Home health agencies only have until the end of May to file their cost reports for Medicare / Medicaid. As with many other government paperwork (God bless America), this can be a severely time-consuming task that is estimated to take a whopping two-hundred something hours of research, preparation, and data analysis to complete. Given that number, even if you start today, you would have to work on it for over 6 hours a day, 5 days a week, just to finish them in the nick of time. Add to this that due to the highly complicated nature of these forms, you may overlook major errors and lose a lot of money, or even unwittingly violate the law. If you haven’t started your home health agency cost report preparation in 2014, it may be safe to say that you need to call in the professionals.

Khaled Hazzouri of Hazzouri Accounting is a Medicare cost report preparation accountant with many years of expertise in getting these forms done properly and on time. We can prepare the entire cost report for you for a hassle-free filing. Alternatively, we can review any forms you have already accomplished to make sure that everything is in order. We will make sure that you receive the full amount you are due. Call us at 734-844-1614 or visit our website at www.hazzouriaccounting.com for any questions.

If you’re feeling the pressure from the approaching deadline, take a load off and let us do the hard work for you. But for next year, there may be a number of other things you can do to streamline your operations and reduce the stress, overall.

Revisit your business plan and operational policies, and adapt them accordingly to any needed changes you may have noticed so far. Being ineffective at finding and keeping both staff and clients can also be a huge waste of time and resources. If your employees keep leaving, find out why and address it right away. It is much cheaper and less time-consuming to give your employees better pay and benefits than to go over the hiring cycle repeatedly in a short amount of time. You can also partner up with a local college that may be looking to have their students hired as soon as possible after graduation. Aside from the large talent pool, they also have records on each applicant going back several years. Clients, on the other hand, can come from partnering up with other types of healthcare providers such as hospitals and rehabilitation centers.
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There is also a growing number of software designed specifically for home health agencies. These help in documentation, paperwork, billing requests, and many other aspects of the home health business. This includes clinical, financial, administrative, scheduling, and human resources processes, as well as compliance with industry requirements and updates.

Remote patient monitoring (RPM) technologies are sprouting up at a rapid pace. These technologies are useful, not only in keeping better watch of patients’ conditions, but also for reducing the need for on-site visits by your medical practitioners. This, in turn, reduces the response time for any needed interventions. It also lessens the waste of time and money on on-site visits. These technologies include the likes of blood sugar and pressure monitors that can be hooked up to a computer, or even a smartphone, for patients to be able to send their latest results online and in real time. Other emerging technologies include telemedicine robots and toilet sensors.

However, for the current season, where it may be too late to go through all that, Hazzouri Accounting is here to help you file your Medicare / Medicaid cost reports for 2014. Contact us today through our website or visit our social media accounts – Facebook | Twitter | Google+ | LinkedIn.

Despite the state of the US economy, the home healthcare industry remains one of the strongest businesses today. According to the US Bureau of Labor Statistics, home healthcare jobs will grow 5.5 times faster than all other non-farm industries until at least 2020. The aging population of the US, coupled with the rising incidence of chronic conditions among those at retirement age, has and continues to create great demand for home healthcare.

There is also growing concern over the inflated and unnecessary costs being incurred by elderly chronically ill patients in the traditional hospital setting. The Affordable Care Act aims to address this by pushing for a fee-for-performance model instead of the existing fee-for-service model. This, in turn, will shift the focus of healthcare providers to keeping patients healthy and minimizing the need for hospitalization.

However, it’s not to say that starting and running a home healthcare agency will be a walk in the park. Licensing requirements can be very demanding and cost report preparation is infamously complicated, especially with regards to Medicare. Staffing can be a challenge, especially for those just starting out in the industry. High setup costs, cost-effectiveness, and ROI are also common issues with home healthcare agencies. So how can you streamline your home health agency business in your quest for success?

The Basics

As with any business, you should put in the effort to come up with a well-researched business plan, including an in-depth description of your operational policies. This is particularly important for a home healthcare business, which is why many jurisdictions require a formal business plan (among other things) to get a license in the first place.

Finding both quality staff and potential clients is a hurdle for many. Working with a local college with a nursing and nursing aide program can be helpful, as these institutions are able to assess their graduates’ performance over several years, which is all but impossible for walk-in applicants. They also have an interest in finding employment for their graduates, and will usually welcome a partnership with home healthcare agencies. Similarly, networking and partnering with other types of healthcare providers, such as hospitals and rehabilitation centers, can lead to a significant number of referrals for discharged patients and other potential clients.

 
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Home Health Software and Technology

Home health software such as those provided by McKesson or Axxess can significantly streamline your agency’s documentation and paperwork, while also ensuring compliance with industry requirements and updates. They can also speed up billing requests and other processes involved in the clinical, financial, administrative, scheduling, and human resources aspects of your business. All in all, they help to make your day to day operations run smoother and reduce the time and money spent on the more repetitive tasks.

There is also a growing push for the use of remote patient monitoring (RPM) technologies such as glucose meters and blood pressure monitors, which patients can use themselves and upload the results for via computer or even mobile phone. This reduces the need for on-site visits by medical practitioners while also enabling a more real-time monitoring of a patient’s health. And it doesn’t end there – in 2013 alone, over $100 million was invested in new RPM technologies ranging from telemedicine robots to toilet sensors.

Cost Report Preparation

This is probably the single biggest headache in running a home healthcare agency business. As senior citizens are the primary clients of home healthcare, you will need to handle Medicare cost reports. These are extremely complicated forms that can cause tons of trouble if filled out improperly. In fact, the Centers for Medicare and Medicaid Services estimates that over 200 hours of research, preparation, and data analysis is required on average for Medicare cost reports. Getting an experienced Medicare cost report preparation accountant will go a long way in addressing this bottleneck in your operations.

Hazzouri Accounting has years of experience working in the home health agency field with industry-specific knowledge on highly detailed aspects of Medicare and Medicaid. We will prepare or review your filings to ensure that you receive the full amount you are due. Contact us at 734-844-1614 or visit us our cost report preparation services page for your home health agency cost report preparation in 2014. You can also ask a question on our Facebook fan page, Twitter feed, or Google+ listing!

In a previous post, we discussed How You Can Benefit From Early Tax Preparation and why getting an accountant is a great help. This time around, we will enumerate the different forms you should bring to your tax appointment with your accountant to avoid any mistakes, or having to go back if you forget any requirements. However, keep in mind that these are only suggestions – different people will have different requirements. Some may not need all of the items listed here, while others may need more items not covered here.

Personal Documents and Information

Bringing your previous tax returns with you will help us determine the exact figures for your situation, including anything you may have missed in terms of what you have to pay and deductions you may not be aware of. This is especially helpful if you are a new client, and even more so if you have already raised red flags at the IRS.

Your Social Security Number (SSN) will also be needed, and those of all your dependents as well as their full names. Any alimony paid or received, childcare records (including provider’s ID number), divorce decrees, form 8332, and any other related documents should also be included. If there are other adults in your household that earned money in the previous year, you should also bring estimates of the income each of them had received.

Other Sources of Income

These may include the following:

• Unemployment
• State tax refund
• Self-employment information, including income and expense records, asset information, and office-in-home information
• Rental income, including income and expense records and rental asset information
• Retirement income, such as pension, IRA, annuity, social security and RRB
• Interest and dividend income
• Income from sales of stock or other property, including dates of acquisition and records of your cost or other information regarding sold property
• Gambling income
• Healthcare reimbursements
• Jury duty
• Hobby income
• Prizes/awards
• Any others under 1099
• Employee Information (W-2)
• IRA Information, including the amount contributed, traditional IRA basis and the value of IRAs in past year/s.

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Itemized Deductions

Make a list of any deductions you may think of, including any of the following:

• Mortgage statements such as Form 1098
• State/local income or sales taxes paid (excluding withholding taxes)
• Real estate and personal property tax records
• Vehicle sales taxes paid
• HUD statement
• Cash and non-cash donations to schools and religious and other charitable organizations
• Medical expenses
• Mileage and gas, oil, car wash, licensing, parking and toll fees in the course of charitable, medical, and business purposes
• Investment-related expenses
• Tax preparation expenses
• Employment-related expenses
• Business rent expenses
• Moving expenses
• Dependent care expenses
• Higher education expenses
• Energy efficiency upgrades to your home
• Safe deposit box, cell phone, tools, dry cleaning, luggage, travel, meals and entertainment expenses

Any Damages from a Federally Declared Disaster

This includes the location you lived, worked, or had property in that was affected by the declared disaster. You will need records showing the losses and repair costs, insurance reimbursements or claims, and FEMA assistance information.

How Hazzouri Accounting Can Help:

Getting all of these documents and information together can be the single most difficult effort on your part in preparing your 2013 tax return. Hazzouri Accounting is affiliated with and/or certified by organizations such as the MACPA, Intuit, and AICPA to provide expert advice and assistance for your tax preparation in 2014.

As with every year, the majority of Americans will overpay on their 2013 taxes. With over 16 years of experience with Canton, MI taxes, and the surrounding area, Khaled Hazzouri can help you avoid any overlooked tax breaks. Filing as early as you can will put you at an advantage over the rest of the 1.8 million people in Wayne County alone serviced by only around 1500 accounting firms, and will also mean avoiding penalties and faster processing of any refunds. For more information, or to set up your tax appointment, please visit our website / Facebook fan page or call 734-844-1614 today.

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.

The 2014 tax season is going to be here shortly.  Employers are required to issue W-2 forms to their employees in January, but most people will put off their 2014 tax preparations until just before the April deadline.  Which is understandable as there is nothing pleasant about giving away a chunk of your hard-earned money.  However, as Benjamin Franklin said 224 years ago, “Nothing is certain except death and taxes.”  Do not delay the inevitable!  We at Hazzouri Accounting can show you why you should file your taxes early on.  We are here to guide you through the process to ensure the lowest fees, highest returns, and a stress-free tax season overall.

Maximize Deductions

Owing taxes can often come as an unplanned expense This expense can put a considerable strain on your normal budget. Preparing your return earlier means you can better plan for a potential bill.. You can also have more time to find and take advantage of any tax breaks and deductions you may be eligible for in the constantly evolving state and federal tax laws.

Avoid Penalties

Figuring out the exact amount you have to pay and paying it on time ensures that you avoid any costly penalties and interest fees on top of the taxes you may end up paying. Filing early also does not mean that you have to pay early. You can still pay later on in the season after you have made sure that everything is in order. This gives you time to make the necessary corrections before the deadline when penalties become applicable.

Waiting until the last minute to prepare everything can make you overlook tax breaks and deductions you are eligible for. Rushing can also lead to honest mistakes and typographical errors that may raise red flags at the IRS. This could lead to an IRS audit, in which case you will likely need to hire a tax resolution specialist to avoid fines.

 
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Get Help While You Still Can

The majority of Americans overpay on their taxes. Much of this is from overlooked tax breaks. Most people can avail of deductions such as financial planning and management expenses, education credit, retirement savings contribution credit, losses due to theft or destruction, charitable mileage, personal legal bills, and even hobby expenses. Hiring a professional accountant ensures that you are able to take advantage of any and all deductions you are eligible for without the risk of overstating your deductions and getting unwanted attention from the IRS.

Waiting until the last minute to hire an accountant means you compete with all the other people in your area who are trying to beat the deadline. More and more accountancy firms are unable to accept new clients the closer you get to the deadline. To put this into perspective, Wayne County alone, being the most populous county in Michigan and 18^th most populous in the country, has a population of around 1.8 million as of 2012. However, only 1,538 accounting firms are listed in the Yellow Pages at the time of writing.

If you are eligible for a refund filing early means a faster processing time. You can have your money within a few weeks. If you wait until April there is a longer line of people getting their refund which can lead to longer processing times.

Hazzouri Accounting

Hazzouri Accounting is ready to assist in your 2014 Wayne, County Michigan tax preparation. After a simple interview and review of your finances we can accurately determine your taxes and deductions. We will then file all of the necessary paperwork for your 2014 taxes.  Hazzouri Accounting is affiliated with and certified by organizations such as the MACPA, Intuit, and AICPA. Khaled Hazzouri has over 16 years of experience as CPA in the area. For more information please visit our website / Facebook fan page or call us at 734-844-1614.