Transforming Financial Operations in Senior Living with Sunbound
Revolutionizing Payment Operations in Senior Living
In a significant move toward operational excellence, Maplewood Senior Living has partnered with Sunbound, a comprehensive solution designed to streamline financial operations for senior living facilities. This collaboration has successfully unlocked five extra business days every month, leading to enhanced productivity and improved cash flow predictability across their communities.
The Need for Efficiency
As Maplewood Senior Living expanded its reach, operating 17 assisted living and memory care communities, the challenges grew. The system faced various obstacles that hampered efficiency:
- Over 80% of payments were limited to paper checks, causing delays in cash flow and creating unnecessary work.
- Billing accountants dedicated two full days every month to manually process ACH transactions, an outdated practice that needed modernization.
- Business Office Managers were caught balancing dual responsibilities in HR and finance, leading to employee turnover and stretched hiring capacities.
Implementing a Comprehensive Solution
With an eye on the future, Maplewood decided to integrate Sunbound’s complete "money-in" platform, a strategic overhaul that addressed its payment operations head-on:
- Automated ACH Processing: By removing tedious manual ACH pulls, billing accountants now have more time for higher-value tasks.
- Centralized Financial Operations: The repetitive tasks of batch creation and cash reconciliation were restructured and moved to the corporate level.
- Enhanced Payment and Collection Experience: The transition has led to increased adoption of electronic payments, accelerated collections, and reduced instances of late payments.
Benefits Realized Through the Partnership
This partnership's early results have delivered notable enhancements within months of implementation:
- A 90% reduction in paper checks from 80% to just 10%, marking a significant shift towards digitization.
- An 18-point increase in on-time payments, elevating compliance from 75% to 93%.
- A reclaiming of five business days per month, enabling staff to engage in more impactful work.
- Strengthened workforce structure, promoting trust and collaboration while facilitating better hiring initiatives.
Alexis Hutcheon, the Corporate Director of Business Management at Maplewood, commented on the transformation: "Since adopting Sunbound, our cash flow has become predictably reliable, fundamentally changing our accounting processes. It has eased financial management and fostered greater collaboration across departments. Everyone feels more assured in their roles."
About Sunbound
Sunbound stands out as the comprehensive "money-in" solution tailored for senior living facilities. By integrating reliable digital payments, efficient Medicaid and Medicare claims management, and on-demand liquidity, Sunbound fosters a seamless financial flow for operators. The firm aims to alleviate manual labor, reduce payment friction, and ultimately enhance cash flow predictability, allowing staff to focus more on resident care. Its inception stemmed from recognizing the pressing financial pain points in senior living environments, and since then, it has committed itself to transforming these processes.
About Maplewood Senior Living
Founded in 2006, Maplewood Senior Living manages a network of 17 assisted living and memory care communities across various states. With an innovative approach and a commitment to exceptional care, Maplewood Senior Living is dedicated to improving the living conditions and overall care for its residents.
Frequently Asked Questions
What is the partnership about?
Sunbound has partnered with Maplewood Senior Living to streamline their revenue and payment operations, resulting in improved efficiency and cash flow management.
How has Maplewood Senior Living benefited from this partnership?
The partnership has allowed Maplewood to reclaim five business days per month, reduce paper checks by 90%, and increase on-time payments by 18 points.
What challenges did Maplewood face before partnering with Sunbound?
They faced issues like delayed payments due to reliance on paper checks, manual processing of ACH payments, and operational strain due to dual job responsibilities.
What solutions did Sunbound provide?
Sunbound offered automated ACH processing, centralized financial operations, and enhanced payment collections, allowing for a more streamlined approach to financial management.
How does Sunbound's platform enhance cash flow predictability?
By simplifying revenue processes and facilitating electronic payments, Sunbound has enabled more accurate forecasting of cash flow for Maplewood.
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