Automated Billing, ACH Payments, and AR
Carevium assisted living software includes a comprehensive billing / invoicing module. Once the billing details are reviewed for any changes, invoices can be generated in a few minutes.
Invoices can include post-billed items and pre-billed fee items (such as lease / rent and service fee). Multiple invoices can be generated for a single resident, if multiple payers are involved.
A billing summary can also be created automatically by the system based on the service plan, resident care level, and the actual fee schedule.
Carevium senior living platform supports resident payment processing via ACH or Electronic Check method – making payment collection an automatic process, instead of collecting manual checks and depositing in bank accounts.
With the ACH Payment processing option enabled in Carevium, Account Receivables Management is no more a time taking and manual process.
Since most small and medium size businesses use Intuit QuickBooks as their preferred accounting and accounts receivable software system, Carevium enables data exchange between the two systems.
Assisted Living Invoice details can be downloaded from the Carevium system in QuickBooks compatible format and imported into the QuickBooks accounting software. This saves a lot of manual efforts by the accounting and billing staff in the ALF or residential care home.
An optional cloud-based integration with QuickBooks feature is also available for those who are using QuickBooks Online or using a cloud-based connector to the on-premise QuickBooks application.
What is ACH or Electronic Check processing?
ACH is a banking term, short for Automated Clearing House. This is generally known as Electronic Check Processing (or simply eCheck processing). As the name suggests, customers’ bank checks are cleared electronically without presenting a paper check.
ACH is similar to electronic credit card processing. Instead of credit or debit cards, customers need to provide their bank information (Routing number and Account number) and authorize the party collecting the payments – in our case Assisted Living Communities – to take the money from their bank account directly.
Bank account number and routing number displays are highlighted in the US check image shown here. The Routing Number is made up of exactly 9 numeric digits, whereas the Account Number can be from 3 to 10 digits. Preceding zeroes (i.e. zeros in the initial positions) in these numbers should always be entered as it is while setting up the bank account information for resident payment processing.
Why not use a credit or debit card to make payments? All rent and service payments are generally made by check or ACH only. Also credit or debit card processing fees are exorbitantly high. Electronic check payment processing fees are reasonable.