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Medicare Cost Report Preparation

Medicare Cost Report Preparation

Accountants in Miami has been providing thorough and reliable Medicare Cost Report Preparation services to Home Health Care Agencies (HHA), Assisted Living Facilities (ALF), Adult Day Care Centers (ADC), Skilled Nursing Facilities (SNF), Hospice Agencies, Renal Dialysis, Federally Qualified Health Center (FQHC), Community Mental Health Centers (CMHC), Physician Groups and Hospitals nationwide for over twenty-five years. Accountants in Miami has filed thousands of Medicare Cost Report Preparation; work with Healthcare providers to analyze costs per visit, revenue per visit, break-even points, comparing your Healthcare agency to national averages including nursing costs, therapy costs, administrative salaries, and net income. Each year Accountants in Miamifiles Medicare Cost Report Preparation for more than 100 clients nationwide. At Accountants in Miami, we understand the stress involved in properly filing Medicare Cost Report Preparation and the attention to detail that must be taken to ensure the job has been performed successfully. If your cost report is not filed correctly, Medicare will freeze future payments until the cost report is filed correctly. Mistakes are costly; Accountants in Miami has never had a misfiled cost report. As Accountants and we not only prepare and file your Medicare Cost Reports and Medicaid Cost Reports, we can perform all the accounting and bookkeeping services associated work with the annual financial statements required to complete the Medicare Cost Reports and Medicaid Cost Reports. We do it all in-house.

We do the Medicare Cost Report Preparation cost for:

  • Home Healthcare Agencies
  • Hospice Agencies
  • Skilled Nursing Facilities (SNF)
  • Renal Dialysis
  • Federally Qualified Health Center (FQHC)
  • Community Mental Health Centers (CMHC)
  • Physician Groups and Hospitals
  • Latest Reminder Notification from CMS

 

Medicare Cost Report – Redesigned PS&R Access. CMS (Centers for Medicare and Medicaid Services) has implemented the new redesigned Provider Statistical and Reimbursement (PS&R) system. The new PS&R system is web-based and allows all users to access data specific to their organization. CMS will NO LONGER send hard copy PS&R reports. You must have a PS&R to file a cost report. Note the first step is to register for a user ID and password with IACS (Individuals Authorized to Access CMS Computer Services) involves 1) Registering via the website; 2) Accessing a previously sent email from [email protected]; 3) Send via US Certified mail copy of CP5-75, Letter 14C, Federal Tax Coupon 8109A or a copy on IRS letterhead, your business name, and tax ID. All letters must have the REQ number listed on top. Address to send: External User Services, PO Box 792-750, San Antonio, TX 78216 (Send via US Certified Mail) CMS Helpdesk: 866.484.8049, prompt 4. Note: This can take up to 30 days to process with CMS. Please call our office and we can assist you in the registration process. Medicare Cost Report Filing Schedule Medicare Cost Reports are generally due at the end of the fifth month after the end of the provider’s fiscal year. Listed is a guide to the “general rule” of Due Dates for Cost Reports to CMS: Fiscal Year End Date – January 31, 2010, Due to CMS June 30, 2010; Fiscal Year End Date – February 28, 2010, Due to CMS July 31, 2010; Fiscal Year End Date – March 31, 2010, Due to CMS August 31, 2010; Fiscal Year End Date – April 30, 2010, Due to CMS September 30, 2010; Fiscal Year End Date – May 31, 2010, Due to CMS October 31, 2010; Fiscal Year End Date – June 30, 2010, Due to CMS November 30, 2010; Fiscal Year End Date – July 31, 2010, Due to CMS December 31, 2010; Fiscal Year End Date – August 31, 2010, Due to CMS January 31, 2011; Fiscal Year End Date – September 30, 2010, Due to CMS February 28, 2011, Fiscal Year End Date – October 31, 2010, Due to CMS March 31, 2011; Fiscal Year End Date – November 30, 2010, Due to CMS April 30, 2011; Fiscal Year End Date – December 31, 2010, Due to CMS May 31, 2011. If you change your organizations’ Fiscal Year, you will have to file two cost reports to CMS within that year. Call us, we can help to communicate the fiscal year-end change to CMS and file the two reports to CMS. What Sets Us Apart From Others? When filing your cost reports attention to detail and efficiency should be the main focus points for properly completing your reports on time. The difference between Accountants in Miami and other cost report preparers is that we do all the accounting and analysis work during the year to ensure the accuracy of the information provided, so we can prepare a cost report to be filed correctly. This is to ensure that the report is prepared in compliance with Medicare and Medicaid rules and regulations, therefore filing a correct cost report. In addition, after repeatedly working with hundreds of clients for over 25 years we know what needs to be done to successfully complete the job and in a timely manner. What is a Medicare Cost Report? The Medicare cost report blends financial and clinical data into one report, which is reported to CMS (Centers for Medicare & Medicaid Services, www.cms.gov) on an annual basis. CMS is a United States federal agency that administers Medicare, Medicaid, and the Children’s Health Insurance Program. The Medicare Cost Report takes annual financial information from your agency and reports expenses by discipline and by administrative expenses. The Medicare Cost Report disallows certain expenses the report then allocates all administrative allowable expenses to the disciplines. This results in a total discipline cost that is allocated to the number of visits performed by discipline which determines a cost per visit by discipline. This allows Medicare to determine by geographic area the Medicare expense for each diagnosis thus setting the HHRG amounts for payment of claims. How are a Medicare Cost Reports and Medicaid Cost Reports Filed? The first step to filing an accurate Medicare Cost Reports and Medicaid Cost Reports is to have accurate financial statements, which we prepare. The agency transactions for the year are summarized into financial statements, which include the income statement, balance sheet, and statement of cash flows. Medicare regulations will disallow certain transaction expenses and related party transactions to reduce the amount of allowable expenses to be formally submitted to Medicare for the cost of services provided. We work with you to custom design an accounting program to best meet your needs. FREE INITIAL CONSULTATION

Daivisi Viera

AHCA Financial Consultant
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