Mighty raises $114M and launches Mighty Capital - read more on Business Insider
Company
Previous Core System
Excel spreadsheets & sticky notes
Challenges
- Lack of work management, resulting in operational inefficiencies and lost deals
- Disorganization of data and client information
- Inability to surface business-level reports and analytics which stymied company growth
Results
- Improved operational efficiency, especially in matters of team productivity and case management
- Increased application approval rates
- More business from Providers due to faster claims-processing activity
- Less time spent on reports for investors thanks to powerful analytics
The Company
The Challenge
Finding A Highly Customizable Solution To Fit A Rapidly Growing Business
In September 2017, Medical Assurance Funding (MAF) was at a crossroads. The Georgia-based medical funding company was growing quickly and had the opportunity and personnel to grow even further. However, Justin Taylor, MAF’s Funding Director, also identified a major hurdle. MAF could no longer rely on their outdated system of Excel spreadsheets and the occasional sticky note. Theses system had already created serious obstacles for the company:
- Lack of workflow, resulting in operational inefficiencies and lost deals
- Disorganization of data and client information
- Inability to surface business-level reports and analytics, which stymied company growth
MAF’s team and business were growing rapidly, and Justin knew they needed a centralized database and software platform that could not only keep up, but also help bolster further growth. He searched for months for a comprehensive solution that was powerful, user-friendly, and highly customizable, but no luck. Until he found Mighty.
The Decision
The Right Fit: Mighty Was Exactly What MAF Had Been Waiting For
Justin had completed the first difficult step by identifying his company’s weak spots. MAF had a pressing need for a system overhaul and, in particular, a comprehensive platform that would enable a quicker turnaround when processing claims and generally increase the flow of business and overall internal efficiency. But among all the options Justin found and researched, nothing was customizable enough to handle MAF’s needs and processes as a medical funding business. Square pegs for a round hole.
That is until Justin discovered a Mighty video online and realized he was finally onto something. After further research and a few conversations with the Mighty team, he was sold: Mighty was without a doubt “the best platform for our type of work.”
The Solution
The Way Forward: A Platform Built For MAF
Justin chose Mighty and the new business partners immediately got to work. In order to guarantee a smooth transition, Mighty:
- Laid out a thorough and secure data migration plan
- Provided staff training and on-demand support, including tailor-recorded video tutorials
- Integrated MAF’s contract and payoff templates into their Mighty account for one-click generation
Asked to describe the transition to Mighty’s platform, Justin emphasized one word: “Seamless.” Mighty organized and collected MAF’s data “and integrated them into the Mighty platform beautifully,” so as to get MAF up and running on its new platform ASAP.
Of course, data is just one piece of the puzzle and, in light of the company’s transition to a new platform, MAF personnel were prepared to face a steep learning curve with their new system. Mighty was again up to the task, issuing in-depth training videos that taught MAF’s staff how to best utilize the software and become more efficient in their business practices. The employees praised these materials, which MAF still uses when onboarding and training new staff.
As any end user knows, getting setup and configured well is only valuable if there’s also excellent continued support. Justin hailed Mighty’s ongoing support as “second to none” and has been reassured time and again since the initial on-boarding that Mighty truly appreciates and values MAF’s business. As he put it, Mighty is always striving to “do their best to ensure our success.”
The Implementation
The Results
A More Efficient Business On A Platform That Can Grow With The Company
Since transitioning to its new platform with Mighty, MAF has seen an increase in overall productivity, case management efficiency, and growth in purchase volume. Cases are being evaluated more quickly and MAF’s approval rates have increased as a result. Best of all, now that claims are being processed at a faster rate, MAF’s providers are sending them more business.
Justin pointed out a few features in particular that have yielded exceptional benefits for the company, including the analytics page, case reports, and workflow for managing their entire process. These “most impressive” analytics have drastically reduced the time MAF has had to spend on reports for investors, giving them more time to generate business.
Justin put it very succinctly: “Quicker turnaround and being able to process claims quickly has increased our flow of business.” Better yet, the Mighty team proudly lived up to their reputation by excelling in the more intangible, but equally important, factors that drive business relationships and success: “The project team and customer services is amazing. In this field response time is everything, and I NEVER have to request anything twice; it’s just completed quickly and accurately.”
