The IMS Accounting Department works closely with each client to assure that the check printing,
funding and reconciliation process is smooth. Interactive Medical Systems’ clients are able to use
their local bank for transactions, or IMS will set up a separate group account for the client with our
partnered financial institution.
Checks are printed on laser checks so check stock is not required. Checks are printed
weekly and a register of all printed checks is posted to each client’s website on Interactive Medical
Systems secure report server for retrieval. Registers can be designed to suit the clients needs,
e.g. by location or class.
The Customer has the choice of funding options; this can be direct deposit, ACH draft or check
payment. All checks are held until the client approves funding and authorizes release.
IMS offers account reconciliation services for IMS administered benefit accounts. The Accounting Department reconciles the accounts and provides a report to the client regarding any outstanding checks. All accounts are audited on a monthly basis.
The Accounting Department can also provide copies of cleared checks for proof of payment on IMS administered accounts.
To protect our clients, IMS can provide a “Positive Pay” file to their bank for comparison to checks clearing their account. This process assists the bank in detecting fraudulent checks.
Form 5500 Preparations
As an added benefit, IMS will prepare the IRS required Form 5500 for our clients at a nominal fee.
Premium Collection and Distribution
The Accounting Department is responsible for the collection and distribution of premiums to the various vendors our clients utilize. This service can be very beneficial to a client with multiple vendors (Stop loss, PPO networks, and other insurance carriers), as we collect the premium and disburse the payments.
The Accounting Department maintains and provides various reports and spreadsheets on a monthly basis. These are placed on the Clients website with IMS, and are accessible at anytime, providing up to date comparison figures for tracking of benefits paid.
The Accounting Department does a monthly Billing. Each client receives a summarized invoice together with a list billing showing all employees by location and class.
The billing will also reflect all services provided including Administration fees for medical, flex and cobra services (if provided) and a listing of all premium payments due.