A specialized banking system to manage your Resident Trust Funds (Personal
Allowances) Accounts. Flexible module offering
several options to assist with collecting and dispensing
the allowance monies set aside for a resident
to spend freely.
The software can be run independent of a commercial bank
or synchronized with commercial banking accounts.
Income and Allowance
A resident's Income must be applied toward their cost of stay, with the
exception for Medicaid residents who are allowed to keep
a small portion for personal expenses, the resident's Allowance
money. These amounts detailed in the Budget Letter usually sent by the local
Department of Social Services.
Process deposits, withdrawals, and charges from the resident accounts.
Calculate interest on the average outstanding daily balances,
provide statements, and interface with outside banks. OptimumSeries
Trust Funds alert
you when the account reaches the maximum allowable limit
of funds allowed in this type of account.
Automatic Post Allowances
Allowance money can be auto-deducted from the regular patient or resident
Cash Receipts as it is being processed (manual, automatic or electronic).
The Allowance amounts are transferred to the resident's trust account.
Cash and Direct Deposits
Several methods are available for depositing funds in resident accounts:
- Manually posting - Post Cash for monies given by family, relatives, pensions.
- Automatic Posting - Post Recurring Income.
- Direct Deposit - Auto-post government EDI Remittance tapes or transmissions.
Withdrawals/Charge to Account
Residents can withdraw spend cash or residents can charge items or services
to their Trust Fund Accounts. Place Electronic cash registers or PCs to
capture the resident charges at the point of sale.
Manage Excess Trust Funds
Many states limit Trust Fund account balances to a maximum with exception
for money that can be set aside for the resident's burial.
Amounts can be transferred from the Saving to the Burial
Funds which is tracked separately from the resident's trust
Statements & Interest
Interest on Average Daily Balances
Resident accounts must earn interest on their cash balances. The same functionality
as a savings bank is provided including the ability to Auto-distribute
interest to resident accounts based on the average outstanding
daily account balances.
Print detailed Resident Statements for any time period and send duplicate
copies for the guarantors and court appointed conservators.
Commercial / Savings Banks
Many facilities maintain outside banking accounts for the resident trust
funds. OptimumSeries Trust Funds is compatible with commercial
banking and can report to the bank the amounts to be withdrawn,
transferred, or deposited to the resident's