Bend, OR (PRWEB) April 23, 2009
Paladin Data Corporation's Paladin Pharmacy Point-of-Sale (POS) system was recently granted certification by the Special Interest Group for IIAS Standards (SIGIS). The SIGIS certification allows pharmacies using the Paladin Pharmacy POS to comply with new IRS inventory information approval system (IIAS) regulations for accepting FSA (Flexible Spending Account) and health reimbursement arrangement (HRA) cards.
The IIAS compliance deadline of July 1 means that many independent pharmacies must implement new point-of-sale systems capable of meeting IIAS requirements. Oregon-based Paladin Data Corporation applied its nearly 30 years of POS experience to help independent pharmacies affordably meet their federal compliance requirements with its subscription-based system.
With Paladin Pharmacy POS, a pharmacy customer can walk up to the cash register with a mix of eligible pharmacy items and other products, and the Paladin system will separate out the IIAS eligible items from the other taxable and non-taxable products purchased. The customer can then pay with multiple types of tenders: HSA/FSA/HRA debit card for the IIAS eligible pharmacy products, followed by any combination of credit/debit/gift cards, cash and/or checks for the rest of their purchase. Paladin POS handles it all instantly and automatically as a seamless part of the checkout process.
Beginning January 1 last year, the IRS required "non-healthcare" retailers, such as supermarkets, grocery stores, discount stores, warehouse clubs, and mail-order merchants, that sell medical goods and services to maintain a point-of-sale system that effectively identifies eligible transactions when consumers use flexible spending account (FSA) and health reimbursement arrangement (HRA) debit cards. IIAS-compliant transactions enable real-time, auto-substantiation for eligible medical items purchased with an FSA/HRA payment card. All non-healthcare retailers must be compliant by July.
"Some of the large chain stores' POS systems can't handle these complicated transactions as well as the Paladin system does," says Dan Nesmith, Paladin president. "So Paladin POS represents an opportunity for the independent stores to gain an advantage in an industry increasingly dominated by large franchises."
Paladin Data Corp. is a member of the Special Interest Group for IASS Standards (SIGIS), and the Paladin POS is one of the organization's certified POS solution providers. The Paladin POS also fully integrates with the Suite-RX automated pharmacy dispensing system along with integration into the major pharmaceutical wholesalers.
Customers currently using the Paladin POS include independent pharmacy locations throughout the United States. Paladin Data Corporation is a Microsoft Gold Certified Partner. For more information about IIAS and SIGIS, visit http://www.sig-is.org. For more information about Paladin POS, go to http://www.paladinpos.com.
:: ABOUT IIAS & SIGIS
The Special Interest Group for IIAS Standards (SIGIS), introduced of a voluntary industry standard solution to meet IRS requirements for operating an inventory information approval system (IIAS). The SIGIS IIAS standards enable a broad range of participants in health benefit payment card transactions to implement consistent systems and processes for transaction processing and data retention.
IIAS-compliant transactions enable real-time, auto-substantiation for eligible medical items purchased with an FSA/HRA payment card. Implementation of the voluntary SIGIS standard will lead to a more efficient healthcare expense payment mechanism for consumers who can continue using their FSA/HRA payment cards at participating retailers.
:: ABOUT PALADIN DATA CORPORATION
Paladin Data has been developing, supporting and delivering Point of Sale (POS) and Inventory Management Solutions for nearly 30 years. The people at Paladin Data Corporation are experts in the field of POS, Inventory Control, Accounts Receivable, 24/7 Customer Support, and conversion from other systems. The Paladin POS Solution is sophisticated yet easy to learn, use and operate and offers an intuitive graphical user interface (GUI) that closes the gap between people and computers.