Title XIX Medicaid Deposits… Resident Direct Deposit of Social Security… Resident Allowance… Burial Funds… Resident Tenant Security.
Long-term care providers confront complex cash flow and record-keeping challenges resulting from their reliance on timely, accurate payments from government programs and their responsibilities to residents and their families.
To help our customers master these challenges, Sterling National Bank created Fa$tlink, a package of financial services designed to improve the management of resident accounts. Fa$tlink components, available à la carte or as part of a more comprehensive solution, assist providers in achieving these goals:
Expediting Resident Direct Deposit
To better maintain critical cash flow, Fa$tlink gives your facility the ability to accept transfer of your residents' Social Security and pension payments electronically through the New York Automated Clearing House. You can enroll your residents for direct deposit of any U.S. Government benefits via the Internet. Your current database provides the documentation and the numbers, while Sterling houses the account and supplies the banking services. You save the time of re-entering data into your systems; online access to your account information plus the monthly statement from Sterling keeps accounting accurate and simple.
Optimizing Title XIX Medicaid Deposits
Fa$tlink arranges for payments from Medicaid and other third-party payors to be picked up and delivered to Sterling by scheduled courier and immediately deposited into your facility's operating account. The total amount of checks collected is available by phone as soon as the checks reach Sterling, and funds are available the next day. Meanwhile, your Medicaid database report is delivered directly to your facility to keep you up-to-date.
Simplifying Resident Allowance
By law, your facility must maintain an interest-bearing account for each resident's personal allowance above a specified amount. Sterling's Fa$tlink provides both the individual accounts and the appropriate record-keeping system to ensure compliance with state and federal regulations. Your existing information system monitors the individual allowances, while Sterling maintains all the funds in the residents' accounts. You get simplified monthly statements.
Facilitating Burial Funds
A similar arrangement is available for handling of burial funds in compliance with government mandates. Sterling's Fa$tlink provides statement accounts while your system and Sterling's online system keeps track of the individual balances and reports transactions monthly.
Streamlining Resident Security Accounts
If your facility is responsible for residents' security deposits, Fa$tlink can simplify matters with a Master Security Account. Individual sub-accounts accumulate and record the deposits for each resident. As the Master Security Account holder, your facility receives a monthly report of all transactions and interest payments, and an annual administration fee of one percent of all interest earned. Meanwhile, your residents receive annual 1099 interest reports as mandated by the Internal Revenue Service. Interest earned can be paid annually or credited to the principal in the account.
Knowing Where Your Accounts Stand
Sterling's Cash Management Internet Banking provides up-to-the-minute snapshots of all Fa$tlink accounts linked to your main account. Your accounts' history, including all balances and transactions for the past 90 days, is at your fingertips from your desktop. You can also transfer funds between accounts and initiate wire transactions.
By helping you save time on important cash-related administrative functions, Sterling's Fa$tlink lets you focus more of your resources on the primary business of resident care.
For more information contact:
Anthony Grosso, First Vice President at 212.935.4166
Richard Bobrow, Business Development Officer at 212.935.3847