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File Medicare and Medicaid Cost Report

Medicare and Medicaid Cost Report Specialists

Brooks Financial Strategies has been providing thorough and reliable cost reporting services to Home Healthcare Agencies, Skilled Nursing Facilities (SNF), Hospice Agencies, Renal Dialysis, Federally Qualified Health Center (FQHC), Rural Health Clinic (RHC), Community Mental Health Centers (CMHC), Physician Groups and Hospitals nationwide for over seventeen years. Brooks Financial Strategies has filed thousands of cost reports; work with Healthcare providers to analyze costs per visit, revenue per visit, break-even points, comparing your Healthcare agency to national averages including nursing costs, therapy costs, administrative chilsalaries, and net income.

Each year Brooks Financial Strategies files Medicare and Medicaid cost reports for more than 150 clients nationwide. At Brooks Financial Strategies we understand the stress involved in properly filing cost reports and the attention to detail that must be taken in order to ensure the job has been performed successfully. If your cost report is not filed correctly, Medicare will freeze future payments until the cost report is filed correctly. Mistakes are costly; Brooks Financial Strategies has never had a misfiled cost report.

We often work with financial accountants or CPA’s who complete the year-end financial statements for your agency. We work with the annual financial statements provided and complete the Medicare or Medicaid cost report.

We do Medicare cost reports for:

  • Home Healthcare Agencies
  • Hospice Agencies
  • Skilled Nursing Facilities (SNF)
  • Renal Dialysis
  • Federally Qualified Health Center (FQHC)
  • Rural Health Clinic (RHC)
  • Community Mental Health Centers (CMHC)
  • Physician Groups and Hospitals

Brooks Financial Strategies has worked with the following Medicare intermediaries:

  • Palmetto GBA
  • BC/BS of Illinois
  • United Government Services WI
  • Wellmark, Iowa
  • Cahaba, Louisiana.

Latest Reminder Notification from CMS

Medicare Cost Report – Redesigned PS&R Access.

CMS (Centers for Medicare and Medicaid Services) has implemented the new redesigned Provider Statistical and Reimbursement (PS&R) system. The new PS&R system is web-based and allows all users to access data specific to their organization. CMS will NO LONGER send hard copy PS&R reports. You must have a PS&R to file a cost report. Note the first step is to register for a user ID and password with IACS (Individuals Authorized to Access CMS Computer Services) involves

1) Registering via the website;

2) Accessing a previously sent email from iacs_support@cgi.com;

3) Send via US Certified mail copy of CP5-75, Letter 14C, Federal Tax Coupon 8109A or a copy on IRS letter head, your business name and tax ID. All letters must have the REQ number listed on top.

Address to send: External User Services, PO Box 792-750, San Antonio, TX 78216 (Send via US Certified Mail)

CMS Helpdesk: 866.484.8049, prompt 4.

Note: This can take up to 30 days to process with CMS. Please call our office and we can assist you in the registration process.

Medicare Cost Report Filing Schedule

Medicare Cost Reports are generally due at the end of the fifth month after the end of the provider’s fiscal year. Listed is a guide to the “general rule” of Due Dates for Cost Reports to CMS:

  • Fiscal Year End Date – January 31, 2010 Due to CMS June 30, 2010;
  • Fiscal Year End Date – February 28, 2010 Due to CMS July 31, 2010;
  • Fiscal Year End Date – March 31, 2010 Due to CMS August 31, 2010;
  • Fiscal Year End Date – April 30, 2010 Due to CMS September 30, 2010;
  • Fiscal Year End Date – May 31, 2010 Due to CMS October 31, 2010;
  • Fiscal Year End Date – June 30, 2010 Due to CMS November 30, 2010;
  • Fiscal Year End Date – July 31, 2010 Due to CMS December 31, 2010;
  • Fiscal Year End Date – August 31, 2010 Due to CMS January 31, 2011;
  • Fiscal Year End Date – September 30, 2010 Due to CMS February 28, 2011
  • Fiscal Year End Date – October 31, 2010 Due to CMS March 31, 2011;
  • Fiscal Year End Date – November 30, 2010 Due to CMS April 30, 2011;
  • Fiscal Year End Date – December 31, 2010 Due to CMS May 31, 2011.

If you change your organizations’ Fiscal Year , you will have to file two report to CMS within that year. Call us, we can help to communicate the fiscal year end change to CMS and file the two reports to CMS.

What Sets Us Apart From Others?

When filing your cost reports attention to detail and efficiency should be the main focus points for properly completing your reports on time. The difference between Brooks Financial Strategies and other cost report preparers is that we don’t just take your information as is, we analyze your data and ask questions to determine the accuracy of the information provided, so we can prepare a cost report to be filed correctly.

This is to ensure that the report is prepared in compliance with Medicare and Medicaid rules and regulations, therefore filing a correct cost report. In addition, after repeatedly working with hundreds of clients for over 17 years we know what needs to be done in order to successfully complete the job and in a timely manner.

What is a Medicare Cost Report?

The Medicare cost report blends financial and clinical data into one report, which is reported to CMS (Centers for Medicare & Medicaid Services, www.cms.gov) on an annual basis. CMS is a United States federal agency which administers Medicare, Medicaid and the Children’s Health Insurance Program.

The Medicare Cost Report takes annual financial information from your agency and reports expenses by discipline and by administrative expensive. The Medicare Cost Report disallows certain expenses the report then allocates all administrative allowable expenses to the disciplines. This results in a total discipline cost that is allocated to the number of visits performed by discipline which determines a cost per visit by discipline.

This allows Medicare to determine by geographic area the Medicare expense for each diagnosis thus setting the HHRG amounts for payment of claims.

How is a Medicare or Medicaid Cost Report Filed?

The first step to filing an accurate Medicare or Medicaid Cost Report is to have accurate financial data from your agency on an annual basis. The agency transactions for the year are summarized into financial statements, which include the income statement, balance sheet and statement of cash flows. Medicare regulations will disallow certain transaction expenses and related party transactions to reduce the amount of allowable expenses to be formally submitted to Medicare for cost of services provided.

See the attached diagram: