08.01.08
IAS Certification
Can You Afford Not To Be Ready?
In this busy season of vacations and economic distress it is easy to overlook or put aside information on new federal regulations that will need to be implemented by the end of the year.
In this newsletter you will find information on what Inventory Information Approval System (IIAS) is and how you can save time and money by letting us get you ready to meet these new federal guidelines.
What is IIAS Certification?
There are new IRS rules for processing Flexible Spending Accounts (FSA), Health Reimbursement Arrangement (HRA) and Health Savings Accounts (HSA). These new rules will affect hundreds of your customers and will cost you thousands of dollars if you do not implement them.
Who does this apply to?
All pharmacies that have customers who want to use FSA, HRA or HSA debit cards for eligible purchases of products in their store.
When does this go into affect?
January 1, 2009 is the deadline for having systems in place in order to comply with these new IRS rules.
Why do I care?
Noncompliance means potentially loss of profitability as well as customers taking their FSA/HRA/HSA funds to your competitors.
How can I get IIAS certified?
You can comply with these rules by using an IIAS. The Special Interest Group for IIAS Standards (SIGIS) is composed of your peers and vendors of various products and services in the pharmacy community. They have been diligently working to produce the voluntary standards that the IRS will accept for IIAS certification.
Will You Be Ready?
In 2006 the IRS announced that IIAS would be necessary to adjudicate FSA and HRA claims. This new business requirement has slipped under the radar of the pharmacy community, which is easy to do when we are busy operating our businesses.
As with most all federal guidelines, there is no money allocated by the government to aid in implementing these new rules. Additionally, there is an extensive tedious certification process that needs to be completed.
Emporos is one of the vendors who have been part of SIGIS. We have been working closely with everyone in the industry to be ready to help your pharmacy and business with these new guidelines.
In the past, the FSA, HSA, and HRS have been overlooked both by the general public as well as the business world. The tedious paperwork required to process claims has discouraged people from using these accounts.
Now, using the accounts has gotten easier as FSA/HSA/HRA debit cards are now commonly used and employers are educating their employees on how to use them. The accounts are now being taken advantage of in huge numbers.
In 2007 over 70% of employers offered the accounts and it is estimated that by 2010 75% of all out-of-pocket medical expenses will be paid using these types of accounts. This is a $200 billion industry.
Your business cannot afford to ignore these customers and their spending power. IIAS compliance has two key components that Emporos can assist you with – the certification process and the point of sale (POS) software you need.
For years Emporos has been on the cutting edge of technology in the pharmacy retail industry. Hundreds of customers have taken advantage of our innovative systems. As a member of SIGIS, we have taken an active role in ensuring that compliance of these new rules can be done quickly and economically.
For a reasonable fee, Emporos will assist your pharmacy in the tedious IRS certification process and upgrade your POS systems. Our company has invested significantly in a state-of-the-art security network and help desk.
Our primary IIAS product is streamlined to meet your needs, with full functionality at an economical price. We offer fast, personalized service that will work with your current system. You will not need to replace your system with lots of expensive bells and whistles. We specialize in taking care of your technical needs professionally and efficiently.
Our company’s success is only possible if you’re successful. Therefore we do not just talk about caring for our customers, we live and breathe that mantra. We understand the challenges of operating a pharmacy. Our goal is to simplify your retail operation and let you get back to the business of looking after your customers.
Get started with your certification today.
Call Emporos Systems
1.877.716.2403