Medicare cost report

Medicare cost reports are used to report expenses for different types of Medicare reimbursable facilities, such as Skilled Nursing Homes (SNFs), Home Health Agencies (HHAs), Home Offices, Hospices, Rural Health Clinics (RHCs), Federally Qualified Health Centers (FQHCs), and hospitals. [1]Every facility must complete and file a cost report on a yearly basis, with some extenuating circumstances requiring more frequent cost reports. CMS, the United States government organization in charge of Medicare, regulates the specific requirements for these reports.[2]

Medicare cost report software is strictly monitored to be CMS-compliant so that reports will be accurate and fulfill all requirements. Approved software must be updated regularly to remain compliant with regulations. Only software from an approved vendor may be used.

Cost reports must be submitted in electronic format, known as Electronic Cost Reports or ECRs, via floppy disk, CD, or flash drive. Submission requirements include the ECR on one of the above media and a hard copy of the signed signature sheet. Supporting fiscal documentation is required, and may vary by fiscal intermediary a.k.a. MAC (Medicare Administrative Contractor).[3] Cost reports are submitted to a facility's fiscal intermediary, assigned by the CMS, by mail or courier.

Cost reports are due five months after the fiscal year end. Any delays are subject to withholding of Medicare reimbursement. Facilities will try to use these cost reports to maximize legal reimbursement by ensuring correct filing and reporting of fiscal data. Facilities with low or no Medicare utilization need to submit a low-utilization cost report, which does not include an ECR.[4]

Cost Report Forms[5]

As of 2014, the following are the updated cost report forms by facility for the more common providers:

References

  1. ↑ "Cost Reports". Center for Medicare and Medicaid Services. Retrieved 29 June 2015.
  2. ↑ "Cost Reporting". Centers for Medicare and Medicaid Services. CMS. Retrieved 29 June 2015.
  3. ↑ Progressive Provider Services
  4. ↑ "FAQs - Cost Reporting". Progressive Provider Services. Retrieved 29 June 2015.
  5. ↑ CMS website
  6. ↑ CMS Form 1728
  7. ↑ Instructions for Form 2540
  8. ↑ Form 2540-CMS
  9. ↑ Form 287
  10. ↑ Visiting Nurse Associations Of America- Form 1984
  11. ↑ Form 222
  12. ↑ Simple version Form 2552
  13. ↑ Complex version of Form 2552
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