Hospital Cashless & Payroll Deduction
Hospital Cashless and payroll deduction seems like a great idea. If your solution does not have a transaction fee or a percentage fee, then you get to keep all the revenue. If your solution is fee-based, then you need to watch those small transactions because those can quickly build up to some significant erosions to your profitability.
The transaction fees seem counterproductive to running an efficient, profitable department.
Got Cashless?
So, cashless and payroll deduction are up and running; now what?
First, realize you just increased your average spend by at least 20%. If you were running $100K per month, you would likely now be running at $120K+, and that extra 20% goes straight to the bottom line, less your direct costs, of course. There is no increase in labor, overhead, or other fixed costs. That’s a good deal!
Less Cash, More Speed!
Secondly, less cash handling speeds up the line. When your lines get long, your patrons get sparse. The bad sentiment about throughput runs pretty deep, and it won’t take too long before your patrons would rather have a root canal than stand in your lines. Cashless can speed those transactions from 45 seconds or more to 15 seconds, often less.
Less Cash, Less Shrinkage!
Thirdly, less cash handling ensures all the revenue stays in your operation and does not fund swimming pools or other entrepreneurial endeavors.
Ever notice a stack of toothpicks, paper clips, or other trinkets beside the point of sale that looks out of place? While NOT in itself a sign of mischievous activity, if those move from side to side or grow/shrink in size, it could indicate some bad actions. Also, excessive no-sales, voids, and transaction cancels are some telltale signs.
While not a direct indicator, it’s something to watch, as these could indicate issues. Cashless Payroll Deduction solutions remove the cash from the equation.
Cashless Streamlines Operations!
With a flexible cashless payroll deduction solution, you can issue department spending cards, issue family-needs coupons, issue employee reward cards, issue volunteer vouchers for the days when they work, or even issue doctor on-call rewards, but only when they are on-call. It’s not all roses, of course, as there is some management to these options. However, with a knowledgeable Cashless Payroll Deduction solution provider, these steps can be automated and greatly simplified, allowing your organization to provide some truly impactful services.
Want a Hand?
Want an audit of your current operation? We’re happy to help, even if you are not ready to upgrade your system; perhaps a tune-up is all that’s required.
If you are in the market to add Cashless Payroll Deduction or upgrade your existing cashless solution, drop us a line, and let’s chat –we’re always excited to help.
Happy Computing,
by Wolf Scott
Founder, Newcare International
