Medicare Cost Reporting Overview
Currently CMS has selected those required to report in Years 1 through 4 (total of 5 years). If someone has not been selected, they will be selected the last year of the study, year 5. For those that have been selected in Years 1 and 2 you must report in 2023 (depending on the reporting period they chose). For those selected in Years 3 and 4 you must report in 2024. If you do not know if you’ve been selected you can reach out to Tom Deegan, [email protected].
If you do not submit the cost report as mandated the penalty is a 10% reduction in your Medicare payments.
Below is a link to the CMS site with all the information you will need for your cost reporting. It is a very complicated and time-consuming report, and we are receiving a considerable number of questions, inquires and requests for assistance.
PBS Medicare Cost Reporting Seminar
PBS will be offering a 3-hour seminar on Monday, February 6 from 2-5 PM. Asbel Montes from the Solutions Group will be walking our agencies through the requirements and how to complete the cost report. A registration link will be coming out later this week, or early next week. This will be a virtual seminar, but we may offer a live site is needed. This is a one-time offer and there will be no recordings. Anyone interested must attend on February 6.
Cost Reporting Services
We have a few clients that have asked for our assistance completing their cost report. PBS will provide the ambulance billing data for the report (similar to what we do for the GEMT cost report) but most of the data needed is not available to PBS and the cost report is too complex and not in our area of expertise. In the next few weeks, we will be providing the name and contact information for a few accounting firms that can help the agency complete their Medicare cost report. The price range to complete the report seems to be between $5,000 and $8,000 (billed on an hourly basis) depending on the complexity and the ability of the client to provide the detailed data required. We are reaching out to accounting firms with cost reporting experience and will provide contact information and pricing soon.