Medicaid and Medicare are complicated but necessary sources of cash flow for most healthcare providers. Whether you’re dealing with federal or state funds, each type of care provider has different needs. Ranging from hospice care to day activity services, the umbrella is wide and varied, but each entity has specific bookkeeping requirements. Here are a few tips to ensure that your Medicare cost report preparation is efficient, allowing you to focus on your patients.
1. Work with a Qualified Professional
There are CPA who specialize in Medicaid and Medicare payments, given how complex and technical the process is. When looking for a qualified accountant, a good start is to search the Texas State Board of Public Accountancy to verify the CPA you’re considering is registered. Doing your own bookkeeping when it comes to federal and state dollars isn’t advisable due to the highly complex and ever-changing standards set by the government.
2. Be Aware of Changing Laws
New legislation is constantly revising the way that Medicaid and Medicare funds are distributed. For example, in Texas, the Affordable Care Act expanded Medicaid funds to be expanded to non-elderly adults with certain income requirements, according to the American Academy of Pediatrics. A local CPA is going to be especially familiar with state regulations.
Keeping your numbers straight for healthcare financial records is absolutely essential for every provider. When the Tax assessor Houston TX comes knocking, for example, you want to be ready.