[00:04:08] Speaker A: Yes. Okay.
[00:04:09] Speaker B: Guaranteed.
[00:04:10] Speaker A: This is also your first time at the Ohio conference, and this is the financial management conference. So there's also the annual conference. But tell us about the Ohio organization and kind of what your experience has been with Ohio's council.
[00:04:23] Speaker B: Well, first of all, I would like to thank you, Hannah.
You told us where Ohio is.
[00:04:29] Speaker A: Yeah. Oh, you're welcome.
[00:04:31] Speaker B: Yeah.
And, you know, we followed your advice, we followed your recommendation, and so many doors have opened up because of you. So I want to thank you so much.
And yeah, this show has been so great.
It's a smaller show, but we felt that we had more attention and people were more interested in us than any other show we've been before. So it's definitely higher quality than quantity. We love the idea of coming back here in October again. We're gonna be members, we're gonna sign up. You know, Ohio is the best.
[00:05:08] Speaker A: Good, good. Yeah, we. Ohio definitely has a very unique organization. Very, very involved, a lot of engagement here. So it's always great. This obviously is home for me, but it hasn't been where I've lived for the last 20 years. So it's great to be back. I love being here. Ohio is. Is a bit of a buzz. They have a lot happening with Medicaid and Medicare as I've covered on Some of the podcasts that also just really lends itself to what you all are doing to help agencies get into a financial position where they feel confident about their future. With so many unknowns with payers, you know, you have the ability to connect with the ochn, which we've talked a little bit about on this podcast, and I think you've heard through the Ohio network, where, you know, they basically have a consortium of sorts to talk with a lot of these payers and communicate. So if we can get the additional revenue, you know, prosperous contracts, all of these things in place. And I think what, what you get from a feeling here is the Victorias and the Alex's, the OCHN members. You know, health rev, there are EMRs here, there are other people who do some of the things similar to what even we as Health Rev do. It just feels like we're all in this together. And these home health agencies, they may even be competitors across the street from one another, but we're all doing and serving the same population of patients. So we can set some of those things aside to really do what's best all around.
[00:06:26] Speaker B: Absolutely, absolutely. It's all about improving, increasing capacity and maintaining profitability.
If you can do those things, you have to do those things, you cannot do one or the other.
And we all working towards the same goal. We know that the aging population is only going to increase. We can't let agencies not be profitable and worse, close the doors.
[00:06:51] Speaker A: So if somebody does want to learn more about profit cycle management or you and Victoria, where can they find information and where can they reach you?
[00:07:00] Speaker B: Absolutely.
We have a great website, www.fin-health.com and we always participate in different shows. The alliance shows the Ohio show, so we can meet us and you can schedule a demo with us online or face to face.
[00:07:16] Speaker A: That's great. Well, thank you so much for sitting down with me. Is there anything I haven't asked you that you want me to ask?
[00:07:21] Speaker B: I think we covered a lot of things, but I really appreciate this podcast. Hannah, thank you so much. You're the best. We love,
[00:07:31] Speaker A: you're nice.
[00:07:32] Speaker B: You make it happen.
[00:07:34] Speaker A: Thank you. Thanks a lot, Alex.
