An article authored by PYA Principal Mike Nichols was recently published by the Healthcare Financial Management Association (HFMA) in its February 2022 issue of HFM Magazine. “A Checklist for Successful Hospital Cost Reporting in the Time of COVID-19” details how pervasive the impact of pandemic-related costs will be on hospitals. An understanding of how these costs are reported is imperative, as it can affect what those facilities are paid. The article includes a checklist of questions hospitals should address at various points in their cost report worksheets to ensure appropriate diligence in both preparation and review.
The real benefit of using such checklists is they can help create dialog about the many ways COVID-19 continues to impact hospital operations and—a very important aspect of operations—the annual Medicare cost report process. Each question can contribute to a discussion that affects the strategic direction of the organization.
If you would like guidance related to cost reporting, or for assistance with any matter related to COVID-19, visit PYA’s COVID-19 hub, or contact a PYA executive below at (800) 270-9629.