#USA #Washington, D.C. #Maplewood Senior Living #Sunbound #Revenue Operations

Sunbound and Maplewood Senior Living: Transforming Revenue Operations

In a significant move for the senior living sector, Sunbound has partnered with Maplewood Senior Living to overhaul their revenue and payment processes. This collaboration has successfully reclaimed five business days per month across both corporate and community teams, while simultaneously enhancing cash flow predictability.

Shane Herlet, the Co-CEO of Maplewood Senior Living, lauds this partnership for its practical implications for operational efficiency. "With Sunbound, we have modernized our revenue systems, which alleviates the continuous chase for overdue payments and minimizes manual tasks. This transformation gives our teams more bandwidth to focus on what truly matters—supporting our residents and their families."

Manny Cominsky, Co-Founder and CEO of Sunbound, articulated the core mission of their platform, stating, "Our goal is to empower operators to regain control over their revenue mechanisms while freeing up staff time to enhance resident care. The partnership with Maplewood exemplifies the positive impact of the Sunbound solution in real-world scenarios."

The Challenges Faced

Maplewood Senior Living operates 17 assisted living and memory care communities primarily in the Northeast. As they expanded, the operational load increased, leading to several challenges:

• - High Volume of Paper Payments: Around 80% of payments were still processed through paper checks, creating inefficiencies and delays in cash flow.
• - Manual ACH Processing: Billing accountants were occupying two full business days each month just to manually process ACH pulls.
• - Dual Job Responsibilities: Business Office Managers, tasked with both HR and finance roles, faced overwhelming workloads, resulting in staff turnover and recruitment challenges.

The Sunbound Solution

The collaborative effort between Sunbound and Maplewood resulted in a systemic overhaul of their payment operations, characterized by the following key implementations:

• - Automated ACH Processing: Manual ACH pulls have been eliminated, allowing billing accountants to redirect their focus to high-priority tasks instead of repetitive processing.
• - Centralized Financial Operations: By moving tasks like batch creation and cash reconciliation to corporate management, the workload is streamlined, enhancing operational efficiency.
• - Enhanced Payment Collection: The partnership has led to a notable rise in electronic payment adoption, speeding up collections and mitigating late payment issues.

Samantha Spino, Chief Accounting Officer at Maplewood, noted, "Our billing accountants have seen a radical shift in their work process since we eliminated manual ACH pulls. They can now concentrate on more impactful tasks. Moreover, the increase in electronic payments has made transactions faster and more secure for our residents."

Tangible Results

Within months of this partnership, Maplewood witnessed remarkable, organization-wide advancements:

• - Reduction in Paper Checks: The reliance on paper checks plummeted from 80% to just 10%.
• - Improved Payment Timeliness: There was an 18-point increase in on-time payments, from 75% to 93%.
• - More Efficient Workflows: Five business days per month were reclaimed, allowing staff to engage in higher-value work.
• - Strengthened Workforce: Improved operational structures fostered accelerated hiring rates and increased employee retention.

Alexis Hutcheon, Corporate Director of Business Management at Maplewood, expressed satisfaction with the new processes, saying, "Cash flow is now far more predictable, which has been a game-changer for our accounting as it relieves pressure from daily financial management. Additionally, there's enhanced trust and collaboration among departments, with everyone feeling more assured."

About Sunbound

Sunbound is known as the complete 'money-in' solution tailored for senior living. Their platform combines trusted digital payment methods, streamlined management of Medicaid and Medicare claims, and instantaneous liquidity to facilitate cash flow into the organization. By minimizing manual workflows and lessening payment friction, Sunbound empowers senior living operators to ensure greater predictability in cash flow, reclaim staff time, and focus sharply on providing outstanding resident care. The founders established Sunbound after witnessing the financial challenges in senior living facilities firsthand, driving their resolve to innovate and transform financial procedures for both operators and families alike.

About Maplewood Senior Living

Founded in 2006, Maplewood Senior Living manages 17 assisted living and memory care establishments across Connecticut, Massachusetts, Ohio, New York, New Jersey, and Washington, D.C. With a staunch commitment to innovation and exemplary care, Maplewood consistently seeks to expand its footprint throughout the Northeast.