Choosing the Right Billing Software for Senior Living

The COVID-19 pandemic and lower occupancy levels have prompted many senior living communities to pay closer attention to their revenue. Accurate and timely billing ensures that organizations have a steady cash flow and don’t miss out on income. However, generating invoices and collecting payments from residents can be a complex and time–consuming process. As a result, many organizations have adopted billing software for senior living services. 

Billing management software allows communities to track the services they provide, create invoices, and submit claims to insurance companies. This type of tool can increase long-term profitability and give residents peace of mind by allowing them to access up-to-date financial records. 

Here are a few factors to keep in mind if you want to find the best assisted living software for your organization.  

What To Look for in Billing Software

Finding the right billing software solution takes time and patience. It’s important to thoroughly research your options to ensure that you pick a system that meets the unique needs of your senior care organization. Here are seven essential features to look for: 

1. Automatic Invoicing

Let’s face it: Traditional invoicing practices can be convoluted and downright painful. Many administrative professionals spend countless hours trying to interpret messy notes written by caregivers and laboriously typing this information into spreadsheets. This process can easily lead to inaccurate billing if staff accidentally charge the wrong resident or lose paper records. 

You can eliminate these issues by choosing billing software that allows you to automate routine data entry and invoicing tasks. The right system can streamline workflows by automatically billing residents for recurring care services, like daily meals and medications. Plus, the billing software can automatically charge residents for unscheduled services recorded with a point-of-care application. This tool can also automatically add up monthly charges and create invoices, so you can say goodbye to your calculator. 

2. Integration With Existing Software 

Ensure your organization provides the best resident care by choosing billing software that integrates with other software solutions. For example, you could link your billing system with electronic medication administration record (EMAR) software to charge residents for each drug they receive automatically. This process reduces the burden imposed on care providers because they don’t have to spend time manually charting every interaction.

Similarly, you can ensure that your billing department always has the most accurate data by picking a billing solution that integrates with an electronic health record (EHR) or electronic medical record (EMR) system. Billing software can automatically pull each resident’s care plan and records from these clinical systems to generate invoices for assessments, lab work, and other services. 

3. Move-In Support 

Streamline your move-in process by integrating billing software with a customer relationship management (CRM) tool. For example, sales representatives can input potential clients’ insurance information into the CRM. This information is then automatically transmitted to the billing software, reducing the paperwork new residents need to fill out. 

4. Claims Management

Submitting Medicaid claims can be frustrating and financially risky. Errors like mistyped medical codes can lead to lost revenue or time-consuming audits. 

You can simplify this process, though, by picking billing software with a comprehensive claims management system. This tool handles every step in the claims submission process, ensuring that your organization receives accurate and timely reimbursement. 

5. Resident Payment Portal 

If you’re still collecting monthly paper checks from residents, it’s time to upgrade your payment system. Billing software with a built-in resident portal lets residents and family members make fast online payments with a credit card or bank account. Moreover, you’ll have an instant record of every transaction. 

It’s become a common expectation of assisted living communities to offer digital payment options for residents and families. Plus, it’s a major convenience to offer the ability to pay by credit card or to allow families to split payments for their loved ones. 

In our recent panel discussion, 4 senior living organizations spoke about how they implemented a resident payment portal and got their residents paying digitally. Plus, they’re now seeing cash from rent payments hit their accounts within 24 hours and spending significantly less time running billing processes every month. Listen and hear best practices for assisted living teams.

6. Easy-To-Navigate Dashboards 

Busy senior care providers can quickly grow annoyed if they need to click dozens of buttons to navigate a convoluted billing tool. Simplify their lives by picking a software system with accessible and streamlined dashboards. These improve functionality and reduce the time needed to train staff. 

7. Cloud-Based Storage 

Billing software with centralized cloud data storage safeguards confidential resident data, such as bank accounts and social security numbers. Web-based software also lets you securely transmit resident information and medical records to authorized healthcare providers. 

Say that a memory care resident gets a referral to a new specialist. Cloud-based technology lets you send their insurance information to the office before their appointment to ensure that the provider has everything they need. 

The Best Billing Software for Senior Living in 2023

Many vendors sell senior living software, but not all tools are created equal. Here are four popular billing software solutions and their most noteworthy features. 

Eldermark Billing Solution

Eldermark specializes in senior care management solutions. This vendor offers the top billing system for nursing homes, independent living, and other care communities. 

Eldermark’s billing software has many useful features designed to streamline senior living operations and boost cash flow, including: 

    • Analytics and Reporting: Eldermark’s billing software integrates with the ElderSmarts analytics tool, so you can closely monitor your organization’s financial performance. 
    • Claims Management: Enjoy speedier claims processing with Eldermark’s comprehensive claims and medical billing management system.
    • Data Security: This web-based billing software uses the best cybersecurity practices, so you can feel confident that resident data will stay safe. 
    • Financial System Integration: You can link this billing solution to other popular financial systems, including the Oracle General Ledger and SYSPRO Espresso. 
    • Medicaid Compliance: Eldermark’s billing system complies with all Medicaid requirements, so you don’t have to worry about claims getting rejected.
  • ePay Digital Payment Portal: Simplify operations, allow residents to pay online, and let your team invoice, collect, and manage payments from within the Eldermark platform.

ECP

ECP Billing also integrates with EHR systems to provide streamlined billing for assisted and senior living communities. This technology also offers: 

  • Customizable pricing 
  • Financial reporting 
  • 24/7 support staffing
  • Integration with General Ledger 

myUnity

This vendor offers a home care and hospice EHR system with built-in billing tools. myUnity has a few benefits, including: 

  • Billing capabilities for Medicare, Medicaid, and private insurance
  • HIPAA-compliant data practices
  • Real-time electronic medication management tools 

MatrixCare

Like myUnity, MatrixCare’s billing and practice management system is designed for home care organizations, not senior living communities. However, this software has several useful features, such as: 

  • Claim hold review 
  • Cloud-based storage
  • Daily payment posting 
  • ICD-10 coding services 

Optimize Your Financial Performance With Eldermark’s Billing Software

Eldermark’s billing software allows senior living providers to quickly and efficiently manage routine administrative tasks, such as sending invoices to residents and recording recurrent services. Streamlining these processes gives staff more time to focus on providing quality care and reduces the risk of costly errors. 

Contact us today to schedule a free demo and discover how Eldermark’s senior living solutions can help you improve revenue, generate new leads, and boost resident satisfaction.

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