Ongoing consultation produces new cost-control strategies.
The purpose of money management is to simplify plan funding and minimize opportunities for fraud; to help employers underswhited the effect of cost trends on the financial performance of their health and benefits plans; to anticipate emerging trends, identify opportunities to strengthen financial performance, and develop strategies to improve cost control and achieve other financial objectives.
IMA has established a unique plan funding system. This system relieves
IMA clients of responsibility for all routine paperwork, including bank account reconciliation, and reduces
opportunities for fraud.
If requested, IMA may establish a money market account and use it to directly pay claims
and premiums. The account is periodically reimbursed with monies transferred from a corporate account
specified by the client. The client periodically receives a check register showing all claims paid.
Each month, IMA performs a bank account reconciliation and provides the reconciliation to the
client. This feature reduces your exposure to fraud liability through continual monitoring of
IMA custom designs reports that highlight plan performance and underlying factors. IMA consults with the client, to discuss industry cost trends and other internal and external factors driving plan costs. The value of these consultations is reflected in new strategies to improve plan financial performance and support other client objectives.
Copyright 2005 The IMA Financial Center Corporation. All rights reserved