A Medicare cost report allows healthcare consultants to be reimbursed for medical services they provide to Medicare patients. Congress uses the reports to write new legislation surrounding Medicare in an effort to control the rate of increase in Medicare spending. The Medicare cost report is used to determine actual Medicare costs and must be filed within 5 months after the end of the fiscal year. It is imperative to file the report correctly. If filed incorrectly, your agency may stop receiving payments from Medicare. Your Medicare cost report would have to be revised and re-submitted for your payments to resume. Therefore, it is advised to hire a professional financial agency to complete the task on your behalf.
Cost reports are regarded as one of the most difficult task to complete accurately and in the time allotted. Even the most skilled reimbursement professionals can neglect to optimize reports and as a result leave valuable reimbursement dollars behind. Healthcare agencies often do not have the skill or resources to spend hours analyzing costs reports to make sure they were completed correctly. That is why many healthcare providers find themselves hiring financial consultants specializing in healthcare to help them handle important financial information swiftly and correctly.
Medicare cost reports are subject to annual compliance audits by fiscal intermediaries. Participating in an audit can be time consuming and overwhelming. It is important to have all of your financial records in order. A financial agency can not only assist you with your with cost reports, but with corporate tax returns, medical account receivables and medical billing. Using a financial service agency will allow you to have all of your important financial records under one roof. You will have financial consultants at your disposal to help you through any process you may need.
PS&R reports are necessary to file Medicare cost reports. The Centers for Medicare and Medicaid Services (CMS) made recent changes by implementing a Provider Statistical and Reimbursement (PS&R) system. Healthcare consultants must register an account with Individuals Authorized to Access CMS Computer Services (IACS). Information online is now user specific. CMS has eliminated hard copy PS&R reports and everything must now be completed online. Your healthcare financial agency should keep you abreast of any changes regarding Medicare compliance.