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Recognized Medicare Cost Report Preparation Experts.
7+ Years Vast Experience.
Close Working Relationship With CMS and Intermediaries (MACs).
TYPE OF REPORTS
Home Health Care
Hospice
Skilled Nursing Facility
Experience of SVF Accounting
SVF Accounting has been an established and experienced company with an excellent track record for the best customer satisfaction for over 7 years. SVF Accounting is uniquely qualified to provide healthcare accounting services to hospices, home health assisted living and nursing agencies. With nearly 7 years of healthcare finance experience, or clients depend on us for comprehensive financial services that allow them to optimize the financial position and operations of their facilities. The knowledge we have of the medical and healthcare industry is what sets our company apart. Dealing with your accounting needs in- house can be frustrating and time -consuming.
Medicare Cost Report
Medicare- certified providers are required to submit an annual cost report to CMS. The cost report contains provider information such as facility characteristics, utilization data, cost and charges by cost center (in total and for Medicare), Medicare settlement data, and financial statement data. The cost information and statistical data reported must be current, accurate and in sufficient detail to support an accurate determination of payments made for the services. Our Team is up to date with the preparation of all CMS cost reports to ensure they stay ahead of changes in reporting requirements. The due date for Medicare cost report is May31 each year.
Purpose and Important Data
Medicare requires that providers of certain services are required to prepare on an annual basis a cost report which shows the total expenses to provide services and the Medicare allowable expenses used by CMS to review and adjust rates. The information is also used by MedPac, Medicare Payment Advisory Services Commission, to advise the US Congress on the financing and delivery of care.
Parts of the Medicare Cost Reports are used to determine wage adjustments for the labor components for services in certain geographic areas of the United States. Also, for some PPS providers the Bad Debts are calculated and reimbursed according to CMS policy.
The accuracy of the wage index information along with the Bad Debt Accuracy in producing the cost reports are of extreme importance. If they are calculated incorrectly, the provider is under reimbursed for allowable services provided.
Key Metrics in Cost Report
In all types of Medicare Cost Reports there are key Matrices that show the management how well the provider is delivering the care to the community.
Some examples are:
Skilled Nursing Facility (SNF) – General Inpatient Cost per Diem, Average Length of Stay and PPS amounts compared to Cost.
Home Health Agency (HHA) – Revenue per Episode, Cost per Episode, and Utilization per Episode.
Hospice Agency – Average Cost Per Diem, Average Revenue per Diem and Capitation Calculation on an interim basis.
Home Health Care
Due Date:
Home Healthcare Cost Reports are due 5 months after the end of the fiscal period, or the cut off period determined by the MAC for Change of Ownership or for a Terminated Provider.
Purpose of Report:
The Home Health Medicare Cost Report is designed to report to Medicare the allowable Medicare cost per visit in the geographic area (MSA) of the provider, Utilization per Episode, Utilization per Discipline per Episode. With this information Medicare can determine the cost to deliver a Home Health Services in a geographic area by diagnosis. Medicare the uses this information for adjusting the National rate with the wage index information from the reports in specific MSA areas.
Type of Report: The Medicare Report for Home Health Care is the 1728-94.
Information gained through the Analysis of the Medicare Cost Report Home Health 1728-94
- Cost Per Visit
- Utilization Per Episode
- Utilization of Disciplines per Episode
- Revenue Per Episode
- Cost Per Episode
Hospice
Due Date:
Medicare Cost Reports are due 5 months after the end of the fiscal period, or the cut off period determined by the MAC for Change of Ownership or for a Terminated Provider.
Purpose of Report:
The Hospice Medicare Cost Report is designed to report to Medicare the allowable Medicare cost per day in the geographic area (MSA) of the provider . With this information Medicare can determine the cost to deliver Hospice Services in a geographic area by the average number of days. Medicare the uses this information for adjusting the National rate with the wage index information from the reports in specific MSA areas.
Type of Report: The Medicare Cost Report for Hospice Care is the 1984-14.
Overpayment Plans – Once a client is over the aggregate cap limit, we assist them in preparing an extended repayment schedule for Medicare Hospice.
Information gained through the Analysis of the Hospice Medicare Cost Report #1984-14
- Interim Capitation limits and payments from PS&R Report
- Average Cost Per Diem
- Cost per Day versus Revenue Per Day
SVF Accounting, Inc.
Cost Report
No Utilization: A Full Cost Report is not necessary to be filed when a provider has not furnished any covered services to Medicare beneficiaries for an entire cost reporting period.
Low Utilization: A Provider may file less than a full cost report if it had low utilization of covered services by Medicare beneficiaries in a cost reporting period. Medicare reimbursable cost must not exceed $200,000.
Full Utilization: A Provider must file a full cost report of it had high utilization of covered services by Medicare beneficiaries in a cost reporting period. Current requirements are that Medicare reimbursable cost most exceed $200,000.
