Spending countless hours on Excel sheets, while generally considered an essential part of financial management, consumes time, energy and resources at the expense of other vital tasks and valuable human touch points in organizations. long-term and post-acute care. So many senior living communities and lifeplans are adopting integrated financial management solutions to help their staff members focus on what matters most – their residents and overall business growth – as opposed to manual management tasks. In addition to reducing demands from already overworked employees, using a single solution to meet all financial needs allows suppliers to be more confident and secure with their finances, streamline checkpoints and connections , simplify workforce management and focus more on the needs of residents.
Whether it’s a single facility or a more complex organization with multiple accounts or divisions, automated financial solutions provide a comprehensive way to manage general ledger, accounts payable, payroll, financial reporting and inventory management, as well as many other responsibilities that can maximize revenue. and streamline business-to-business transactions. Integrated financial management solutions incorporate many of these features as modules that can be layered on top of the core program as needed or over time as the business grows. Having the ability to consolidate all of these tasks into one digital solution can save time, money and avoid the friction of connecting and disconnecting multiple systems while allowing staff and resources to be redistributed to activities with greater added value.
This integrated structure is essential for organizations such as United Methodist Retirement Homes, a North Carolina-based provider of retirement and continuing care services for more than 1,000 residents. The business often moves from managing information such as expenses, credit, and financial status in its digital ledger, to managing fixed assets, to managing payroll, all in the same system. For assets, the company has built different modules for each of its facilities, containing over 8,000 assets along with images for easier identification. United Methodist also reduced the time spent managing payroll for its 600 employees across multiple facilities and businesses to just hours. Payroll tools designed to accommodate multiple departments, pay rates and shifts can be configured for various staffing environments, eliminating the need for external payroll services and streamlining what used to take days.
In general, comprehensive financial management solutions allow community-based senior living and life plan organizations to easily navigate and organize what can seem like endless documentation, eliminating the clutter of spreadsheets and excessive journal entries. Using digital tools designed for the unique needs of long-term care facilities means organizations are able to maintain the highest level of compliance with organizational, federal, state, and/or local mandates and have documentation acceptable for audits. These tools also offer insights into an organization’s ongoing financial health, with reports that highlight key metrics affecting revenue and cash flow, such as outstanding accounts receivable and resident move-ins and move-outs.
The vast amount of financial data collected, used, and organized in long-term care spans many departments, countless hours, and many excel sheets, making automation all the more important, especially in the current environment where resources are limited. Implementing integrated financial management solutions designed for long-term care allows staff members to reallocate their time to resident-led touchpoints, advancing the promise of efficient, quality care.
Ingrid Svensson is Product Manager at MatrixCare. She brings over 25 years of experience to this role. She joined MatrixCare in 2021 having worked with both innovation-intensive start-ups and mature global companies such as Wolters Kluwer, Infor and Optum. She focused primarily on healthcare and led product management teams in the US and UK that developed and launched offerings for the payer and provider markets combining content and technology for point-of-care efficiencies. She holds an MBA in International Marketing from Marquette University and degrees in Business Administration and Labor Relations from the University of Wisconsin.
The opinions expressed in each McKnight Senior Residence market column are those of the author and are not necessarily those of McKnight Senior Residence.
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