2016 Michigan Cost Report Preparation Services

The end of May signals the deadline for filing the cost reports for all those with Medicare or Medicaid. This can be a very tiring and tedious task so we have prepared a quick breakdown of what you need to get done, and what you will face if you don’t comply within the set timeline.

What are Medicare cost reports?

Medicare cost reports are a series of official forms that document every transaction, from costs to charges, connected to healthcare treatment services such as:

• Hospital services
• Hospices
• Nursing services
• Home health services

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The cost reports should reflect whether or not Medicare indeed paid the sufficient amount in exchange for the medical services of any of the health institutions mentioned above.

The common terms included in these reports include, but are not limited to: gross and net revenue, expenses incurred, qualified payer mix, a wage index, number of patient visits, and total insurance amount.

Here are among the official pages required in the submission of the cost report:

• Summary Trial Balance of Expenses, or WS A
• Reclassifications, or WS A-6
• Adjustments, or WS A-8
• Statistical Allocation of Overhead Expenses, or WS B-1
• Patient Treatment Revenues, or WS C
• Settlement Charges and Data
• Provider Questionnaire, or WS S-2
• Census Data, or WS S-3 (Part 1)
• Wage Index, or WS S-3 (Part 2)
• Uncompensated Care, or WS S-10

The timely submission of all these documents is critical because they determine how much can be reimbursed from past and future medical transactions done with Medicaid or Medicare. These documents are the basis for calculating how much health agencies can collect from the government. Moreover, the CMS (Centers for Medicare Services) and Congress use these documents to obtain useful data for the benchmarking of industry rates and pushing future policy reforms.

What happens if I miss the deadline?

Submitting complete and comprehensive cost reports on time is beneficial to you because you are able to collect money or confirm the medical insurance that you signed up for. More importantly, you deter paying unnecessary costs and fees just because you didn’t file the needed documents on time.

What can I do so I don’t miss the deadline?

Getting all this paperwork done can be a huge pressure, especially if you are running a tight schedule. We are here to help take some of the load off your shoulders by listing down some of the most common tips for compiling the cost reports every May.

• Review your list of clients and employees – Before you start compiling all the documents needed for the cost reports, be sure to do a final count on all the clients under you for the previous year. It will be harder for you to keep track of those who have left when you’re already in the middle of all that paperwork. The same goes for keeping track of your current staff.

• Learn to use computer software to help build our database – Take advantage of software, apps or programs that can automate billing requests and all the other documentation necessary for doing health services.

• Start compiling the needed forms early – It will take some discipline to start compiling all the requirements before May even sets in. However, it is the surest way to avoid unnecessary fees from filing too late or not filing at all.

• Hire a professional to do the job for you – If you cannot attend to the process of filing the cost reports by yourself, it is highly advised that you seek the assistance of a professional accountant. Not only will you have more time to attend to other facets of your business, you can also be assured that the job will get done effectively and efficiently— every step of the way.

If you are interested in hiring a skilled and certified public accountant to help with your 2016 cost reports, get in touch with Hazzouri Accounting. Call us at 734-844-1614 today!

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