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It is a federal law that Medicare Part A providers submit an annual cost report to a Medicare Administrative Contractor (MAC) no later than five months after year end. Many state lawmakers have followed suit by requiring Medicaid cost reports. Each public report contains an abundance of provider information including utilization, wage index, cost and charge ratios, and more.
Kraft Healthcare Consulting, LLC understands the importance that cost reports hold for health care entities. Our experience includes the following types of providers:
- Medicare/Surgical Hospitals
- Critical Access Hospitals
- Teaching Hospitals
- Specialty Hospitals
- Inpatient Rehabilitation
- Psychiatric Hospitals
- Long-term Acute Care
- Skilled Nursing Facilities
- Home Health Agencies
- Rural Health Centers
- Federally Qualified Health Centers
- Hospice and Dialysis Centers
- Home Office Cost Reports
With expertise working for national proprietary hospital chains, urban health systems, governmental and non-profit hospitals, and smaller specialty hospitals, our dedicated team members are ready to assist any health care facility with its cost reporting needs. Kraft Healthcare Consulting's cost reporting services include but are not limited to:
- Preparation or review of Medicare and/or Medicaid Cost Reports.
- Review and assistance with tentative settlements, cost report audits, appeals and other correspondence with CMS and MACs.
- Review previously filed Cost Reports in order to identify potential exposure and reimbursement opportunities.
- Identify and assist with opportunities for Disproportionate Share (DSH) and Low Income (LIP) reimbursement for medical/surgical and rehabilitation hospitals, respectively. This includes examining appropriate Medical eligible and out-of-state days, as well as Supplemental Security Income (SSI) days.
- Assist in compiling and/or review of traditional Medicare Bad Debts and Medicaid "crossover" Bad Debts to be claimed on the Cost Report.
- Assist with Wage Index audits and review for potential Geographic Reclassifications.
- Assist in other Medicare designations such as Sole Community, Medicare Dependent, and/or Rural Referral Centers.
- Assist your Sole Community or Medicare Dependent Hospital in successfully demonstrating the requirements to receive a Low Volume Adjustment.
- Consultations for various Provider Based issues.
- Square Footage Analysis for proper cost allocations.
- Various Medicaid and other State Program Reports such as Residential Treatment Centers.
- Agreed Upon Procedure reviews of various types of reports as required by numerous states
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