Cost reports = Goldmines
Home health and hospice 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 out on the opportunity to use this data to your advantage!
The Medicare home health and hospice cost reports are significantly undervalued resources in both industries. Many providers view the cost reporting process as an annual box to check to ensure Medicare payments are not withheld, but they fail to realize the implication they have on both industries and the value they can drive within your own agency.
What does CMS do with your cost reports?
CMS utilizes the cost report information for annual rate setting, case-mix recalibrations, and all significant payment reforms. In fact, it is the cost report information that has led to the annual behavioral adjustments that have created reimbursement cuts in home health over the last several years. What does this mean?? CMS uses your cost reports to make decisions that affect your bottom line. 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 both national and local competitors. Budget planning and getting cost reporting right is more important than ever as we step into 2024 with increased scrutiny and proposed cuts. Hear from SimiTree’s Director of Cost Reports, Mike Simione, MBA in this 3-minute video message! In this short blog post, we explain what you could be missing from outsourcing your cost reporting, and what you could gain.
* Learn more about budgeting, cost reporting, and the home health final rule and hospice final rule key takeaways in our pre-recorded webinars located here under ‘Consulting’.
What is the cost report process? Benefits of outsourcing cost reporting
The cost report process is detailed, analytical, and most importantly time-consuming for your internal financial staff. You can take the burden off your financial staff, allowing them to focus on day-to-day finance and operations by outsourcing to an expert partner like SimiTree.
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 where you can improve your revenue cycle, such as by 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, such as by identifying areas where you can save money or by negotiating better rates with vendors.
- Enhanced clinical utilization: Outsourcing can help you ensure that your patients are receiving the care they need, while also minimizing costs.
Have questions about cost reporting and what your agency needs? Read more on our blog, Cost Reporting - What Agencies are Getting Right and What Agencies are Getting Wrong.
What clients are getting: Our customized cost report benchmark analysis has provided SimiTree’s clients with areas of opportunity to make improvements in revenue cycle collections, direct and administrative cost management, revenue maximization through OASIS and coding, and clinical utilization management. Learn more about cost reporting at SimiTree.
Why SimiTree is the best choice: Outsourcing your home health cost reporting
SimiTree completes the cost reports for 31.5% of the home health visit volume in the country.
- Most trusted in the industry: SimiTree has served over 350 clients covering over 2,000 Medicare cost reports for FYE between 1/1/2022 and 12/31/2022.
- Highest rate of accuracy in Cost Reports:
- MedPAC excluded 40% of Medicare cost reports when analyzing cost per visit and making recommendations to CMS.
- SimiTree excluded less than 1% of the Medicare cost reports prepared in analyzing cost per visit
- SimiTree 2022 cost reports (over 900 HHA providers) had an average SN cost per visit of $195. CMS's proposed rule only shows a $163 SN cost per visit (11,000 HHA providers).
How SimiTree Can Help Your Medicare Home Health Agency
SimiTree prepares more home health and hospice cost reports than any other preparer in the post-acute industries. SimiTree has over 300 clients and prepares over 2,000 Medicare cost reports.
In addition, SimiTree offers a cost report benchmark analysis that can help you identify trends at your own agency over the last three years as well as compare to state and national benchmarks. Complete our short form and select ‘Cost Reporting’ to have a member of our team reach out to you, no obligations, and find out how you can improve the health of your agency.
The cost report benchmark analysis has provided SimiTree’s clients with areas of opportunity to make improvements in revenue cycle collections, direct and administrative cost management, revenue maximization through OASIS and coding, and clinical utilization management. We can’t wait to walk you through yours!
Looking for Hospice CAP reporting and due diligence? Read now.