Streamlined Tracking of Resident Trust Funds in Nursing Homes
NetSolutions’ Resident Funds Management System helps nursing homes and other long-term care facilities set up and track incoming and outgoing funds in and from the accounts of their residents.
With NetSolutions’ Resident Funds Management System, managing your residents’ personal funds has never been easier. Thanks to automation tools, robust reports, and integrations with other billing systems and modules, such as Accounts Receivable and Billing, your staff can better manage nursing home resident trust funds and reduce accounting errors.
Learn more about our Accounts Receivable and Billing System by clicking here
Automate Your Resident Trust Fund Management Processes
NetSolutions’ Resident Funds Management System provides functions that simplify and speed up your ability for resident trust fund management, including:
- Interest allocation
- Bank reconciliation
- Petty cash
- IRS 1099-INT forms
- Statements for residents and family
Managing Resident Personal Funds
There are several types of resident funds that long-term care facilities will need to manage. And NetSolutions’ Resident Funds module is prepared to assist you with any and all of them.
If a Medicaid resident requests a trust fund, your facility will be mandated by federal law to provide one. This is so that the resident can choose to dispose of his or her wealth as and when they choose. Facilities will generally require a $50 minimum deposit for opening a trust. After it is opened, the resident will need to have 24/7 access to it.
It is your facility’s job to track and reconcile those funds on a monthly basis in order to ensure that the resident is, indeed, benefitting. A resident or family member can transfer money via check, electronic transfer, or cash to the fund. They can also request that a certain amount of social security or 401(k) money goes to the fund.
Common types of funds for residents are:
- Burial funds
- Savings funds
- A security deposit account
The management of these funds is far easier using our resident funds management system.
Manage Multiple Fund Accounts for One Resident
Managing resident personal funds can become complicated, especially when a resident has multiple fund accounts. With NetSolutions’ Resident Funds Management System, this no longer has to be a problem. Specific Dollar amounts can be transferred from one fund type to a different fund type for the same resident. Also, funds can be transferred between different residents as needed.
Effortless Deposits and Withdrawals
Deposits and withdrawals no longer need to be time-consuming. With our efficiency-boosting features, you can get more done with far less effort. NetSolutions’ Resident Funds Management System allows nursing home staff to:
- Batch process deposits and withdrawals from residents’ accounts
- Capture a resident’s signature electronically for withdrawals
- Print checks quickly and easily
Connect to Every System You Need
One of the most significant benefits of our Resident Funds module is its integration capabilities. NetSolutions’ Resident Funds Management System can help you connect with your systems, as it:
- Integrates with NetSolutions AR-Billing to avoid duplicate data entries – This integration also allows online payments from a resident’s fund to their accounts receivable account.
- Exports transactions to NetSolutions General Ledger
- Provides a snapshot view of the resident’s census, demographic, and contact data, including reimbursement information – In addition, the ADT Snapshot page includes hotlinks and drill-downs for immediate answers.
- Accepts split receipts from NetSolutions AR-Billing
Want to know more about our financial modules? Check out our financial software suite here.
Additional Features of the Resident Funds Management System
- Interest is Allocated or Calculated for residents based on their average daily balance
- Supports the addition of a cash drawer to all fund types
- Prepares separate statements for each type of fund, for one or all residents, and according to the time period you specify
- Provides features for balancing petty cash
- Tracks the amount of petty cash funding by resident funds
Valuable Reports for Managing Resident Personal Funds
Reports are helpful in day-to-day operations and in the management of nursing home resident trust funds. Here are some of our on-demand report options:
- Fund History including residents with inactive funds
- Reconciliation worksheets
- Cash Drawers
- Transaction history, including check numbers, and an option to include all transactions, deposits, payments, and withdrawals
- Resident Information
- Paper and electronic 1099-INT forms
- Journal Entries by staff in the long term care facility
- Fund Balances
- Fund Statements that show withdrawals, deposits, and the balance for each resident’s account