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About VirMedica

VirMedica is the industry’s first e-access company. Established in 2013, VirMedica builds technologies that improve speed to therapy, automate HUB operations, and simplify provider workflows. Their solutions are secure, scalable, and can be customized to meet your brands unique access requirements. They support brands using internal HUB operations, as well as those that have outsourced portions of their access services.

VirMedica is proud to partner with some of the world’s leading specialty biopharmaceutical companies. Their engagements typically focus around efforts to use their technology and proprietary transactions to automate critical portions of a brand’s pretreatment processes. This may include an electronic benefit investigation, an electronic prior authorization or providing real-time case status updates to providers and patients.

Challenges

VirMedica was outgrowing QuickBooks. They were relying on Excel, which was causing their accounting processes to be cumbersome and prone to errors. VirMedica needed a more robust solution that would allow them to:

  • Streamline accounting processes
  • Reduce the use of Excel
  • Provide dynamic reporting capabilities
  • Routinely spread revenues out automatically
  • Work in a cloud-based environment

Solution

VirMedica leaned heavily on the referral of the American Institute of Certified Public Accountants (AICPA) to choose Sage Intacct, a cloud-based accounting software solution. Sage Intacct is the only accounting solution that is recommended by the AICPA. Sage Intacct allows VirMedica to significantly improve accounting processes (no more tedious Excel entries), have real-time access to robust reporting and dashboards, and anytime anywhere access to their financial data.

Results

“AcctTwo provided a smooth implementation on behalf of Sage Intacct. Their team was a knowledgeable resource, providing patience and best-in- class service.” Ed Strong, Controller, VirMedica. AcctTwo met VirMedica’s deadlines and went live on-schedule. Understanding that reporting was a key decision maker in the selection of Sage Intacct, AcctTwo focused on helping them reduce their reporting cycle time. The process involved replicating VirMedica’s reports to find the most efficient way to make their month-end as smooth as possible.

Since VirMedica’s implementation, they have:

  • Gained visibility across its finances and operations to monitor their business in real time
  • Reduced their monthly reporting processing time from 12 days to 7 days
  • Created customized dashboards and reports tailored to their specific needs
  • Managed their finances more efficiently
  • Simplified and streamlined key accounting processes

VirMedica’s next step is to bring Sage Intacct to other extensions of their business and have accounting under one roof.

Note: This case study was originally posted as Leap the Pond, Leap the Pond was acquired by AcctTwo in December 2018. 

 

VirMedica

“AcctTwo provided a smooth implementation on behalf of Sage Intacct. Their team was a knowledgeable resource, providing patience and best-in- class service.”

- Ed Strong, Controller, VirMedica