The Wave of the Future
Solving the senior living payment puzzle just might require a savvy use of technology.
Our population is rapidly transitioning through generational changes, and technology is repeatedly redefining our culture. With 74 million baby boomers, about 10,000 people are turning 65 every single day. Over the next 20 years, our senior population is projected to reach over 83 million.
Paying residential assisted living charges online is the wave of the future – the technological future is fast approaching and for the RAL industry, the future is now. Most owners and operators understand the need to automate their payment systems (visit sites like https://www.paystand.com/blog/benefits-automated-payment-solutions to know more), and some savvy trailblazers have already done so. However, some are still unsure and don’t see why it’s necessary.
The reality is that the oncoming tsunami of seniors will demand a more modern approach to processing currency. In order to accommodate assisted living residents, the industry must make some adjustments into the digital space.
The next stage of residential assisted living will demand the use of streaming services, wearable alert devices, and ultimately, online payment options.
This type of technology will equip owners and operators to accelerate their businesses with speed, efficiency and productivity.
Five Benefits of Diving into Digital Senior Services
- Digital Assessment
- Digital Assessment tools aid in increasing improved care plans for senior residents.
- Financial Software
- Financial Software equips operators with budgeting and accounting integration.
- E-MAR Interface
- An e-Mar Interface provides real-time medication alerts, reducing training time and risk of error.
- Lead Tracking
- Lead Tracking enables reporting that maximizes marketing dollars.
- Senior Living Solutions
- Senior Living Solutions is an example of a licensed money service provider for advancing businesses with software and services for seniors to pay bills and produce a smoother RAL home operation.
Technology also allows RAL homes to increase leads at an accelerated rate, but owners and operators must be prepared for this drastic and unavoidable transition. Imagine your RAL home having an ongoing waiting list.
The initial technological startup cost can’t compare to the long term benefits and profits. And a licensed money service provider will help you break down the steps of accepting credit and debit cards online and eliminate unnecessary, hidden and unwanted costs.
The Power of Payment Processing Automation:
- Provide technology-based amenities to your current and incoming senior residents and their families
- Enhance the benefits of payment methods like ACH, e-Money orders, and credit and debit cards
- Eliminate the complexity and high costs associated with online credit card transaction rules and costs.
These technological enhancements will empower you with the tools to cultivate and adapt the necessary mechanisms for modern advancements. A survey reveals that most residents and their families would prefer the ease of an automated payment system, so consider employing this simple tech in your RAL home. Learning what works best for your residents and staff is key to putting the right technology in place.
During a recent survey, residents and operators comprised a list of 7 key components you should look for in an electronic payment solution.
The 7 Components of Effective Senior Living Payment Solutions:
- An easy-to-navigate residential portal to serve as a hub for all activities that residents and family members can navigate for services provided, costs, and payment status.
- A variety of flexible payment options that include ACH, e-payments, automatic bill payments, bank transfers, partial payments and credit and debit card transactions.
- Multiple access with different logins for each user/payer for one account, providing flexibility while preserving privacy and independence for residents.
- A software platform that can be integrated with the existing system or processes that are in place.
- Transaction fees charged directly to residents.
- Application fees payable by credit card.
- Offline payment choices for residents who feel more comfortable paying in person or by phone with a credit card, check, or money order. An in-office check scanner to automate payments is also an available option to eliminate bank runs.
Employing these components into your digital payment systems will meet the needs of residents, family members and staff in an efficient and cost-effective way. This simple technology will keep your RAL business running smoothly in our budget conscious industry. As competition in the assisted living market grows, and the challenges of maintaining occupancy remain a central focus, providing automated payment processing will not just be an amenity, but a necessity.
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