Why You Need a Professional For Your Medicare Cost Report Preparation

Medicare beneficiaries who don’t get to file their cost reports on time blame the long list of required documents and the technical process of filling each one up. Aware they may be of their cost report deadlines, they still fail to provide all the necessary paperwork because they lack the know-how, resources and time.

 

This is one of the main reasons why hiring a professional CPA is more beneficial than struggling to complete the challenging process alone. After all, you can only attain the full benefits of your Medicare insurance after you’ve submitted the required documents. Failure to comply with this policy will only mean that your earlier efforts to record all hospital and medical bills will be wasted, if not void.

 

This article aims to outline what needs to be done to file a complete cost report, as well as explain what disadvantages you could face if you cannot meet the requirements within the given timeframe.

 

What does a Medicare cost report contain?

 

Your Medicare cost report should contain official forms or valid copies of every cost, charge or transaction that you exchanged with a healthcare partner. The coverage for these transactions includes all nursing, home health, hospital and hospice services. This may also include billing for prescribed medicine and specialized treatments.

 

What is the objective of the Medicare cost report?

 

The objective of the Medicare cost report is to review all the billing records incurred from hospital services, and determine whether or not Medicare has been able to provide the full amount promised in the coverage agreement.

 

Why is it important to hire a professional to file my Medicare cost report?

 

• Leave the technicalities to the experts.

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It is highly beneficial to hire the services of a professional when filing your Medicare cost report because the task itself can be too technical and time-consuming to do alone. Unless you are confident with your background in costing, there is a possibility that you could overlook tiny details.

 

Among the terms you need to be familiar with include:

 

• gross and net revenue
• expenses incurred
• qualified payer mix
• wage indices
• total patient visits
• total insurance amount (sole/collective)

 

• Guarantee the complete submission of all required forms.

 

With all the paperwork you need to gather and accomplish, it’s likely that you could miss out on a file or two. Here is a partial list of all the required forms you need to submit in your cost report:

 

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

 

This is just a partial list of the required documents. There may be additional forms depending on your particular case.

 

• Ensure on-time submission and avoid penalties.

 

Hiring a professional will also help you submit all of the requirements on time. This is crucial because it is only through a timely submission that you can determine the amount to be reimbursed by Medicare. Without your complete documents, health agencies will have no basis for summing up how much they can charge and collect from the government.

 

On-time submission is the key to getting your money early, as well as avoiding unwanted expenses through penalties.

 

• Have the time to focus on other tasks.

 

Enlisting the services of a professional will also ensure that you don’t lose time for your other tasks, whether at home or at work. This way, you can enjoy the peace of mind that comes with getting quality and complete work done, without you having to worry about a thing.

 

If you are interested in talking to a professional about cost report preparation services, you can talk to us. At Hazzouri Accounting, we are dedicated to simplifying tedious preparation processes, whether it’s your taxes or your insurance. Call us at 734-844-1614 today to know more.

 

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