What is a Professional Fiduciary Service?
At Consumer Directed Choices (CDChoices), we know how valuable home health care services are for helping you stay as independent as possible. We also understand that managing your care can be stressful, time-consuming, and confusing.
If you don’t have the time or ability to manage the financial operations that your care requires, that’s okay. A fiscal intermediary like CDChoices can assist you. A fiscal intermediary is an organization that works in a specific geographic area to provide financial and administrative health care services on behalf of consumers.
Specifically, CDChoices provides administrative and payroll services for seniors and people with disabilities who employ home health care, personal assistants.
A fiscal intermediary is also a professional fiduciary service. This guide will review what that means and how working with a professional fiduciary service can help you receive excellent care on your own terms.
What is a Professional Fiduciary Service?
A fiduciary is a person or group that acts on another person’s behalf. A fiduciary is legally bound to act in good faith for the benefit of the served party.
As a nonprofit fiduciary, CDChoices operates for the sole benefit of the healthcare of the consumers we serve.
What Are the Benefits of a Fiduciary Service?
As a home health care recipient or consumer, the support of a fiduciary service goes a long way. Here are the key benefits of a fiduciary relationship with a fiscal intermediary.
No Outside Influences or Hidden Motives
A fiduciary such as CDChoices plays a specific role in your health care administration. We connect your Medicaid funding to the personal assistants that YOU want to work with.
Your empowerment is our goal. That includes helping you choose your own personal assistants and even setting their pay rates. As a fiduciary, CDChoices is simply here to support you as you self-direct your care.
Ensures Compliance with CDPAP Financial Regulations
The consumer-directed personal assistance (CDPA) model puts you in control of your care.
If the following conditions apply, you’re eligible to enroll in a CDPA program (CDPAP).
● You’re eligible for Medicaid;
● You’re willing and able to make informed decisions regarding your personal assistant services, or you have a designated relative or legal guardian who makes care decisions for you; and
● You want to continue living as independently as possible.
Navigating health care benefits can be intimidating. That’s why it’s important to have a fiduciary in your corner to ensure that you’re receiving all available funding and assistance in accordance with the laws and regulations governing your CDPAP.
All Necessary Documentation Is Prepared for You
You shouldn’t need to be a health care expert just to receive high-quality, affordable care. When working with a fiduciary fiscal intermediary, they’ll take care of the paperwork so that you can receive the care you need with minimal delays and distractions.
Better Pay and Benefits for Your Care Providers
Health care consumers who work with traditional home care agencies have limited control over which caregivers are assigned to them. This model also restricts a consumer’s ability to offer better pay in order to retain preferred workers.
A CDPAP offers more freedom. CDPAP consumers are able to:
● Recruit their own personal assistants;
● Hire and train their own personal assistants; and
● Supervise their own care.
Consumers that work with a fiscal intermediary such as CDChoices are also able to offer superior pay and benefits to their personal assistants. The consumer chooses an assistant’s pay rate.
Additionally, consumers have these flexible options regarding personal assistant compensation:
● Set money aside for awarding bonuses;
● Award pay raises; and
● Pay different rates to different personal assistants.
Some consumers choose to set aside bonus funds for events such as work anniversaries, holiday bonuses, or rewards for excellent performance.
Get Professional Fiduciary Services for Your CDPAP
CDChoices provides fiduciary fiscal intermediary services for CDPAP consumers. We serve all of New York State, including New York City and Long Island.
To learn more about how we can help you independently manage your care, contact our team today.
