TIPS is only for BMS students, and medical physiology is for medical/BMS/pre-matriculation program students. TIPS is taught by the same professors as the med phys course. In the beginning of the year, TIPS is kind of all over the place, teaching you things that don't seem relevant to the medical physiology course material, but it gets much better though. Towards the middle/end of the year, you'll get TIPS classes where they basically give you a big preview of upcoming medical physiology material, so you have a great grasp of it by the time you hear it from the more difficult med phys course. TIPS also contains clicker quizzes, which act to buffer your grade quite a bit.
You will take one physiology test during the time you are taking cell bio/biochem. That test was terrible for me, and quite a few of my colleagues. That's the only time in the year where you will have a combined exam with 3 subjects. It's weird, they incorporate med phys for the 3rd combined exam, then it doesn't come back until the 6th combined exam i believe, for cardiology. That will be the week after winter break. Oh and I also did bad on the cardio exam lol. After that, things started to get much better though.