Verity Solutions: Scaling from Millions to Billions in Billings

[ CLIENT SUCCESS ]

Verity Solutions: Scaling from Millions to Billions in Billings

Industry

Healthcare

Solution

Financial & Operational Systems

Client Since

2018

About Verity Solutions

If you haven’t heard of the 340B Drug Pricing Program, you’re not alone. 340B is legislation passed in 1992 intended to lower the cost of certain drugs provided to patients treated at eligible healthcare organizations. That’s the short version. In practice, 340B is highly specific, complex, and challenging for healthcare organizations to comply with. That’s where Verity Solutions enters the picture.

Verity Solutions provides software and services to help thousands of hospitals, clinics, and pharmacies benefit from the discount program and do it compliantly. BT Partners designed an innovative solution that marries Verity Solution’s application with Sage Intacct, creating an operational platform that powered a 10-fold increase in throughput.

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“Since we implemented Sage Intacct, our company has grown from billings in the millions to billings in the billions. We could not have achieved that growth without the help of BT Partners.”

Jon Sortland

Chief Financial Officer, Verity Solutions

The challenge

The company has experienced rapid growth for its entire history, but in 2017, the pace of growth nearly broke it. “We desperately needed new, more powerful accounting software,” recalls Jon Sortland, CFO of Verity Solutions. “We were managing the business largely from a spreadsheet with tens of thousands of lines. It was unsustainable and it threatened our ability to continue to scale the business.”

Why BT Partners?

Verity Solutions reviewed several leading accounting applications, including Sage Intacct, NetSuite, and FinancialForce before deciding on Sage Intacct. “Honestly, I think any of the applications could have worked for us, but we chose Sage Intacct primarily because of BT Partners,” says Sortland. “They arrived at the demo having done their research about our challenges and showed us how we could solve them with Sage Intacct and their services. We knew right then that this was the partner we wanted to work with — and they haven’t disappointed.”

The initial implementation of Sage Intacct was quick and seamless. “We didn’t miss a beat,” says Sortland. “BT Partners was an unbelievable help to us, configuring the software to accommodate our unique business processes. We were live in just a couple of months without a hitch.”

The solution

Verity Solutions and BT Partners wasted no time developing a highly reliable, extremely accurate, and lightning-fast solution to the company’s challenges. The solution leverages Sage Intacct as the billing and reconciliation engine for Verity Solutions’ sophisticated compliance platform.

“BT Partners helped us integrate our internally-developed product platform with Sage Intacct,” explains Sortland. “We now use Sage Intacct to invoice pharmacy chains for billions of dollars in discounts and then rapidly distribute the funds to hospitals and clinics. In the four years we’ve been live, the system has not made a single mistake. Everything works precisely, calculating the billings and disbursements down to the penny.

Verity Solutions considers its platform — and the platform’s deep integration with Sage Intacct — as a competitive advantage. “We have competitors in the marketplace, but I can’t imagine they have systems that work as rapidly, as smoothly, and as accurately as ours,” says Sortland. “BT Partners worked with both our accounting and our IT teams to design and implement this solution and we see it as a competitive differentiator. The reality is, BT Partners came through for us, delivering on their promises and going above and beyond our expectations.”

Results & business impact

Verity Solutions’ business model is complex. Simply stated, the company gathers prescription drug data from qualified healthcare organizations and identifies those filled prescriptions that qualify for discounts under the 340B program. Verity Solutions then bills the pharmacy chains that received the drugs on a drop-ship basis. When the firms pay those invoices, Verity Solutions retains a fee and remits the balances back to the healthcare organizations that paid for the drugs initially.

“Our solution helps qualified hospitals, healthcare clinics, and pharmacies save 50 percent or more on many of the prescriptions they fill,” explains Sortland. “That savings helps ensure the viability of public health services, so we take our jobs very seriously. We’re lucky to have a partner that understands the significance of what we do and one that has the technical expertise to help us be even better at it.”

As Verity Solutions continues to build upon its success, it knows it has the technology infrastructure that will allow it to continue to scale. “Since we implemented Sage Intacct, our company has grown from billings in the millions to billings in the billions,” notes Sortland. “We could not have achieved that growth without the help of BT Partners and Sage Intacct. BT Partners is extremely valuable to us. They are smart, helpful, and rich in intellectual capital.”