What Is A Fiscal Intermediary?
A Fiscal Intermediary (FI) is an organization that assists you to implement your Individual Support Agreement and to manage financial accountability and employer responsibilities. Fiscal Intermediaries are not service providers. A Fiscal Intermediary is an administrative and fiscal agent that assists you with implementing the funds from your funding source to pay for the services and support you need. An FI is not able to make decisions about the amount or type of services you receive. The FI helps you to manage the supports that have already been identified in your plan and budget.
Your FI will help ensure that funds are well spent and effectively managed.
How SOS helps you?
SOS establishes a separate bank account and accounting record for each client or award. All transactions and financial activity are conducted exclusively from that account, which ensures transparency and accuracy. Hard copy records are securely maintained for a minimum of seven years and are then archived. All documentation and accounting records are backed-up electronically on a daily basis. Clients are provided access to all of their records upon request and receive monthly budget statements for their records. Accounting staff double-check invoicing, and alert clients to errors.
What Does A Fiscal Intermediary Do?
Fiscal Intermediaries work with the service providers you choose. If you choose to hire your own support workers, your FI will help you to manage the paperwork responsibilities that come with being an employer.
The FI will assist you to:
- Complete employment forms
- Pay your staff
- Ensure tax compliance and prepare end-of-year reports
If you choose a provider agency for your supports, the FI pays the provider on your behalf, according to the budget approved with your Individual Support Agreement. The FI will also pay other vendors for special services that you have in your budget. The FI will give you monthly financial reports to let you know if you are spending what you have budgeted on the items you planned, or if you are spending too much and need to make adjustments to stay within your budget.
How Do I Select A Fiscal Intermediary?
You can choose the FI that you believe will best help you to effectively monitor and manage the resources in your budget. An FI can also be assigned if you do not want to select one. A positive relationship between you and your FI will help ensure that funds are well spent and effectively managed.
Choose the Fiscal Intermediary that will help you:
- Have the most choice and control over your supports and services
- Provide you with the level of assistance and support you need
- Minimize the administrative paperwork burden
- Follow state and federal tax, labor and Workers Compensation laws and department policies
SOS will send you a monthly spending report that show your:
- Monthly budget
- Monthly self-direction expenses
- Amount of services used and the amount of services you are approved for
- Yearly budgeted amount by service type
SOS’ trained customer service representatives are available six days per week to answer your questions. They have deep knowledge of the programs they support and we offer the ability to communicate in many languages.
SOS’ Customer Service enables you to:
- Submit your timesheets via mail, fax, email, coming soon submit online and via our mobile application.
- Leave a voicemail for Customer Service or send a secure email with your inquiry and we will respond within one business day.
Quality Assurance for Better Outcomes
SOS provides quality assurance by tracking the performance of each of our clients’ unique goals and standards that satisfy Medicaid Waiver requirements, state regulations, and program policies. We provide monthly reports to our clients with data on:
- paid expenditures vs. authorized expenditures
- rate of pended payments
- timeliness of payments
- credentialed providers
In addition, SOS administers satisfaction surveys to Participants, Personal Care Providers, and Case Managers to learn how effectively we are meeting their needs.
407 East Fort St., Suite 407
Detroit, MI 48226
15401 N. Commerce Dr.
Dearborn, MI 48120