You will need to prepare a copy of all of the following items:
- Complete Financial Statements
- Year End Working Trial Balance in Excel format
- Detailed census and FTE information for Cost Report period being prepared based on internal records (according to worksheet provided)
- Square footage of office and copy of floor plan*
- PS&R Report from Cost Report period being prepared.
- Copy of Last Year’s Complete Medicare Cost Report
- Any Intermediary Correspondences received
- Departmental Payroll Breakdown (if the Trial Balance (TB) does not break down payroll by disciplines)
- Breakdown of Contract Labor Account (if not done on the TB)
If you would like to print out a PDF copy of these instructions click here: HHA Cost Report Preparation Checklist
Preparing the Medicare cost report is regarded as an extremely difficult task to accurately complete in the necessary time frame due to the complexity of the worksheets and ever-changing Medicare regulations. The importance of the cost report is important for both compliance and cost accounting reasons. With this importance in mind, MHC provides expertise in all areas of the cost reporting lifecycle.
The Centers for Medicare and Medicaid Services (CMS) reveals that depending on the facility, an average of two hundred hours is required to ensure the completion of a single Medicare cost report. The cost report can often require hundreds of pages of reports and statistics to meet compliance with reporting regulations. The cost report itself can be anywhere from several dozen to hundreds of pages, depending on the size and complexity of the facility. Because of this, administrators and owners often see the preparation of cost reports as a daunting, complicated task best left to professionals. Even so, not all accountants and consulting professionals have the experience, skills and tools needed to accomplish the job.
MHC is uniquely qualified to assist providers at any point in the cost report lifecycle. This includes expert assistance in report preparation, filing, and cost report settlement (audit). Our exceptional qualifications ensure prompt and accurate settlement of your cost reports.