How to track care funding for residents

3 minute read

It's important to keep track of the funds residents have in place to support their care, the amount remaining and when those funds are expected to run out. Tracking available funds allows for better planning and preparation around the funding of a resident's future care needs.

In this article we cover how to add a care fund for a resident and how to access the care funds tracker report which provides an estimated balance and date on which funds are expected to run out.

Good to know

Location users can add and track care funds for their location's residents, while regional managers and account owners can manage care funds for all residents within their portfolio of locations.

Adding a care fund for a resident

To add a care fund for a resident follow the instructions below:

Good to know

Before adding a care fund for a resident, a care fund type must have been set up for your account. If this hasn't been done yet you won't be given the option to add a care fund. You can find out how to set up a care fund here in our article: Setting up care fund tracking

Select Service users from the primary navigation.
From the Service users list, select the resident you wish to add a care fund for.
From the tabs at the top of the page select Billing.
Within the Tracked care funds section of the page select the Add fund button.

Billing tab for a service user / resident. — Adding a tracked care fund

Select the Care fund type from the drop-down list.
Enter a short description for the care fund, for example Bank account.
Enter a figure for the Opening balance and set the Opening balance date.
Select the Save button.

The new care fund type will now be listed within the Tracked care funds section of the page.

Associating a care fund with a billing party and contract

Good to know

If invoicing is enabled for your CareHQ account then care funds are linked to billing contracts which provide greater accuracy when estimating a fund's balance and the date it will run out. Otherwise care fund tracking is based on a resident's booking rate.

To associate a care fund with a billing contract follow the instructions below:

Select Service users from the primary navigation.
From the Service users list, select the resident with the care fund to be updated.
From the tabs at the top of the page select Billing.
Within the Billing contracts section of the page select the billing contract to link to the care fund.

Contributions section of the update billing contract form — The tracked care fund field appears within the contribution section of the billing contract form

Under the Contribution section, select a Tracked care fund from the drop-down list.
Select the Save button.

The Tracked care funds section of the service user billing page will now be updated appropriately.

Viewing the care funds tracker

The care funds tracker report provides an overview of all active tracked care funds, with the estimated current balance and date the fund will run out for each resident.

Care fund tracker report — The care fund tracker report

To view the care funds tracker follow the instructions below:

Select Reports from the primary navigation.
Within the Finance section of the page select Care funds tracker.

All users