#United States #Washington #Senior Living #Sunbound #Live Oak

Expanding Horizons: Sunbound's Investment Journey

In a significant move towards enhancing financial stability within the senior living sector, Sunbound has announced a pivotal investment from Live Oak Ventures. As a subsidiary of Live Oak Bancshares, this partnership aims to transform the way senior living operators manage their financial processes, positioning Sunbound at the forefront of financial innovation in this growing industry.

Sunbound has quickly established itself as a leader in providing financial solutions tailored specifically for senior living facilities. Currently, many operators struggle with outdated financial workflows that not only hinder profitability but also strain cash flow. By introducing automation into the accounts receivable processes, Sunbound promises to alleviate these issues, ensuring smoother operations and ultimately enhancing care for residents.

The Challenge of Inefficiency

The current state of financial management for senior living operators can be cumbersome. Many facilities rely heavily on manual methods often causing delays in payments and unnecessary administrative burdens. These inefficiencies can lead to significant cash flow problems, limiting the operators' ability to invest in improvements and care services for their residents. Sunbound aims to address this with their cutting-edge platform that introduces automation and simplifies payment processes.

The recent investment from Live Oak Ventures is expected to accelerate Sunbound's innovative product development. The focus will be on expanding their existing product suite, enhancing their technological capabilities in software, and improving analytics and artificial intelligence tools. This holistic approach not only supports current clients but also prepares Sunbound to meet the evolving needs of future partners and customers.

Commitment to Operator Success

Manny Cominsky, CEO of Sunbound, expressed enthusiasm regarding the partnership. He stated, “We are excited about forging a strategic partnership with Live Oak, one of the largest and most respected senior housing lenders nationally. They bring a wealth of knowledge, both in financial technology and the senior living industry. Our collaboration will help operators navigate their most pressing challenges and improve their overall financial performance.”

The collaboration signifies a mutual understanding of the hurdles faced by senior living operators. Stephanie Mann, Chief Strategy Officer at Live Oak Bank, emphasized the significance of such a partnership by stating, “Sunbound is offering an important, next-generation financial operating system that helps businesses navigate those challenges.”

Vision for the Future

Looking ahead, Sunbound is dedicated to creating what they refer to as the “Financial OS for Senior Care.” This vision includes not just a set of tools aimed at financial efficiency but an entire operating system that embodies operational best practices across the senior care sector. By providing robust financial tools and solutions, Sunbound is not only helping operators grow but also ensuring they maintain a high standard of care for seniors.

As the company already noted, they have grown over 20 times in the past year, which is indicative of the demand for their services within the sector. The investment from Live Oak Ventures ensures that Sunbound can continue to meet this demand while scaling their award-winning customer support to aid more operators in optimizing their finances.

The financial landscape in the senior living space is evolving, and Sunbound is carving its niche by addressing the needs of operators and their families. By providing simplified payment processes and comprehensive financial solutions, they help families navigate the often confusing educational landscape of senior living. It is expected that such solutions will not only enhance operator efficiency but also improve the overall payment experience for families.

For those interested in learning more about Sunbound’s offerings, their full suite of products can be explored at sunboundhomes.com.

Conclusion

Overall, the partnership between Sunbound and Live Oak Ventures marks a significant step towards transforming the financial operations of senior living organizations. It is a game-changer that empowers operators to remain resilient in a competitive marketplace while ensuring that seniors receive the quality care they deserve.