Health & Medical Case Studies

How We Help Health & Medical Companies

We've worked with some of Canada's fastest growing medical companies (Opencare, Akira, Maple, Figure1, InputHealth and Medstack)

Recording expenses in a way that helps with SR&ED, aligns with your budget and gives investors the information they need is critical.

Have IRAP funding? We can help with that.

Need better department financials to share with the team? No problem.

Growing fast and need someone to process payroll? We've got you.
 

Case Study

Opencare

Opencare finds and connects you to a top-rated dentist in your area within ten minutes. Well respected in the Canadian tech community, Opencare is known for their incredible culture and focus on their team. 

In 2018, Opencare closed their Series A funding, bringing their total funding up to US$24.8 millions dollars.

Before

Working with another outsourced provider, Opencare was hitting walls as their volume and complexity started to increase. They felt like they needed to ”‘get serious.”

  • Concur was causing their team a lot of user experience issues
  • QBO wasn’t handling foreign currency correctly
  • Escrow and revenue transactions were not recorded in a way that lived up to management's standards.
  • Stripe reconciliation was tedious and error-prone.


After

We wanted to move everything under one roof, give them one point of contact for all financial matters and give them a 6 person finance team so they didn’t have to worry about hiring internally for a while.

  • Switched software for accounting and bookkeeping from QBO to XERO to fix multi-currency issues
  • Switched from CONCUR to EXPENSIFY to fix user experience issues
  • Weekly cash flow reports were introduced.
  • Our proprietary Stripe reconciliation was implemented
Case Study

Figure1

Figure1 is a community that views and discusses real-world medical cases with healthcare professionals from every specialty.

Founded in 2012, Figure1 has raised over $23M in funding to date.

Before

Having experienced frustrations with another accountant, they moved some functions back to the operations manager and admin assistant.

This wasn't working out and were seeking a solution to free up some of their time.

  • Prior work resulted in complicated situations with HST auditors
  • QBO has issues when tax wasn't a straight percentage.
  • The QBO integration with Expensify wasn't working and they needed to redo work in the system.
  • The Big 4 firm they were using to review the books had a lot of comments each month to address.

After

Based on a referral from a friend at another tech company, Figure1 was confident we'd be able to help.

  • All HST issues were eliminated.
  • Switched software for accounting and bookkeeping from QBO to XERO to fix unique sales tax issues.
  • Added Receipt Bank to centralize the collection of documents from their team.
  • Replaced the Expensify integration with Xero's, made changes to the Expensify policy and eliminated the extra work they were doing internally.
  • Big 4 reviews were completed quickly and removed a lot of the trivial issues experienced in the past.
  • Two years later, helped transition the finances back in-house as they grew.