Medicare Cost Report

Published: 08th April 2010
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Medicare is the Fed. health care insurance program which has been covering eligible folks who are sixty five years old or older since 1965.

In addition, certain people with disabilities and those with end stage renal illness ( ESRD ) and Amyotrophic Lateral Sclerosis ( ALS ) are also suitable for Medicare coverage. Medicare is available to everybody who meets the requirements, without regard for income.

Besides, the federal government pays most of the costs of Medicare and folks with Medicare share the cost of the program by paying monthly premiums, coinsurance payments, and deductibles, which are needed for many of the services covered under both Parts An and B.

Additionally, Medicare Part A covers inpatient hospital care, inpatient care in a talented nursing facility, some home medicare services, and hospice care.

Another, Medicare Part C refers to the managed care plans that provide Medicare-covered care ( Part A, Part B and Part D benefits ) to enrollees who decide to receive their benefits this way. Part C used to be called'Medicare + Choice,' but it's been renamed'Medicare Advantage.' This manual will refer to Part C plans as'private health plans' or'HMOs and PPOs.'

Also Medicare Part D is the new outpatient prescription drug benefit that started in 2006. Part D is only available through non-public companies.

Thus, Medicare-certified providers are required to submit an annual Medicare cost report ( MCR ) to their fiscal third party. The MCR contains provider information like facility traits, utilization info, cost and charges by cost center ( in total and for Medicare ), Medicare settlement data and financial statement information.

Indeed, this information is maintained by the centers for Medicare & Medicaid Services.
additionally, Brooks monetary secrets or BFS has glorious cost report experts which can have a great help for you in filing your annual Medical Cost Report without bother.

In addition, with over 16 years of expertise preparing and filing thousands of Medicare and Medicaid cost reports, Brooks finance Strategies has never misfiled a cost report. They will prepare your agency's annual cost report, schedules and Form 339 test for Home Healthcare Agencies, hospital Agencies, and skilled Nursing Facilities.

Aside from Medical Cost Reporting, BFS also offers these following services :

1. Medical care Accounting - focusing on customised financial statements for the health care Industry. Their clientele include Home medical care Agencies, hospice Agencies, skilled Nursing Facilities, and consultant Groups. Reports can be produced monthly, quarterly or annually.

2. Corporate Valuations - they provide valuation services for medical care entities by determining the value of an organization. Often times this is a result of a sale/purchase of a partner or shareholder's interest ; sale of an organization, non-public or public. Corporate valuations could be a result of suits and are commonly court ordered.

3. General Accounting - they provide general accounting services for organizations in all industries and reconcile monthly monetary info to produce monthly revenue statements, balance sheet, statement of money flows, and general ledger reports.

4. Insurance Services - For Illinois only they offer full insurance research to check your coverage. Understanding your insurance is to guarantee acceptable coverage and to seek consultation suggestions for future coverage. Products include Key Man Life, Worker's Comp, healthcare insurance, long term incapacity, short term disability, and life insurance.

5. Payroll Services - They offer seamless payroll packages that file your payroll tax returns, complete employee W2's and have special reporting to watch your staff and costs. Custom reports highlight the efficiencies of the inefficiencies of medical care field staff.

6. Corporate Taxes - They file company Taxes including 1120 and 1120S. Additionally we file 1065 for LLC's and partnerships. Focusing on calculation of the stockholder/partnership basis. We completely explain to the owners their K-1 statement along with distributions given to the owners, and pass through amounts.

7. Medical Billing - At Brooks Financial Strategies we have experienced billers with over thirty years of expertise concentrating on reviewing Medicare claims submitted for precision and rejections. We shall help your agency in recovery of any unbilled or misfiled claims in an eighteen month period.

Knowing all of these services that Brooks financial strategies offer, this could be enough you can trust them without misfiling your reports.

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