The Ultimate in Care Management Software

8 Questions to Ask About Finance Management in Home Care

New York -- March 18, 2024

Starting a home care agency can be a daunting experience, especially for someone who is new to home care. For when you are starting your agency, you must understand the financial accounting element. Here are 8 things to know and how Carecenta can help!

1. Is it necessary to get home care software with a financial suite?

Yes! If your chosen software does not support billing, accounting, or payroll, then it will end up costing you more of your time and money. With software like Carecenta that automates and optimizes financial processes, This will be an extremely efficient way for you to run your business. Carecenta is fully integrated, which means that you will not need to port over information between one function and the others. This will allow you to work seamlessly with little to no margin of error. 

2. When should I be thinking about financial software?

As soon as possible. You want to get your home care agency running efficiently at the outset. As you bring in new clients, adjust to their various payment methods, and hire employees you will need to have a fully integrated system. With eBilling, automated audits, EOP processing, and integration with clearinghouses and insurance companies, Carecenta will help your business start off on the right path. 

3. But do I really need a cloud based management system?

Absolutely. The amount of work that happens on the go is increasing rapidly. Thanks to the COVID-19 pandemic, work from home becomes widespread and popular, clients and employees are used to on-demand service. A cloud based operation allows you to work from anywhere, and resolve issues as best you can simultaneously when you are on call. By using a desktop application, you are forced to be in one place to do your work. And that has its own problems. For example, you are at the mercy of that desktop. But with a cloud-based operation, you can switch to another device should you have any problems. 

4. What is the security for a cloud-based system? Is it safe for me to have financial information on there?

Many cloud-based systems have top level security and it is safe to enter financial information onto these platforms. Carecenta has multiple security levels for access, and protects all private information through a detailed security system. The system is delegated, and access is limited to only people who “need to know.” 

5. How long does it take to generate invoices, reports, and timesheets?

With a cloud-based system, these documents can be generated automatically! Carecenta prides itself on its auto-generated reports, and the way in which information can be pulled up at a moment’s notice. This is especially helpful for Department of Health audits, and Carecenta has had experiences where audits ran under time, specifically because the reports are automatic. This will save time and money, and can help to boost your productivity. 

6. How can I make sure the system is integrated with insurance companies?

As you do your research, you can make sure that the system can bill to all insurance companies you plan to accept or that are common in your area. The coverage will depend on each individual insurance. Carecenta offers support for billing to all insurance companies, Medicare, and Medicaid. This way you can be sure that your financial needs are covered and can operate at the level you need. 

7. How do I keep track of payments owed?

This is done through your accounts receivable department, and is a very important part of your business. Some small home care agencies cannot afford to have their own accounts receivables team; they might be doing it all themselves as they are starting out. You want to make sure that your management system has robust accounts receivables capabilities, and Carecenta does! You can generate real time accounts receivable reports, and all the reports will be automated. So you can rest easy that this part of your business is easy to keep track of and you are aware of what is owed and what is still outstanding. 

8. Where can I find important forms?

Carecenta can automatically generate crucial forms like the UB-04, 1500-2012, and dozens more. This way you do not have to fill them out yourselves. Your claims filing can be done within minutes with automated filling out. This will save you lots of time, and can support you as your are still learning the day to day work of running an agency. 

These are just a few helpful tips as you start to plan for your home care agency. Carecenta has many competitive advantages but at a lower cost. With these specialized and customized features you will be able to hit the ground running and start a successful business.