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CMS Releases New 224-14 Medicare Cost Report


5/5/16

On Friday April 22, 2016 the Centers for Medicare and Medicaid Services (CMS) published and released the new 224-14 Medicare Cost Report.
 
CMS has sent to providers a schedule of extended due dates depending on their fiscal year. The Medicare Cost Report is normally due 5 months after the provider’s year-end.

  • For all Providers’ whose fiscal year end is September 30, 2015, October 31, 2015, and November 30, 2015, the Revised Due Date to file is July 31, 2016.
  • For all Providers’ whose fiscal year end is December 31, 2015, January 31, 2016, and February 29, 2016, the Revised Due Date to file is August 31, 2016.     
  • For all Providers’ whose fiscal year end is March 31, 2016 and forward there is no extension to file and the report is due 5 months after the providers’ fiscal year end.
     

What Does CohnReznick Think?
Now that Form 224-14 has been released, FQHC’s should begin to review and familiarize themselves with the new changes, read the instructions to the cost report (available on CMS website) and start gathering  the data necessary, in order to factor in the extra time that will be required in preparing the new cost report. (CMS has estimated approximately 16% more hours for completion of this report based on the changes.)
 
Now is the time to assess if you need assistance with the report to ensure it is prepared properly and in accordance with the new requirements.

 
Contact
 
For more information, please contact Steven Schwartz, a Partner in CohnReznick’s Healthcare Industry Practice, at steven.schwartz@cohnreznick.com or 646-254-7484.
 
Upcoming Webinar
 
CohnReznick will be offering a webinar on the new 2015 Medicare Cost Report along with an overview of the FQHC Medicare Prospective Payment System (PPS) reimbursement methodology on June 7, 2016 from 11:00 a.m. to 12:00 pm. ET. Register here.

This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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