Medicare, Medicaid & Medi-Cal cost report preparation [more]

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Medicare Cost Report Preparation

Medicare cost report preparation is a complex, ever-changing and exacting legal obligation. Since both compliance and accuracy in Medicare cost reporting are key to uninterrupted and maximized CMS reimbursements, it is of crucial importance to the financial health of your organization. L. Beardsley CPA, Inc. is one of the largest and oldest dedicated providers of Medicare reimbursement and cost report services in the nation (we provide Medicare Cost Reports for all 50 States and territories). With over 25 years of Medicare cost reporting experience, our team has the expertise that you need to turn your Medicare cost report preparation into a seamless and inexpensive opportunity to optimize your revenue.

Why rely on us for your Medicare cost report preparation

medicare-cost-reportMisfiling Medicare cost reports can be very costly (suspended payments or missed reimbursement), so is the filing of the cost report itself. The Centers for Medicare and Medicaid Services (CMS) estimates that an average of over 200 hours of research and compilation work is required to answer each of the Medicare cost report questions.

With thousands of cost reports filed since its inception in the 1980’s, the L. Beardsley CPA team has acquired a deep understanding of the Medicare cost reporting process and developed cost-effective methodologies to facilitate the compilation and filing of Medicare cost reports (notably our checklists). Our staff members attend regular trainings in the preparation of all CMS cost reports to ensure they stay abreast of changes in reporting requirements. Beyond CMS regulations, our staff is trained in current best practice for the handling of confidential patient or financial information. (Our website features a unique secure File Cabinet system through which confidential information exchanged with our clients is transferred or stored securely, in compliance with Federal and state laws). Our CPA’s and staff have years of Medicare cost reporting experience and healthcare accounting practice. Each one of our Medicare cost report clients is assigned a dedicated cost report preparer.

We have the means to address your Medicare cost report needs and related issues; in addition to expertise, seniority and technical excellence, it is our dedication to our clients and straightforwardness in a complex industry that make us one of the most successful CPA firms dedicated to healthcare accounting in the country.

Please call today to discuss how we may help you with your Medicare cost reporting needs at (817) 469-6800

Medicare cost reports provided:

L. Beardsley CPA, Inc. files Medicare cost reports for a wide range of healthcare providers throughout the United-States and its territories. Included are:

  • Hospital Cost Report
  • Nursing Home Cost Report / Skilled Nursing Facility Cost Report (SNF)
  • Home Health Cost Report (HHA)
  • Hospice Cost Report
  • Rural Health Clinic Cost Report (RHC)
  • Federally Qualified Health Center Cost Report (FQHC)
  • Community Mental Health Clinic Cost Report (CMHC)
  • Central Office Cost Report

L. Beardsley CPA, Inc. also provides Medicare cost report services to other CPA’s and Healthcare consulting organizations. Call us today at (817) 469-6800 if you wish to become a reseller of our Medicare cost report preparation services.

Flat Medicare cost report Pricing

Our prices are transparent, flat, all-inclusive and among the lowest in the industry. No hidden fees. No hidden costs.

Medicare cost report preparation deliverables

Once done, your Medicare cost report is uploaded in the secure File Cabinet section of our website where it will remain available 24/7 for you and the other authorized users of our system within your organization.

The original of your Medicare cost report and electronic file on a CD is then mailed to you for signature and to be sent to your fiscal intermediary.

We also prepare your “Crosswalk” which ties your books to the cost report and provides an audit trail.

We will communicate with Medicare at any time regarding the report if this proves necessary.

Optional Medicare cost report preparation services

As an alternative to, or in addition to the preparation of your Medicare Cost Report, L.Beardsley CPA, Inc., offers the following services:

  • Review of client in-house Medicare cost report to identify potential issues or missed reimbursement opportunities, and to offer recommendations for optimizing future Medicare cost preparations.
  • Medicare cost report defense or re-opening. L. Beardsley CPA, Inc. can help you review, appeal and revise your Medicare cost reports to help you recover what you are owed.

Medicare cost report checklists/forms

Our Medicare Cost Report instructions and forms are one of the means we use to save you time and streamline the Medicare Cost Reporting process. Our Medicare cost report submission checklists are updated regularily to reflect changes in regulations.


Medicare cost report preparation recommendations

Start as soon as possible, and file your Medicare cost report early to help avoid any Medicare payment suspension. Starting early will provide time to solve any issue before the due date, should your Medicare cost report be rejected for an unforeseen reason (beyond our control).

Use our Checklists to compile the necessary information and documents; build a conservative timeline, and assign tasks.

Include all information from the checklist.

Medicare Cost Report FAQ's

Do I need to file a Medicare cost report?

If your organization provides health care services to Medicare beneficiaries, it must file a Medicare cost report annually. If you fail to file your Medicare cost report, all interim payments since the beginning of the Medicare cost reporting period are deemed overpayments. Filing a Medicare cost report is also required when a provider goes out of business or changes ownership.

We did not provide services to Medicare beneficiaries last year. Do I still need to file a full cost report?

Yes and No, If you provided little or no covered services to Medicare beneficiaries, you do not need to fill a full cost report but you still need to file a report: a low Medicare utilization cost report (or LMU) or a signed “No Medicare Utilization” statement that no claims for Medicare payment will be filed for this reporting period. This statement must be sent with a completed certification page of the applicable cost report forms within 150 days following the close of the reporting period. Call us for details about the applicability of the LMU to your situation.

My agency is linked to a larger organization, do I need to fill a separate cost report?

Yes and No. The general rule is that chain organizations and groups of providers operating as cooperatives cannot file a combined or a consolidated Medicare cost report. However, if your organization is a provider-based (e.g.: hospital-based) Home Health Agency or Rural Health Clinic you do not need to fill separate cost reports. Your Medicare Cost report data can be combined with that of the provider. Note also that multi-facility institutions (aka complex providers) with only one provider number, or one provider number plus sub-provider numbers for their sub-cost-centers, can file a single Medicare cost report under their number (and the sub-provider numbers). Note that combining facilities or agencies in a single Medicare cost report generally requires that like rates be charged for like services -- or else, they need to be reported separately - so as not to generate incorrect cost-to-charge ratios. If you filed a combined Medicare cost report when you shouldn’t have, your intermediary can re-open the cost report within three years following its notification of program reimbursement.

What is my Medicare cost report due date?

Medicare Cost reports must be sent (postmarked) on or before the last day of the fifth month following the close of the cost reporting period (your accounting year), or 150 days after the last day of the cost reporting period if your fiscal year does not end at the end of a month.

What is the Medicare cost reporting period?

The Medicare Cost reporting period is your fiscal year. It has to be 12 successive calendar months or 13 four-week periods with an extra day (two for leap years) added to the last period to make it match with the end of the calendar year or month. Other Medicare Cost reporting periods are acceptable under certain conditions. Contact us for details.

Can I get a Medicare cost report extension?

Medicare cost report due date extensions can only be granted by CMS under extraordinary delaying circumstances that are beyond the control of the provider (e.g.: Hurricane Katrina). Otherwise, there are no exceptions, unless your contractor is late mailing your PS&R, beyond the 5 month due date. Under this particular circumstance, you have 30 days from the date you receive your PS&R to file your Medicare cost report (PS&R: Provider Statistical and Reimbursement Report).

Do I need to wait for my PS&R to file my Medicare cost report?

No you do not. You can use your own data to compile your cost report, provided that it matches the billing data provided to CMS throughout the reporting period.

What if my Medicare cost report is filed late?

If you do not timely file a complete and acceptable Medicare cost report, your Medicare payments will be suspended until a cost report is filed and considered acceptable. All interim payments received since the beginning of the Medicare cost reporting period are deemed overpayments.

How long does it take for a Medicare cost report to be settled?

Medicare cost reports are typically reviewed, accepted or rejected by CMS intermediaries within 30 days of cost report receipt date. A tentative settlement is then determined within the next 60 days. If a Medicare cost report is not selected for audit it is then usually settled within one year of the Medicare cost report acceptance.

What if My Medicare cost report is rejected by the Medicare Intermediary?

The rejection of your Medicare cost report by the intermediary will lead to the suspension of your payments starting on the day your Medicare cost report was due to be filed. Call us for details.

If we owe money to Medicare, to whom should the check be sent?

The check should be sent to your CMS intermediary. The check should not be sent along with the cost report submission.

Where do we start? Should I start by filling out your Medicare cost report checklist?

Yes, but give us a call first. Your particular circumstances may call for particular CMS cost report preparation recommendations.


Lawrence J. Beardsley CPA Inc. also provides Medicaid cost report preparation services and Medi-Cal cost report preparation services.