Filing a cost report for Medicare and Medicaid is important and complex. The estimated time for a once per year filer is estimated to take 200 hours. That time does not include the cost of purchasing the software to file the cost reports or the cost of your time to try to complete the various schedules and crosswalks.
Cost reports serve a specific purpose for CMS and the federal government, as well as for state governments.
The reports are used as a method for calculating future reimbursement rate changes. As the cost of services increase, the accuracy of cost reports is critical. Your future could depend on the information submitted. Therefore, accurate and timely reports must be filed each year. Tortolano & Company can help you with filing cost reports.
Missing a cost report filing is very serious. In some cases, a missed cost report filing will automatically reduce your agency’s reimbursement rate. In some extreme cases in which payments are suspended all together.
Cost reports are also a very valuable resource to your agency. Within the cost report data, is important statistics to help you run efficiently and profitably. The information is also important because it allows you to benchmark your agency against others in the industry.
We prepare cost reports for home health agencies and skilled nursing facilities.