An article authored by PYA Principal Mike Nichols was recently published by the Healthcare Financial Management Association (HFMA) in the August 2021 issue of the Financial Sustainability Report. “Cost Reporting in the Time of COVID-19 Could Have an Impact on Hospital Payment,” details the impacts of the pandemic on hospital cost reporting and financial statements, and explains why a hospital’s future payment levels may depend on its due diligence around these processes today. Cost reports are crucial data sets that can be used as a retrospective look at hospital operations and are used by the Centers for Medicare & Medicaid Services to establish future rates.
The COVID-19 PHE will impact current cost reporting and influence Medicare fee-for-service payment in many ways for several years to come. To prepare for this impact, hospitals should thoroughly assess their payment environment and model potential outcomes.
Read the full article here.
If you would like guidance related to cost reporting, or for assistance with any matter related to COVID-19 impacts, visit PYA’s COVID-19 hub, or contact a PYA executive below at (800) 270-9629.