2014 Medicare Cost Report Preparation Accounting Services

Owners and managers of home health agencies and healthcare providers know that preparing the annual Medicare cost report is a crucial part of running a business.

Medicare cost reports, which are basically a series of forms that indicate the costs and charges linked to healthcare treatment activities, are submitted by hospitals, hospices, skilled nursing facilities, home health agencies, and other such institutions to determine if Medicare paid sufficient amounts to the healthcare provider in question. It contains information such as facility characteristics, expenses incurred, gross and net revenue, payer mix (referring to the number of patients eligible for Medicare, as well as data on those who do not qualify or have private insurance), wage indices, and total number of patient visits. Required cost report pages and supplementary documents include – WS A (Summary Trial Balance of Expenses), WS A-6 (Reclassifications), WS A-8 (Adjustments), WS B-1 (Statistical Allocation of Overhead Expenses), WS C (Patient Treatment Revenues – Total Charges), Settlement (Charges and Data), WS S-2 (Provider Questionnaire), WS S-3 Part 1(Census Data), WS S-3 Part 2 (Wage Index), and WS S-10 (Uncompensated Care).

While Medicare uses the data collected to gauge the scope and impact of the program, the efficient submission of cost reports is equally important for individual home health agencies because cost reports determine the rates of both past and future reimbursements that home health agencies can obtain—the CMS and Congress use the data obtained from cost reports to set industry rates and implement possible policy reforms.

Given the importance of preparing accurate, complete, and comprehensive Medicare cost reports, many home health agencies spend inordinate amounts of time, money, and effort to making sure that they answer all report questions in a satisfactory manner. In fact, research done by the Centers for Medicare and Medicaid Services reveals that an average of two hundred hours is required to ensure the completion of a single Medicare cost report. This can often range from hundreds to thousands of pages, depending on the size of the home health agency submitting it. Because of this, home health agency managers and owners often see the preparation of cost reports as a daunting, complicated task best left to professionals. Even so, not all accountants have the experience and skill set needed to accomplish the job.

 
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To avoid excessive fees and complications, it is best to start preparing your 2014 cost reports early on. You can do this by availing of top-notch 2014 Medicare cost report preparation accounting services from one of the most trusted names in the industry— Mr. Khaled Hazzouri from Hazzouri Accounting.

Khaled Hazzouri is a skilled certified public accountant that can help extricate you and your business from the potential quagmire that a Medicare cost report can be and turn it into an efficient, fuss-free, cost-effective process that will save you valuable time, money, and effort. With years of experience under his belt, Mr. Hazzouri has gained an innate understanding of the reporting and filing process, allowing him to effectively evaluate, analyze, and report on the financial status of your home health agency in a timely manner. He is well-versed in industry standards and is able to produce a specialized, detailed report that fully reflects the strengths and vision of each individual client. His reasonable service rates are complete with an assurance of no surprise fees. And because of this, he has left hundreds of clients satisfied with his professionalism.

From the start of evaluation to the last day of filing your Medicare cost report, Mr. Hazzouri can take responsibility for the entire process, leaving satisfied home health care agencies with the peace of mind necessary  to focus on what really matters most—providing excellent healthcare services to patients and their families.

Click here to learn more about our Medicare cost report preparation services.