Are you looking for an experienced and capable company or organization to serve as your customized National Disability Insurance vendor partner? If you’re finding it difficult to decide which company would be best to work with to provide you with the best service, look no further. We’ve worked with several of these types of companies to help them understand precisely how their products and services can help your organization. The National Disability Insurance Services, or NDIS plan manager, was created by the United States Department of Social Services. The primary goal of this plan is to help people with disabilities obtain the financing they need to live productive and enjoyable lives.
Plan management is just one of the four different options that an NDIS participant could take to manage their individual’s (as well as agency-administered, collected, or self-managed) federal disability income funds (in addition to financial assistance provided by the Social Security Administration). Generally, participants can ask for help from a plan administrator at any time. Thus, an NDIS plan manager acts like a legal representative and a participant’s financial accountant.
Together, they are responsible for ensuring the timely processing of application funds and processing claims, collecting payments, handling appeals, distributing funds, and other duties depending on the specific plan. While each project has a unique way of working, many of its essential functions can be moved to a new administrator when the original plan administrator retires, quits, is transferred, or otherwise leaves the company. Some of these functions may even transfer to a new plan administrator after the current one is terminated.
One of the critical roles of these administrators is to act as an information exchange between the provider community and the government. It helps to make sure that all applicable laws, regulations, rules, and procedures are met. For instance, an administrator can prepare and send quarterly statements to all eligible beneficiaries (paying both Medicare and Medicaid). These quarterly statements can include important information about what changes have occurred when changes have taken place and what obligations the covered entities have concerning the upcoming quarter. In addition, the third-party administrator can help make sure that the paperwork and bills associated with the program are sent out on time and in full.
Not only does the manager oversee the entire process of managing the finances of plan sponsors, but they also ensure that all paperwork related to the finances of these participants is handled appropriately. Some examples of paperwork required for many participants include tax returns, birth/death certificates, financial statements, letters of reference, letters from doctors and healthcare providers, and so forth. By ensuring that this paperwork and communications are handled promptly, the manager provides that the money rightfully paid to these individuals doesn’t end up in court. Moreover, this professional ensures that the payments are made as scheduled, on time, and to the satisfaction of each participant.
The fourth job of the NDIS plan manager of funds is to be on hand at every meeting and planning meeting. This position supports both the directors and officers of investment management. At these meetings, the manager provides input about individual investments and the overall investments of the fund. They also keep track of the funds’ activity, looking for any unusual trends or indicators indicating potential problems. This position also supports several other internal functions within the firm, such as risk management and accounting.