All Types of Medicare Cost Reports
Cost Reports for Home Health Care, Hospice Agency, Skilled Nursing Facility,
Experience of SVF Accounting, Inc.
SVF Accounting has been an established and experienced company with an excellent track record for the best customer satisfaction for over 7 years. SVF Accounting is uniquely qualified to provide healthcare accounting services to hospices, home health assisted living and nursing agencies. With nearly 7 years of healthcare finance experience, or clients depend on us for comprehensive financial services that allow them to optimize the financial position and operations of their facilities.
The knowledge we have of the medical and healthcare industry is what sets our company apart. Dealing with your accounting needs in- house can be frustrating and time -consuming. Alleviate that burden and rely on professionals that know the industry and get the job done.
Medicare Cost Report
Medicare- certified providers are required to submit an annual cost report to CMS. 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. The cost information and statistical data reported must be current, accurate and in sufficient detail to support an accurate determination of payments made for the services. The Medicare Cost Report records each institution’s total costs and charges associated with providing services to all patients, the portion of those costs and charges allocated to Medicare patients, and the Medicare payment received. Our Team is up to date with the preparation of all CMS cost reports to ensure they stay ahead of changes in reporting requirements. Our staff has years of Medicare cost reporting experience. Our staff members are highly trained in submitting Medicare Cost Reports. In this past 7 years we have never experienced rejection or issues. The due date for Medicare cost report is May31 each year.
Purpose and Important data
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.