The division shall issue all checks or electronic transfers for administrative expenses, and for medical assistance under the provisions of this article. All such checks or electronic transfers shall be drawn upon funds made available to the division by the State Auditor, upon requisition of the director. It is the purpose of this section to provide that the State Auditor shall transfer, in lump sums, amounts to the division for disbursement under the regulations which shall be made by the director with the approval of the Governor; however, the division, or its fiscal agent in behalf of the division, shall be authorized in maintaining separate accounts with a Mississippi bank to handle claim payments, refund recoveries and related Medicaid program financial transactions, to aggressively manage the float in these accounts while awaiting clearance of checks or electronic transfers and/or other disposition so as to accrue maximum interest advantage of the funds in the account, and to retain all earned interest on these funds to be applied to match federal funds for Medicaid program operations.
In the event the State Treasurer makes a determination that special source funds are not sufficient to cover a line of credit for the Division of Medicaid, the division is authorized to obtain a line of credit, in an amount not exceeding One Hundred Fifty Million Dollars ($150,000,000.00), from a commercial lender or a consortium of lenders. The length of indebtedness under this provision shall not carry past the end of the quarter following the loan origination. The division shall obtain a minimum of two (2) written quotes that shall be presented to the State Fiscal Officer and State Treasurer, who shall jointly select a lender. Loan proceeds shall be received by the State Treasurer and shall be placed in a Medicaid designated special fund account. Loan proceeds shall be expended only for health care services provided under the Medicaid program. The division may pledge as security for such interim financing future funds that will be received by the division. Any such loans shall be repaid from the first available funds received by the division in the manner of and subject to the same terms provided in this section.
Structure Mississippi Code
Chapter 13 - Medical Assistance for the Aged; Medicaid
§ 43-13-109. Rules and regulations for procurement of employees
§ 43-13-111. Budgets of state health agencies
§ 43-13-115. Persons entitled to receive Medicaid
§ 43-13-117. Types of care and services for which financial assistance furnished
§ 43-13-118. Records of provider participating in Medicaid program
§ 43-13-121. Authority to administer article
§ 43-13-123. Methods of providing for payment of claims
§ 43-13-129. Misrepresentation by applicant for benefits or by provider of services; penalty
§ 43-13-133. Intent as to use of federal matching funds
§ 43-13-137. Division to comply with Administrative Procedure Law