Setting up care fund tracking
Tracking the funds residents have in place to support their care and when those funds will run out (or will reach the government's planned funding cap) allows care providers and their residents to prepare for how care will be funded beyond that point.
CareHQ allows you to track resident care funds, to be notified in advance of funds running out, and to report on the level of funding in place across your portfolio.
Adding a care fund type
Care funds can be set up for each of your residents, but before you can add a care fund you must add a care fund type to your account. To add a care fund type follow the instructions below:
- Select Account from the primary navigation.
- From the tabs at the top of the page select Finance.
- Within the Care fund types section of the page select the Add care fund type button.
- Enter a name for the care fund type.
- Set the number of days for the notification period.
- Select the Save button.
A care fund type can be given any name, but the name should represent a general source of funding; a common example would be Self-funding reserve. When adding a care fund to a resident you'll select the fund type before entering a short description for the fund, such as Bank account.
The number of days you set for the notification period determines how far in advance of a care fund running out CareHQ will notify subscribed users. It's common for providers to set notification periods of 180 days (six months) or more to ensure there is time to address the issue of future funding.
The new care fund type will now be listed within the Care fund types section of the Finance settings page.