Case Study - Pharmacists Mutual Insurance Company

Case Study - Pharmacists Mutual Insurance Company

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Case Study | 2013

Company: Pharmacists Mutual Insurance Company

Industry: Insurance Provider

Client Since: 2011

Company Size: Processing 100 reports/month

“User support with Certify is so easy, because we can use email or phone. There have been several enhancements that we thought could be fine-tuned, and the company is always very receptive to our suggestions and have implemented most of them.”

Terri Tweedy
Management Accountant

Company Chooses To Switch to Certify From Previous Complicated System

Company Overview

Pharmacists Mutual Insurance Company (PhMIC) is a specialized insurance provider for pharmacists and pharmacies, dentists, home medical equipment providers, home healthcare providers and other healthcare professionals. Founded in 1909, the company now operates in 49 states and the District of Columbia, and has grown to be a nationally recognized leader in serving the insurance and risk management needs of the healthcare industry under the Pharmacists Mutual and PMC Insurance Solutions umbrella of companies.

The company had been using an expense management system previously, which ultimately proved difficult to use and didn't provide all of the features that Accounting needed. They chose to convert to Certify in 2011.

Benefits from Certify

From the start, training sales representatives in the new system was easy, and when users have questions, Accounting can help them on the fly, according to Terri Tweedy, a management accountant with PMC: “I can log into their account and see what they are seeing on their screen, which is really helpful when a rep is out in the field.”

Extremely helpful for Tweedy and team is the Inquiry option in Certify. Instead of having to return the entire report to the supervisor or employee, Accounting can simply delay one expense on the report and then send an email to the employee about the item in question. “This is really helpful because we don’t hold up the whole process, and as a result, our turnarounds are so much faster,” Tweedy says.

With the former system, it took an average of 7 to 10 days to complete approvals, and then another seven days for processing. With Certify, it’s typically no more than five days from report submission to payment processing. Certify is also faster because the information updates in real time to the system, whereas previously expenses took a few days to post to employee accounts.

The approval process is also significantly easier for supervisors. In the previous expense system, they had to take a fax of receipts and compare them line by line to each expense in the report. Now, since receipts are scanned directly into Certify, reviewers can see the electronic receipt attached to the online report and review everything much faster, according to Tweedy.

An unintended perk from Certify is the environmental benefits. The company averages 100 expense reports per month, with each report typically averaging four to five pages. With Certify, there is no longer a need to print all those reports since they can be saved in the system for at least seven years. “Internal Audit can now look at all the reports and receipts online instead of viewing paper copies,” Tweedy says. As well, PhMIC is reducing paper usage by 4,800 to 6,000 pages per year and cutting approximately $1,944 in postage each year as employees no longer need to mail in reports.

“An additional advantage of the Certify system is the green benefits to our organization and the environment.” Tweedy says. PhMIC has integrated its accounting system with Certify, and discovered that with the help of a Certify card reconciliation report, it’s now much easier to reconcile credit card charges. That efficiency has cut its reconciliation time from five days down to two days. “Certify also offers so many more reports and we are able to integrate more departments and all of our GL accounts now,” Tweedy adds. The integration has eliminated manual downloads into the GL, which has been especially helpful as state and regional reporting requirement have grown.

To download a copy of the client case study with Pharmacists Mutual Insurance Company "Company Chooses To Switch to Certify From Previous Complicated System", click here.