A Medicare Cost Report is basically a financial report that identifies the charges related to healthcare activities.
Cost Reports report expenses for different types of Medicare reimbursable facilities, such as hospitals, Skilled Nursing Facilities (SNFs), Home Health Agencies (HHAs), Renal Dialysis Facilities, hospices, health clinics, Community Mental Health Centers (CMHC), Federally Qualified Health Centers (FQHCs), and Rural Health Clinics (RHCs). Most Medicare-certified providers are required to complete and submit a cost report to Medicare Administrative Contractor (MAC) on a yearly basis. Furthermore, filing delays may affect reimbursement.
The Centers for Medicare and Medicaid Services (CMS), the US government organization in charge of Medicare, chiefly regulates these reports.
The cost report contains a variety of provider information. This includes facility characteristics, utilization data, cost and charges by cost center (in total and for Medicare), Medicare settlement data, and financial statement data. CMS maintains the cost report data in the Healthcare Provider Cost Reporting Information System (HCRIS).
Cost report forms vary depending on facility type:
- Hospital Cost Report (CMS-2552-96 and CMS-2552-10),
- Skilled Nursing Facility Cost Report (CMS-2540-96 and CMS-2540-10),
- Home Health Agency Cost Report (CMS-1728-94),
- Renal Facility Cost Report (CMS-265-94 and CMS-265-11),
- Health Clinic Cost Report (CMS-222-92),
- Hospice Cost Report (CMS-1984-99 and CMS-1984-14),
- Federally Qualified Health Clinic Cost Report (CMS-224-14),
- Rural Health Center Cost Report (CMS-222-17), and
- Community Mental Health Center Cost Report (CMS-2088-92 and CMS-2088-17).
Cost reports are submitted in electronic format, known as Electronic Cost Reports or ECRs. Submission requirements include submitting the ECR files and the signed signature sheet. Supporting fiscal documentation is required, and this may vary by Medicare Administrative Contractor.
Finally, cost reports are due five months after the fiscal year end. If the books run January 1 – December 31, then Cost Report filing date every year is May 31 of the following year. Additionally, if the due date is on a weekend or holiday, the Cost Reports are due on the first workday afterwards. “Due” means it must be filed (either mailed or uploaded to MCReF) on or before the due date. When filed cost reports need to be fixed, grace periods are provided for resubmission . Filing extensions are granted only under extreme circumstances. Nonetheless, the penalty for overdue cost reports is withholding of payments, so file on time!
SOURES:
https://www.cms.gov/Research-Statistics-Data-and-Systems/Downloadable-Public-Use-Files/Cost-Reports
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