In 1981, National Datacare Corporation developed the Resident Fund Management Service as a full-service solution to handling resident funds. Not only does RFMS provide banking solutions, such as direct deposit and direct debits, it provides the most complete resident fund accounting system available. RFMS is continually enhanced and up-graded to handle the ever changing needs and capabilities of the long-term care, banking and computer industries.
How does RFMS work
- The facility moves their existing resident fund account to a participating financial institution.
- The facility completes an account application for each resident and indicates which payments they would like direct deposited. Residents may elect to have a “transferring” account in which care cost payments are automatically debited from their recurring income.
- National Datacare electronically enrolls each resident’s federal recurring payments, such as Social Security, for direct deposit. For private pension direct deposits, RFMS contains enrollment forms for over 500 different benefit payers.
- Each day a direct deposit is received for a resident, a detailed report is forwarded to the facility. If the resident has a transferring account, the direct deposit will automatically be split. The resident will retain their personal allowance amount and the care cost portion will be credited to a separate facility account.
- Funds received locally at the facility, such as family member checks, can be scanned into RFMS and deposited electronically, deposited by mail, or brought to the nearest bank branch. Facility personnel no longer necessarily have to spend time on bank trips.
- Withdrawals from a resident’s account are keyed into the RFMS system and released to vendors via check or ACH payment from a controlled disbursement account. All transactions are tied together, ensuring that your trust account is always reconciled and you are prepared for an audit at any time.
- When a resident leaves the facility or expires, the facility notifies National Datacare. All future direct deposits will automatically be returned to their source. Any federal payments that were received to which the resident was not entitled will be automatically returned.
- The companion product website for the Resident Fund Management Service (RFMS) allows family members to maintain and monitor their loved ones personal bank account at any time. With the RFMS Family portal the family members are able to view account statements, create email and text alerts for low balances and transaction limits, electronically deposit funds into your resident’s account, designate a bank account to use for bill payments and much more!
We’re driven by your success.
Since 1981 we have measured our success by the success of our clients. We take pride in providing the best Resident Fund Management Services in the industry to Skilled Nursing, Developmentally Disabled, Representative Payee and Assisted Living Facilities throughout the country. Simply put... we’re driven by your success.