Pay cards as a Way to Elim­i­nate Pa­per, Re­duce Pay­roll Costs and Pro­vide an Em­ployee Ben­e­fit

Modern Healthcare - - PERSPECTIVES -

At least 25.6% of U.S. house­holds – close to 30 mil­lion – are ei­ther un­banked or un­der-banked. Ap­prox­i­mately 60 mil­lion adults re­side in th­ese house­holds. This pool of un­der­served in­di­vid­u­als con­tin­ues to in­crease as cer­tain parts of the pop­u­la­tion re­ject tra­di­tional bank­ing – by choice, or be­cause they can­not ob­tain a bank ac­count. Re­cent fees by the bank­ing es­tab­lish­ment, and the grad­ual elim­i­na­tion of free check­ing ac­counts has added to the sit­u­a­tion.

Em­ploy­ers in the health­care space have come to re­al­ize that switch­ing to e-pay­roll could save their institution money. In addition, it pro­vides a new em­ployee ben­e­fit. PayCards work as a debit-card, and pro­vide more se­cu­rity than car­ry­ing cash. Fur­ther, they re­quire no credit check and of­fer fea­tures such as on­line bank­ing and au­to­matic bill pay.

PayCards At Work in Health­care

Ein­stein Health­care is a ma­jor health­care provider. With more than 7,500 em­ploy­ees across 75 lo­ca­tions, Ein­stein Health­care Net­work needed to boost its em­ployee e-pay en­roll­ment to con­tain pay­roll costs. They did their home­work, and chose the rapid! Pay­card Visa pay­roll card so­lu­tion.

At 93%, Ein­stein al­ready had a high direct de­posit em­ployee en­roll­ment rate. But the com­pany’s size meant it still needed to is­sue more than 650 pa­per checks each pay pe­riod. Not only are pa­per checks slow to mail and sus­cep­ti­ble to theft, but print­ing and mail­ing costs add up over hun­dreds of checks. Ein­stein’s Cor­po­rate Pay­roll Man­ager, Bruce Phipps CPP, be­came in­creas­ingly con­cerned about this in­ef­fi­ciency, and be­gan search­ing for a smarter pay de­liv­ery method. The case study in­cluded in this fea­ture in­cludes more de­tails on the process, and how other em­ploy­ers can lever­age th­ese learn­ings to save.

Em­ploy­ers in the health­care space have come to re­al­ize that switch­ing to e-pay­roll could save their institution money.

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