TIMEFRAME FROM STERLING NATIONAL BANK... THE TIMELY WAY TO CONTROL ACCOUNTS AND MAXIMIZE CASH FLOW.
Title Medicaid Deposits...Resident Direct Deposit of Social Security... Resident Allowance... Burial Funds... Resident Tenant Security... all have an impact on the way you run your facility. Yet few banks have the experience and know-how to handle such special accounts in your best interest.
Now there is Timeframe from Sterling National Bank, a package of financial services that make the handling of resident accounts routine business. You can choose among any or all of these Timeframe components.
Optimizing Title XIX Medicaid Deposits
Your most important source of revenue need never be subject to delay. Timeframe from Sterling expedites matters by guaranteeing that Title XIX Medicaid funds are deposited promptly and are available to you immediately.
Timeframe arranges for check pick-up by courier, delivery to the bank, and immediate deposit into your facility's operating account. You can access the funds the very next business day. Meanwhile your Medicaid database will be delivered direct to your facility to keep you up-to-date and always in control. And for real-time follow-up, Sterling provides a phone number that you can use to get the dollar total of the checks we pick up, just as soon as the checks reach us.
Expediting Resident Direct Deposit
Social Security and pension payments to your residents are the other major factors that keep your cash flow going. Timeframe from Sterling speeds things along by giving your facility the ability to accept electronic transfer of such funds through the New York Automated Clearing House. Online resident enrollment makes it easier and faster to review your status at your convenience. Via the Internet, you can enroll your residents' direct deposit of SSA, SSI or any U.S. Government benefits. Again, your current database provides the documentation and the numbers, while Sterling supplies the actual account and the banking services. So with Timeframe, you don't have to re-enter data into your system. One monthly statement from Sterling keeps it accurate and simple.
Refining Resident Allowance
By law, your facility must maintain an interest bearing account for each resident's personal allowance above a specified amount. Timeframe from Sterling provides both the account and the system that goes with it so you can be sure you comply with State and Federal regulations. Your existing data processing system monitors the individual allowances, while Sterling maintains all the funds in the residents' accounts. You get simplified monthly statements, but your residents don't get signature cards to grapple with.
Facilitating Burial Funds
A similar arrangement is available in the handling of burial funds, so that your facility complies with government mandates. Timeframe from Sterling provides statement accounts while your system and Sterling keeps track of the individual balances. A monthly statement of burial funds transactions keeps everything accurate and timely.
Simplifying Resident/Tenant Security
If your facility is responsible for rent security, Timeframe can simplify matters. Sterling will open a Master Rent Security Account, containing individual sub-accounts, to accumulate and record all rent security deposited for residents or tenants.
You get a monthly report of all transactions and interest payments, and an annual administration fee of one percent of all interest earned. Meanwhile your residents receive annual 1099 interest reports as mandated by the IRS. Interest payments can be mailed annually to them or added to the principal.
Timeframe Online
Sterling's Internet Online system is another Timeframe option. You can connect your facility's PC, via modem, to Sterling's mainframe computer to receive up-to-the-minute numbers on all Timeframe accounts that are linked to your main account. This puts your account's history, including all balances and transactions for the past 90 days, at your fingertips. It allows you to transfer funds between accounts and to implement Fed Wire transactions.
About Sterling
Sterling National Bank has been serving the special needs of business people like yourself since 1929, amassing a record of over 73 years of soundness and safety.
In addition to Timeframe, Sterling provides other banking services:
Commercial Lending, Asset Based Financing, Factoring/Accounts Receivable Management, International Trade Financing, Commercial Real Estate Mortgage and Residential Financing, Equipment Leasing, Trust and Estate Administration and Investment Management Services.
Time Will Tell
You can use all or any of Sterling's special Timeframe services, as best suits your facility and your residents. A major benefit is that Timeframe can be customized to meet the special needs of any nursing healthcare operation. That is why a face-to-face meeting is required to discuss how the program can be used to your best possible advantage. Just call Edward Lieberstein, Executive Vice President, at 212-575-5086, e-mail Edward.Lieberstein@sterlingbancorp.com to arrange a meeting at your convenience.
Because above all else, your convenience and the comfort of your residents is what Timeframe is all about.
