Medicare Cost Reports & Medicaid Cost Reports
Medicare Cost Reports
Filing a cost report for Medicare is complex. CMS stated that if you try to file a cost report yourself, you’ll need to give yourself 200 hours to complete all of the forms, review and finalize. Unlike filing a tax return, you can’t complete the forms on paper. Your organization must file electronically and buy expensive software to accomplish the required schedules and transmission files.
Cost reports serve a specific purpose for CMS and oversight bodies. Most reimbursement changes come from Medicare cost report data. The future depends on today! 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.
We prepare Medicare cost reports for home health agencies, hospices and skilled nursing facilities.
Medicaid Cost Reports
Each state has a different requirement for providers. Whether you provide services to Medicaid patients or not, most states still require a filing. We have experience preparing Medicaid cost reports for providers all over the country.
Please contact us to discuss the filing requirements for your organization at both the Medicare and Medicaid levels. We look forward to helping you navigate these critical compliance requirements.