Return to site

Hospital Cashless & Payroll Deduction Series - Part 1

Leveraging cashless payments in our organization

· CASHLESS,POS,ideas

Hospital Cashless and payroll deduction IS a great idea and if your organization has not yet embraced this service, you may wish to give this solution some serious consideration.  Likewise, if you are unhappy with your current solution or provider, there are options.  We're happy to help answer any questions you may have.

The ROI calculations are typically calculated in the increase in business volume which if you are not providing an in-house cashless service will typically show gains of at least 20% with many organizations showing much higher revenue gains.  

As folks say in the marketing industry, cashless payroll deduction is the long-tail game because the tentacles run quite a bit deeper and while the increased revenue is great, there are several more benefits that become available to your organization.  With many food-service venues struggling to build revenue I've outlined a few ideas that your cashless payroll deduction system can help you tap into and a few observations before we start.

1) You have a reasonably captive audience 

2) Your audience has a small window of service

3) Your patrons remember how you treated them 

4) Your patrons arrive with expectations

5) Your patrons depart feeling bad or good about the experience

While some would argue that there is another data point with #5, I would point out that unless we're on the good side of that scale, it doesn't matter – meh isn't a data point that moves the needle.

I'll address each of these points in upcoming posts, but let's touch on how cashless payroll deduction is at the core of your service.

First, I am assuming that your cashless solution is up and running AND that you are not being charged transaction fees for increasing your volume.  Transaction fees, while they allow you to get into the game with little up-front investment, defeats our goals of increasing volumes by rewarding us with higher costs.  I'd be happy to hear arguments to the contrary or in defense of transaction fee-based pricing.

Let's also agree that profits are a requirement in running successful organizations.  The LEVEL of profit you choose or WHAT you choose to do with your profits is a totally different discussion.  Operating in the red does not provide the resources for us to offer goods and services that delight.  The first goal is to get or department/team profitable and then remain profitable.  While some organizations receive funding assistance from their parent organizations it should be our goal to reverse, or at least mitigate, the reliance on that funding assistance. 

In my next post, I'll begin to dig into these issues.

Till then, let's create smiles, one meal at a time.

 

Written by Wolf Scott

Founder, Newcare International

www.newcare.international