Medicare Cost Report Consulting | Risk-Free Analysis
For critical access hospitals, Medicare cost report consulting can help you review and understand in depth the Medicare cost report through our risk-free analysis. Your Medicare cost report is vital to the operations of your hospital. Years of errors and omissions can leave hundreds of thousands of dollars on the table that you could be keeping.
What is a Medicare Cost Report?
All hospitals that participate in the Medicare program are required to file this annual report with Medicare (CMS) through their Administrative Contractors known as MAC’s.
What is Included in a Completed Medicare Cost Report?
The report includes information about your facility and your financial information, including your revenue, expenses, and bad debt. The report starts with your Financial Statements and General Ledger and then revises the data into a format as prescribed in the Medicare Regulations. This Medicare data is blended with your Medicare paid claims data to arrive at the portion of your cost that Medicare is responsible to pay for during a certain period.
When is the Cost Report Due?
Your Medicare cost report is due annually within five months after the provider’s fiscal year or thirty days after a valid Provider Statistical and Reimbursement Report is sent to the provider by its MAC, whichever occurs later. There are no exceptions to the filing due date except in the rare case of a natural disaster and approval from CMS.
How Do I Submit a Medicare Cost Report?
The Medicare cost report is submitted electronically. It must be created on and submitted using one of CMS’s approved software platforms and vendors. The report must be certified and signed, either with a “wet” signature or electronic signature, of an Officer of the Medicare Provider. Your respective MAC will have the information on how and where to submit the report.
Is There a Penalty for Late Filing?
If your Medicare cost report is filed late or rejected, the MAC will suspend payments and/or assess interest and penalties. A demand letter will be issued as soon as possible, no later than 30 days after the due date of the cost report. In egregious cases, the MAC can consider all interim payments since the beginning of the cost reporting period an overpayment.
Cost reports can be rejected for various reasons. These include inaccuracies, missing pages of the cost report, or a damaged electronic cost report file.
Why is Accuracy Critical to a Medicare Cost Report?
For a Critical Access Hospital, Medicare pays its portion of the cost of operating the hospital during a set time period, usually your latest fiscal year. Failing to recognize all allowable costs, according to the Medicare regulations and guidelines, allocate the cost correctly to the various user departments, and properly match the cost to your charges for services will reduce the amount that Medicare can and does pay your Hospital. Medicare reimbursement is vital to the long-term survivability of your hospital.
How Can Providers Be Sure Their Cost Reports are Accurate and Providing them the Correct Reimbursement
Medicare cost report consulting ensures accuracy and makes sure you are receiving every dollar from the Medicare program your hospital is entitled to receive. Our cost report reviews are performed by highly trained and experienced professionals with all having more than 25 years of experience in Medicare reimbursement and cost reporting. Our Medicare Cost Report Consulting professionals have filed and reviewed hundreds of cost reports in their experience and have gleaned many valuable tools to help ensure your hospital is paid correctly.
What is Risk-Free Analysis?
Our risk-free analysis makes it simple to obtain Medicare cost report consulting through a thorough review. If we don’t find anything during our analysis of your cost reports, you won’t pay us a single penny and, in addition, we will provide you a letter detailing our process and that we found no areas for improvement in your process. Medicare shares in a portion of the costs incurred by critical access hospitals, so a professional, risk-free, review of your cost reports can instead become a source of income and assurance for your hospital.
Our process reviews your entire report. From the calculation of total patient days, to the grouping of the cost and charges in the various departments, the allocation of the cost, the grouping of the settlement charges and the Medicare bad debts. We dive deep and help you uncover any missed reimbursement opportunities.
We work with you to educate key leaders to ensure that your critical access hospital is properly equipped to improve your reimbursements year after year. We help put processes in place to make data collection and documentation a seamless part of your daily operations. We also help prepare your team to assess reimbursement issues as they arrive, so you are fully equipped to understand your Medicare cost report.
Ready to get your Medicare cost report consulting through risk-free analysis? You’ve got nothing to lose and everything to gain. Contact us to start your 100% risk-free analysis today.