DailyPay Announces Partnership with Healthcare Management Group
Over 1,000 Caregivers to Join the DailyPay Movement
NEW YORK (April 18, 2018) – DailyPay, a financial technology solution that boosts employee retention and financial wellness through instant access to earned income, today announced a great new partnership with Healthcare Management Group, a nursing and rehabilitation services group employing over 1,000 caregivers across six locations throughout the Great Cincinnati and Northern Kentucky regions.
Through this new partnership, Healthcare Management Group can offer its employees a fresh step in their financial wellness journey. DailyPay is an intuitive platform for accessing earned but unpaid income. After completing a shift, the net amount earned is added to an available balance from which employees can withdraw up to 100% and receive their money instantly. Within the first week, 28% of HCMG employees activated their new DailyPay accounts and made their first transfer.
Why is this benefit so important? The rigidity of traditional payroll periods gives rise to a range of unnecessary financial burdens.
According to research from the Consumer Financial Protection Bureau, people tend to incur a median overdraft fee of $34 on debit card transactions of $24 or less. On average, banking customers who overdraft will deposit money to cover the charge within three days. What this means is that they have the money, but they have not yet been paid the money. And for that, they are penalized with the equivalent of a loan with a 17,000% APR.
In addition to overdraft fees, not having access to earned funds when they are needed can result in late bill fees, higher credit card interest rates, lower credit scores, and resorting to payday loans.
This partnership came about so HCMG could relieve its employees of these financial burdens. Through this partnership, employees can control when they receive earned but unpaid income whenever they need them, including weekends and holidays.
The unique value that HCMG brings to their market is their above average nurse-to-patient ratio, which allows for greater attention and care to each person under their care. Adopting DailyPay as a voluntary benefit aims to set employees up for success so they can fully attend to those under care without the distraction of personal financial stress.
Staffing is a big issue for the healthcare sector. With the aging Baby Boomer generation, the percentage of the population that needs some form of care is growing. And though demand is growing, the 30-year low in unemployment has resulted in a dwindling number of people willing to take these jobs. Working in healthcare is a fast-paced, stressful, and sometimes thankless endeavor. The last thing healthcare workers need is additional stress from their finances, which is itself the leading cause of attrition. This is where DailyPay comes in, helping employees mitigate financial hardships with access to earned income before scheduled paydays.
“Healthcare Management Group is renowned for their eye-popping patient satisfaction rate of 94%,” said Jason Lee, CEO of DailyPay. “By providing our financial wellness tool, HCMG is ensuring that they continue to have the highest level of engagement from their employees, which will ensure they maintain their patient satisfaction level.”
DailyPay has been able to build the capability to deal with sector-specific nuances such as caregivers jumping between different locations and pay cycles, as well as helping them to solve the problem of needing to cut checks for off-cycle payments.
DailyPay works with mid-cap and enterprise companies in a host of industries, including cleaning, retail, healthcare and services.
For more information, please visit dailypay.com.
DailyPay’s mission is to give employees their first step toward financial security. DailyPay is the pioneer in providing employees real-time access to earned income across a wide range of industries, including cleaning, healthcare, retail, transportation, and more. With DailyPay, employees can pay bills on time and avoid late fees, helping them reach their financial goals. Companies have reported that DailyPay increases employee engagement and retention and helps to support recruitment. DailyPay is backed by leading venture capital firms and world-class strategic investors. The company is headquartered in New York.
About Healthcare Management Group
Healthcare Management Group operates six nursing care and rehabilitation facilities in the Greater Cincinnati and Northern Kentucky areas. All locally owned and managed. All uniquely different. HCMG is here to help ensure that your family member’s transition into Senior Living is safe and comfortable while always maintaining their dignity. HCMG is dedicated to providing your family members havens where they will feel as much at home as possible.
For more information about Healthcare Management Group, visit hcmg.com.