Financial Adminstration

Medscheme also manages bank accounts and signatories to streamline the Claim Administration process thus ensuring that members receive their reimbursement in a shorter timeframe.

This also involves the deposit of cash and cheques received into respective scheme's bank account, balance and reconcile each scheme's financial records, cash flow and Treasury Management.

Apart from submitting Financial Reports as agreed with the scheme, Medscheme also assists with the preparation of financial statements for audit purposes. Medscheme uses its strong expertise to prepare preliminary and final budget proposals (contributions and benefit changes) to the scheme.

In addition to the above mentioned administrative activities, Medscheme also provides its clients with:

  • Regular updates on the performance of their scheme by attending Liaison Committee meetings.
  • Quarterly management accounts and statistics as required.
  • Actuarial assistance.
  • Recommendations to the terms and conditions of existing policies.
  • Communication support to intermediaries as well as calculating commission and issuing commission statements.
  • Support on their internal audit function as required.