New Documentation Requirements for Filing Medicare Cost Reports

O
ne of the clearest intentions of the guide is to have you on board and share what’s important with regards to the current trend.

Thus, what matters is having all the facts laid down on the table of discussion.

Now, we won’t discuss straight up the context; however, it’s again important to keeping a complex reasoning and constructive view on what we will be sharing hereon.

So, what is Medicare Cost Report?
For every healthcare activity that takes place, that’s involved cost and charges.

Therefore, consider Medicare Cost Report as a charge sheet or financial report that is always put forth and submitted in the most standardized formats possible.

This has now become pivotal as well as mandatory by far.

Why?

Well, to prevent it from the rejection.

If your report gets rejected, then no reimbursement and things will backfire drastically on you!

Such Medicare Cost Reports are submitted to the Centers for Medicare & Medicaid Services (CMS).

Furthermore, CMS keeps the complete task and aligns Medicare Cost Reports in the Healthcare Cost Reporting Information System (HCRIS).

The one who submits such Medicare Cost Report are Medicare-Certified Institutional Health Care Providers.

Again, you may have questions what CMS stands for and their purpose of existence in the complete story?

To ascertain the fact, CMS is a part of the Department of Health & Human Services (HHS) that oftentimes looks into several federal healthcare programs.

CMS sticks with a one-stop approach, that’s more about value-based reimbursement.

Including this, the department also administers the Health Insurance Portability and Accountability Act (HIPAA) and Medicare Access and CHIP Reauthorization Act (MACRA) law.

Moving forward – Stick with the guide since beginning is always playful and adventurous.

In short, let’s answer quickly questions readers may have at large.

Why Medicare Cost Report Is Used For & The Purpose
It is used for an accurate and correct reimbursement to physicians as well as other healthcare organizations for the services they have rendered to patients respectively. It’s important to keep a note of such healthcare activities, so they can get paid at the same time.
What’s That Included In The Report
The report includes information such as Facility Characteristics, Utilization Data, Total & Medicare Costs, Inpatient as well as Outpatient Charges, including Medicare Payment Data and Financial Statement Data to be more specific and precise.
Who Files It
As discussed, it requires for a Medicare-Certified Institutional Health Care Provider to file for Medicare Cost Report in the most effective manner, so the reimbursement process never gets rejected, and the purpose it is used for.
At a glance:
Medicare Cost Report has to be filed annually. It’s an imperative job all home health agencies have got to perform on a consistent basis. Failure to doing so will result in termination of all cash-inflows. All it means, you won’t get paid for the healthcare activities you rendered under the program.
About Monarch RCM
It’s never now easy to be all prepared to gather a whole new range of information at a glance. In fact, filling for Medicare Cost Report requires detailed information and documentations that physicians as well as other healthcare institutions should be aware of. So, it’s highly recommended not to skip the phase and perform your due diligence at hand. On top of everything – By any chance, you ever need assistance in order to filling and submitting Medicare Cost Report in the most proficient manner, we are always here to support and get you on board. In fact, do contact us today and we will set the stage to prevent every Medicare Cost Report from getting rejected to the greatest degree possible.
Common Medicare Cost Reports Can Get Rejected For Lack Of Supporting Documentation Such As:

  1. Teaching Hospitals (Section 413.24(f)(5)(i)(A)

This Medicare Cost Report requires Intern & Resident Information System Data to not get rejected.

  • Bad Debt (Section 413.24(f)(5)(i)(B)

This Medicare Cost Report requires a Detailed Listing of Bad Debt Listing to not get rejected.

  • Disproportionate Share Hospital (DSH) Eligible Hospitals (Section 413.24(f)(5)(i)(C)

This Medicare Cost Report requires a Detailed Listing Of Hospital’s Medicaid-Eligible Days to not get rejected.

  • Charity Care & Uninsured Discounts (Section 413.24(f)(5)(i)(D)

This Medicare Cost Report requires A Detailed Listing Of Charity Care and/or Uninsured Discounts to not get rejected.

  • Home Office Cost Allocation (Section 413.24(f095)(i)(E)

This Medicare Cost Report requires a Detailed Listing Of Home Office Cost Statement (Home Office or Chain Organization) to not get rejected.

Final Thoughts
The standard process for filling and submitting Medicare Cost Report has to be followed and implemented upon.

Unless you do it, things will become messier with the passage of time since this can affect your venture financially under the program.

Thus, it’s always recommended that you consult and have a constructive view on the parameters we have discussed so far.

With that being said – Do share what is that you loved the most about the guide.

On a sweeter note – We at Monarch RCM are more committed to assisting and helping you out constructively to ensure you stay at the safer side.

And, thanks for the read, though!