Why is it important to submit a complete and accurate Home Health and Hospice Medicare Cost Report?
It is an annual requirement for every Home Health Care and Hospice provider. Failure to file an acceptable cost report can cause suspension of reimbursements.
Even though the cost reimbursement mode of payments had ended on September 30, 2000 when the Prospective Payment System took effect October 1, 2000, the Medicare Regulations on Medicare Cost Reporing never changed. Noncompliance can cause the government to file actions against the HHA.
In some states, noncompliance with Medicare regulations can disqualify providers to participate on the State Medicaid Program. Medicare cost report data is used to determine the reimbursement rates for the Medicaid Program.
The Medicare program reimburses costs for flu vaccines and covered osteopathic drugs. A proper and complete cost report filing is needed to insure proper cost reimbursement.
The most important reason, the data to be used to set future reimbursement rate adjustments will always come from Medicare cost report data. Inaccurate and incomplete cost report data can cause unfavorable rate adjustments to providers nationwide.
Due Date: This report is due 5 months after the end of fiscal period, or the cut off period determined by the MAC for Change of Ownership or for a Terminated Provider.
Form Type: Form 1728-94 for Home Health Care and CMS Form 339, Form 1984-2014 Hospice Cost Report
Our Firm’s experience and expertise:
Over 15 years of Medicare Cost Report Preparation specializing in Home Health Care.
Our staff worked in home health care finance for many years and we know the industry really well.
We have available tools and a checklist to guide you in gathering your data and information.
We assist with follow ups and Medicare audits.
We prepare and complete Medicare Cost Reports in all states.
We are pro-active and consultative in our approach, we are not a typical preparer that just keys in the numbers for you.
We provide a wrap-up analysis of the Medicare Cost Report’s key components and compare your statistics and averages to national and state benchmarks.
We are committed to provide high quality and customize professional accounting, consulting, and tax services to ensure our clients’ success one engagement at a time. Learn More