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How OpenLoop used Mighty Digits to increase efficiency with their Accounting & Finance Department

Updated: Jul 18

OpenLoop is a health tech leader delivering full-stack, white-labeled clinical support to companies scaling virtual care services across the nation, in all 50 states.

YeJoon Chung is the Senior Director of Finance at OpenLoop. OpenLoop was founded with the vision to bring healing anywhere. YeJoon sat down with us to share his experiences about working with Mighty Digits.

OpenLoop is a tele-health company dedicated to empowering other tele-health companies.

They do this in three major ways:

  1. They provide access to their network of healthcare providers with multi-state licenses.

  2. They provide the legal and financial infrastructure to enable these virtual visits that are in compliance with state and federal regulations.

  3. They provide access to their software platform so that a tele-health company can service their patients in all 50 states.

The company started in January 2020, but they didn't start using Mighty Digits until January 2021.

For a full year, the founders were spending too much time with bookkeeping, accounting, and in the finance operations, rather than focusing on the big picture company growth and scaling that they wanted to be spending their time on.

They found at the end of each month that the books weren't properly reconciled. In addition, the AP and AR process was a big mess, because being a telehealth marketplace means having all sorts of clients on different pay schedules and different invoicing systems, which makes it very challenging to organize.

“…that was very challenging to just figure out in general…”

Luckily, another Techstar portfolio company that had been working with Mighty Digits suggested OpenLoop reach out.

“…one of our co-founders reached out to Mighty Digits and actually heard back from the team that same night. Mighty Digits actually provided a bunch of advice on the phone…sent over some templates to help with the business operations, and generally just got a really good understanding of what our needs were…”

Some of the big changes that Mighty Digits helped OpenLoop with were:

  • Mighty Digits built a tool for managing AP, streamlining the process and making it seamless.

  • The books are now clean and they're reconciled quickly at the end of each month.

  • The founders of the executive team now have much more time to focus on the big-picture areas of the business while Mighty Digits handles the accounting and financing work.

  • Mighty Digits automated the workflows by utilizing a lot of different software and technology

“…the team is very responsive and on top of all emails, slack, communication, whatever communication method works for us…”

Working with Mighty Digits has really helped OpenLoop scale by allowing them to focus on the areas they want to spend their time on.

In the spring of 2022, OpenLoop raised $8 million to expand their full stack, white label telehealth services, and Mighty Digits is excited to be one of their trusted partners!

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