The Medicare insurance health law being implemented in the US has proven to be a great help to its citizens. However, to file claims and take advantage of its benefits, a duly accomplished Medicare Cost Report is essential.
As a background, the Medicare program started its execution in the year 1966 under the authority of the Social Security Administration. This is currently under the authority of the Centers for Medicare and Medicaid Services.
To file insurance claims to this institution, however, can be a challenge.
With this in mind, we at CPA Solvers offer accurate and prompt Medicare Cost Reporting services to clients. Let your company be worry-free with the hassle of preparing Medicare Cost Reports by acquiring our services.
Before getting to know our services, we have provided a summary of the specific coverage offered by Medicare.
The coverage of Medicare includes:
1. Medicare Part A
This acts as hospital insurance which covers the costs for inpatient hospital admission, skillful nursing centers, hospice services, and other home care services.
2. Medicare Part B
This acts as medical insurance covering the expenses for doctor’s fees, outpatient care, supplies for medical treatments, and preventive medical measures.
3. Medicare Part D
This offers coverage for the prescribed drugs for US citizens.
These plans are available for sale by insurance companies and Medicare-approved private firms.
Medicare Cost Report Explained
A Medicare Cost Report requires yearly preparation and submission to its providers operating under the authority of Medicare. This is prepared in a prescribed form. The report differs depending on which type of services needs insurance coverage claims.
The information included in these reports should be accurate and up-to-date. This allows for the determination of the exact amount of payments made for the acquired services.
The report primarily contains the basic information of the center or facility where the patient obtained medical services and other financial cost details.
The Medicare Cost Report contains each facility’s overall costs and charges involved with providing medical services to its patients. A part of that total cost will be apportioned to Medicare patients and the payments received from Medicare.
The Medicare Cost Reporting process, however, is a lengthy task that involves considerable time to accomplish effectively.
What happens when your facility does not submit an accurate nor comprehensive report?
Failure to submit an accurate, complete, and comprehensive report may result in your facility not being able to receive all available reimbursements or cause a delay, which may affect future claims. This would put the institution’s financial standing at risk.
A company with a small or less skillful staff might encounter some problems in complying with the regulations set by Medicare.
Furthermore, some companies may also find it very expensive to hire permanent staff to handle Medicare Cost Reporting responsibilities.
One good way to resolve these issues is for these companies in the health care industry to outsource the function.
Accounting Professionals To The Rescue
CPA Solvers, with Anna Panagos as the principal CPA, is a company of experts when it comes to handling Medicare Cost Reporting. With more than 15 years of experience, CPA Solvers offers the best in healthcare reporting.
One of the other problems that health care providers face is the acquisition of a Provider Statistical and Reimbursement System when in fact, Medicare has updated it. This has made the process more complicated for your business and especially for your inexperienced staff.
Changes such as this one will not be a problem with our reporting services. We at CPA Solvers keep abreast of the current changes in the preparation of the Medicare Cost Report for health care service institutions.
CPA Solvers also ensures the timely delivery of reports so that your company submits a duly accomplished Medicare Cost Report for prompt reimbursements. Regular training and seminars equip our staff with the knowledge about current changes in the Medicare Cost Reporting regulations.
Another challenge is creating the different types of Medicare Cost Reports. The following are the types of Medicare Cost Reports that we can competitively prepare for your firm:
1. Medicare Cost Report for Federally Qualified Health Facilities
The Medicare Cost Report of these facilities can help a business have an evaluation of information on the cost per treatment per patient, the earnings per treatment per patient, bad debts, and the comparison of the PPS paid to the services provided.
2. Medicare Cost Report for Home Health Care
Upon evaluation of the Medicare Cost Report for this type of institution, the business will have a clearer view of the cost spent by the company. The report shall include every visit to patients, the number of disciplines used per episode, the expenses incurred per episode, and the corresponding earnings.
3. Medicare Cost Report for Skilled Nursing Centers
After analyzing the results of the Medicare Cost Report, CPA Solvers can provide your institution with relevant information regarding the RUG information on payments, the average expenses and capital per diem.
Additionally, the report also provides the difference between the PPS paid and the expenses incurred to administer the services to patients.
4. Medicare Cost Reports for Renal Dialysis
The company will be provided with the necessary information regarding the company’s operations involving renal dialyzes. This includes the cost per dialysis per patient, the revenue earned from the services, the uncollectible accounts of patients, and the comparison between the PPS paid and the cost of conducting the services to renal dialysis patients.
Aside from this, there are other Medicare Cost Reports that CPA Solvers’ teams can proficiently accomplish. These include Medicare Cost Reports for rural health centers, mental health facilities, critical access centers, hospice businesses, and PPS facilities.
Let Us Help You
CPA Solvers will not only help you with your Medicare Cost Reporting needs. We will also help you evaluate some other aspects of your financial operations. This includes evaluating the conditions of your dues from patients, the cost per treatment and more. Contact us today!