Hospital Cashless and payroll deduction seems like a great idea. If your solution does not have a transaction or 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.
So, cashless and payroll deduction is up and running, now what?
For starters, realize that you just increased your 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. But, no increase in labor, overhead, or other fixed costs. That’s a pretty good deal!
Secondly, less cash handling speeds 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.
Thirdly, less cash handling ensures all the revenue stays in your operation and not funding swimming pools, or other entrepreneurial endeavors. Ever notice a stack of toothpicks, paper clips, or other trinkets beside the point-of-sale that just looks out of place? While NOT in itself a sign of mischievous activity, if those move from side to side, it could; excessive no-sales, voids, transaction cancels all could indicate issues – Cashless Payroll Deduction solutions remove the cash from the equation.
With a flexible Cashless Payroll Deduction solution, you can issue department spending cards, issue family-needs coupons, employee reward cards, volunteer vouchers for the days when they work, or even 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.
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.
Written by Wolf Scott
Founder, Newcare International