GET READY: TIPS TO PREPARE FOR FILING YOUR MEDICARE COST REPORT
It's a brand new year! Now is the time to assess and collect the necessary information to file your Medicare Cost Report.
By tackling these few simple steps one at a time, you can minimize anxiety and avoid scrambling to prepare your agency's Medicare cost report.
- Update any cost reporting software
- Check your access to the IACS system; can you log in? You will need access to obtain the PS&R report when needed. Remember to log in every 60 days to avoid being locked out.
- Examine the following expenses in your trial balance, making sure that they are distinguishable by cost centers:
- Contracted services
- Identify the following expenses:
- Billable medical supply expense
- Non-billable medical supply expense
- Cost of flu vaccines
- Identify the following revenue by payer:
- Billable medical supplies
- Flu vaccines
- Flu administration
- Identify all non-allowable expenses. If you are unsure if an expense is allowable or not; refer to CMS Pub 15-1, Chapter 21, §2102.2 (costs not related to patient care) and 2102.1 (reasonable and necessary costs). Some common non-allowable expenses are:
- Bad debts
- Lobbying fees
- Marketing/promotional costs
- Income taxes
- Fines and penalties
- Adjust any related party transactions to cost
By getting a head start on these few items now, you will minimize any delay in getting your cost report completed accurately and filed in a timely manner.
Medicare Cost Reporting remains a cornerstone on which Simione Healthcare Consultants was founded nearly 50 years ago. As experts with a proven track record for accuracy and timely service, we are pleased to have further enhanced our team this year by joining forces with Boyd and Nicholas, THE COST REPORT PEOPLEŽ, of Rohnert Park, California. Now collectively known as Simione Healthcare Consultants, our newly integrated cost reporting team is ready and eager to serve you at east- and west-coast locations with a wealth of experience in matters related to Medicare reimbursement.
Beyond the cost report, we offer an experienced team and tools to help you track and analyze your clinical, operational and financial performance to better serve your patients and communities. For more information, visit Simione.com.