Home Health Care Cost Reports & Tax Returns
TAD’s Cost Reports and Tax Returns Prepares Accurate and Timely Financial Knowledge to Help Home Health Care Agency Owners Manage Their Agency.
Cost Reports & Tax Returns
The following are the year-end services TAD will provide to your agency:
- Prepare required cost reports and supporting documentation
- Prepare agency income tax returns
- Prepare annual budget
- Monitor projected agency taxable income, owner’s tax liabilities, and estimated tax payment requirements
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The Medicare home health cost report is a document that must be filed annually by all Medicare certified home health providers.
If properly completed the report serves as a valuable benchmarking tool, allowing the data to be plugged into the agency’s management information system. This will provide critically important financial reports on a real time basis throughout the current year. This information will become especially relevant with the advent of PDGM.
TAD is extremely cognizant of the proposed cost report changes that will further delineate costs – identifying both costs and statistics that likely will become mandated in a final revision to the cost report.
TAD will work with the agency’s payroll vendor to review for the proper tracking and recording of hours and dollars for nursing categories, therapy assistants and any non-like kind services. In addition TAD will advise management of required information to be gleaned from invoices submitted by outside contractors. In summary, TAD will assess and if necessary modify the general ledger chart of accounts.
Is your current cost report preparer involved to this extent?
If not, by all means contact TAD!