Certified Home Health Agencies (CHHA), Licensed Home Care Service Agencies (LHCSA), and Fiscal Intermediaries (FI) cost reports are goldmines of information that can help you improve your bottom line. But most providers only see them as a tedious annual chore. Don't miss the opportunity to use this data to your advantage!
The New York State CHHA, LHCSA, and FI cost reports are significantly undervalued resources in all three industries. Many providers view the cost reporting process as an annual box to check, but they fail to realize their implications in all three sectors and the value they can drive within your agency. Watch our comprehensive, on-demand, complimentary webinar on this topic now.
In this short blog post, we explain what you could be missing from outsourcing your cost reporting and what you could gain.
The Importance of NYSDOH Cost Reports
What does the New York State Department of Health (NYSDOH) do with your cost reports?
NYSDOH utilizes the cost report information for the annual rate setting and all significant payment reforms. What does this mean?? NYSDOH uses your cost reports to make decisions that affect your bottom line. In addition, NY Managed Long Term Care (MLTC) payers also use this information when negotiating contracts with providers. Make sure you're giving them the best possible information so you can get the most out of your payments.
In addition, the cost report contains valuable key performance indicators that your agency can utilize to monitor performance by benchmarking versus state competitors. Budget planning and getting cost reporting right are more important than ever as we enter 2025 with increased scrutiny and decreasing margins. Hear from SimiTree’s cost report team in this 30-minute webinar! In this short blog post, we explain what you could be missing from outsourcing your cost reporting and what you could gain.
What is the Cost Report Process? Key Benefits of Outsourcing Your Cost Reporting
The cost report process is detailed, analytical, and, most importantly, time-consuming for your internal financial staff. By outsourcing to an expert partner like SimiTree, you can relieve this burden and allow them to focus on day-to-day finance and operations.
Here are the top three benefits of outsourcing your cost reporting to an expert in the home healthcare space:
- Improved revenue cycle collections: Outsourcing can help you identify areas for improvement in your revenue cycle, such as collecting payments more quickly or reducing denials.
- Optimized cost management: A professional cost reporting company will have the expertise to help you manage your costs effectively by identifying areas where you can save money or negotiating better rates with vendors.
- Enhanced clinical utilization: Outsourcing can help you ensure your patients receive the care they need while minimizing costs.
What clients are getting: Our customized cost report benchmark analysis has provided SimiTree’s clients with areas of opportunity to improve revenue cycle collections, direct and administrative cost management, revenue maximization, and clinical utilization management. Learn more about cost reporting at SimiTree.
Why Choose SimiTree for Your Cost Reporting Needs?
Outsourcing your CHHA, LHCSA, and FI cost reporting
SimiTree completes the cost reports for 31.5% of the home health visit volume in the country.
Our Proven Track Record
- For fiscal year 2022, SimiTree prepared cost reports for New York state agencies servicing over 130 counties.
- Most trusted in the industry: SimiTree has served over 350 clients and covered over 2,000 Medicare cost reports for FYE between 1/1/2022 and 12/31/2022.
- Unsurpassed Accuracy in Cost Reports: Our meticulous approach results in a superior accuracy rate compared to the industry average. MedPAC excluded 40% of Medicare cost reports when analyzing cost per visit and making recommendations to CMS, while SimiTree excluded less than 1%.
- Maximized Reimbursements: We deliver results! Our expertise ensures you capture the full reimbursements you deserve, evidenced by our consistently higher SN cost per visit compared to national benchmarks.
- The SimiTree 2022 cost reports (covering over 900 HHA providers) showed an average SN cost per visit of $195. However, CMS's proposed rule only shows a $163 SN cost per visit (covering 11,000 HHA providers).
How SimiTree Can Help Your CHHA, LHCSA, and FI Agencies
SimiTree prepares more home health and hospice cost reports than any other preparer in the post-acute industries. SimiTree prepares 24 different New York State cost reports for agencies serving over 130 counties. SimiTree has over 300 clients and prepares over 2,000 Medicare cost reports.
Watch SimiTree's On-Demand Webinar: Master NY Medicaid Cost Reports
This 30-minute webinar is designed exclusively for New York State Certified Home Health Agencies (CHHA), Licensed Home Care Service Agencies (LHCSA), and Fiscal Intermediaries (FI).
Contact SimiTree for Expert Cost Reporting and Consulting Services
In addition, SimiTree offers a cost report benchmark analysis that can help you identify trends at your agency over the last three years and compare them to state benchmarks. Complete our short form and select ‘Cost Reporting’ to have a team member reach out to you with no obligations, and find out how you can improve the health of your agency.
SimiTree specializes in consulting services for the home health and hospice industries. Our team of experts provides comprehensive support, from accurate and detailed cost reporting to strategic insights that help improve your agency's financial performance. We understand the industry's complexities and offer tailored solutions for your needs.
The cost report benchmark analysis has provided SimiTree’s clients with areas of opportunity to improve revenue cycle collections, direct and administrative cost management, revenue maximization, and clinical utilization management. We can’t wait to walk you through yours!