When was the last time you wrote a check? Today? Yesterday? Six months ago? Never?
The way we do business is changing in every conceivable way. No industry, company, or person is escaping this reality. One of the significant causal factors for this shift is Technology. Depending on which side of the discussion you’re on, you either think technology is to blame for this disruption, or you’re excited about the new opportunities to overhaul the way we grow our businesses and move into the future.
For the sake of this blog, reflect for a second on how you pay for your bills? Do you write checks? EFT? Do you still physically go into your bank to deposit checks/cash and take care of payments? For many, the answer is yes. This is the paradigm many people have been working from for years. It seems to work still. So why change something that’s not broken? The fastest-growing population in our country has probably stepped into a bank less than ten times, doesn’t know how to write a check, and they don't know what a check register is. That may seem insignificant to you at face value. Although in actuality, this shift is not merely a fad or a trend. It’s the new paradigm.
How does this affect LTC facilities?
How does this affect LTC facilities? Without seeking to exaggerate the effect, it has massive implications! Statistics continue to show that the fastest growing population of people moving into LTC facilities are baby boomers. Which means their children, GenXer’s are helping to transition their family well and to take care of the majority of the bills. How do most GenXer’s pay for things? Think ApplePay, credit card, cash app, venmo, recurring payments with their credit card, student loans, gym, rent, and so on. It cannot be overstated that the vast majority of people have and are migrating all of their bills/payments online.
Consider the problem this creates. Even more so, consider the issue this creates 5,10,15 years down the road. If people don’t have the freedom to choose how they are going to pay for what they want, they will go somewhere else. It’s as simple as that. This is the reason why only a niche amount of places can be cash/check only. They must offer something so unique, so enticing that someone would be willing to go to an ATM and take out money to go there. The problem is most LTC facilities are not going to be able to sustain that.
A problem that most people don't see yet
Unfortunately, the preponderance of LTC facilities is working from an old paradigm. Most facilities don’t offer their guests/responsible parties the freedom to choose how they want to pay for rent and ancillary fees.
Over the next three blogs, I hope to communicate a compelling vision for why LTC facilities need to immediately adopt online processing to keep up with consumer demand for credit/debit/ACH payments. I'll show that it will not only save you money in the long run but will increase your revenue. How you'll receive payments quicker, you'll be able to streamline reconciliation, curb bad debt, and make life significantly more comfortable for your guests and employees. Then I'll answer some common questions and objections most people have.
Lastly, I will unpack our CareGrove solution. Our company exists to provide payment freedom for long-term care facilities. Each of us at CareGrove has family that is currently in an LTC facility or has lived in one. We’ve personally experienced the challenge of not being able to pay for our loved one the way we want to and the way we need to. Therefore, we are passionately committed to providing innovative solutions within our space that will make life much more convenient for both facilities and guests. Our solutions will enable you to care for your current guests more effectively, and we will help you stay ahead of the curve in regards to payment technology.
Stay tuned for the next blog entitled: “So, what’s the solution then?”