Child Support Financial Services: RedMane’s mFinancials
Leveraging our extensive experience with child support systems over the past 19 years, we recognize that financials are the core of your child support system. RedMane’s solution, mFinancials, includes a comprehensive set of child support business concepts beyond basic accounting. Our algorithms and processes are compliant with the OCSE’s 2017 Certification Guide.
mFinancials uses a modern tiered approach to support your child support system. Our solution provides a comprehensive set of child support-specific extensions. We have many options that are configurable and used in the child support algorithms. These extensions support state-specific policies and regulations which are easily incorporated with minimal customization.
Features at a glance…
mFinancials includes components that are configurable for easy set up and allow for changes to be made effortlessly. It also contains a series of exposed services to allow for a seamless incorporation with existing case management systems. This allows financial screens to have the same look and feel as their case management system.
mFinancials assists in all aspects of the financial child support process. Here are some of its capabilities:
- All child and medical support obligations are treated as if it were per child. mFinancials can receive, interpret, and save obligation and benefit information from the case management system. mFinancials also supports engross and per child obligations.
- mFinancials records each payment that is processed into a general ledger. This ledger enforces the balancing of all transactions. mFinancials can also maintain a hold on payments.
- If mFinancials uses a case selection hierarchy to select cases which are used in the allocation and distribution process.
- mFinancials contains a configurable Allocation and Distribution hierarchy which can be modified to meet state policy. mFinancials will allocate and distribute a payment based on the priorities defined.
- When disbursing a payment, mFinancials will find the preferred payment method for each party.
- When the optional Future Strategy property is enabled, mFinancials will calculate futures.
- Grant information is received from TANF or Foster Care agencies. mFinancials tracks these amounts and adds them to the Unreimbursed Assistance (URA) balance. Payments distributed to obligations assigned to the state will reduce the URA balance.
- mFinancials can calculate and process pass-through (aka disregard).
- When handling payment adjustments, mFinancials can cancel or update payments. It will determine if a recoupment or distribution is necessary and perform the needed steps to make this update.
- mFinancials maintains audit trails of all financials transactions that occur on a case. Administrators, auditors, and caseworks can access this system.
- Several out-of-the-box batch processes for common child support activities are available. These processes run in various cycles that include items such as payment distributions and obligation determinations.
Want to learn more about mFinancials?
Contact us at Sales@RedMane.com