Successful submission of Medicare Cost Reports – The staff has submitted approximately 3,000 Medicare Cost reports in the last 27 years, all successfully without rejection or issues. We provide services in all 50 States for Medicare Cost Reports.
Follow up with Medicare Cost Report Auditors – The staff has assisted over the last 27 years in numerous Medicare Cost Report Audits. With our experience and knowledge of cost report submissions we can easily facilitate the inquiry from Medicare Cost Report Auditors effectively and efficiently
Experience – we have over 27 years experience in filing Medicare Cost Reports and /Medicaid Cost Reports. We have experience with all MACs (Medicare Administrative Contractors) in the United States, so we are familiar with responding to Auditors from each one.
Medicare certified institutional providers are required to submit an annual cost report to a Medicare Administrative Contractor. The cost report contains provider information such as facility characteristics, utilization data, cost and charges by cost center, in total and for Medicare, Medicare settlement data, and financial statement data. CMS maintains the cost report data in the Healthcare Provider Cost Reporting Information System, HCRIS. HCRIS includes subsystems for the Hospital Cost Report CMS 2552 96 and CMS 2552 10, Skilled Nursing Facility Cost Report CMS 2540 96, Home Health Agency Cost Report CMS 1728 94, Renal Facility Cost Report CMS 265 94, Health Clinic Cost Report CMS 222 92 and Hospice Cost Report CMS 1984 99.
Call us today to get more information on Cost Report filing
Joseph Kenny, CPA, CMA
Purpose
Medicare requires that providers of certain services are required to prepare on an annual basis a cost report which shows the total expenses to provide services and the Medicare allowable expenses used by CMS to review and adjust rates. The information is also used by MedPac, Medicare Payment Advisory Services Commission, to advise the US Congress on the financing and delivery of care.
Parts of the Medicare Cost Reports are used to determine wage adjustments for the labor components for services in certain geographic areas of the United States. Also, for some PPS providers the Bad Debts are calculated and reimbursed according to CMS policy.
The accuracy of the wage index information along with the Bad Debt Accuracy in producing the cost reports are of extreme importance. If they are calculated incorrectly, the provider is under reimbursed for allowable services provided.
In all types of Medicare Cost Reports there are key Matrices that show the management how well the provider is delivering the care to the community.
Some examples are:
Skilled Nursing Facility (SNF) – General Inpatient Cost per Diem, Average Length of Stay and PPS amounts compared to Cost.
Home Health Agency (HHA) – Revenue per Episode, Cost per Episode, and Utilization per Episode.
Hospice Agency – Average Cost Per Diem, Average Revenue per Diem and Capitation Calculation on an interim basis.
Rural Health Clinics – PPS rate compared to per Diem Costs, Bad Debt calculations.
Federally Qualified Health Clinics – PPS Rate compared to Per Diem Costs, Bad Debt Calculations.
PPS Hospital – Wage Index information, Bad Debt calculations.
Critical Access Hospitals – Cost to Charge Ratio, Case Payer Mix, Bad Debt calculations.
Each area of Health care has a set of key performance indicators, which relate to Costs of Delivering Care.
Metrics used in the industry – Each type of provider has key Matrices to measure efficiency and effective deliver of care.
Provider Payments are reduced each year and it is important for each facility to deliver more care for less costs.
A valid way to analyze this information is to breakdown the Medicare Cost Report into key components and compare to industry averages to see how your facility compares to the broader market.
Successful submission of Medicare Cost Reports – The staff has submitted approximately 3,000 Medicare Cost reports in the last 27 years, all successfully without rejection or issues. We provide services in all 50 States for Medicare Cost Reports.
Follow up with Medicare Cost Report Auditors – The staff has assisted over the last 27 years in numerous Medicare Cost Report Audits. With our experience and knowledge of cost report submissions we can easily facilitate the inquiry from Medicare Cost Report Auditors effectively and efficiently
Experience – we have over 27 years experience in filing Medicare Cost Reports and /Medicaid Cost Reports. We have experience with all MACs (Medicare Administrative Contractors) in the United States, so we are familiar with responding to Auditors from each one.
Joseph Kenny, CPA, CMA
Paisley & Elm, LLC
1724 W. Berwyn Ave #1
Chicago, Illinois 60640
Cellular 312-203-1771
Fax 312-275-7967
E-mail address:
ccoppney@medcostreports.com
To get more information on Cost Report filing
Joseph Kenny, CPA, CMA
