Extensions Apply for FQHCs as New Cost Report Form Still in Review with OMB

AAFCPAs would like to make clients aware that, as of March 11, 2016, the new Federally Qualified Health Centers (FQHCs) Cost Report Form 224-14 had not been finalized and is reportedly still in review by the Federal Office of Management and Budget (OMB).  It is reported that the Centers for Medicare & Medicaid Services (CMS) anticipate the release of final forms and instructions in the spring of 2016.
Freestanding FQHCs with cost reporting periods beginning on or after October 1, 2014, are required to use the proposed (and more detailed) Form 224-14.  This form supersedes the previously required FQHC Form 222-92.  You may preview the draft form CMS-224-14 by clicking here.>>
The annual Cost Report filing is traditionally due five months after fiscal year end; however, it is expected that the CMS will provide extensions to complete the reports due to the delay in issuing a final form.  For health centers with a fiscal year end of September 30, 2015, the reports were technically due on February 29, 2016.  An automatic extension period applies as the form has not yet been finalized.
AAFCPAs will continue to keep clients updated with any information regarding the finalization of the report and extended due dates.  AAF will be available for assistance in preparation and filing of the new form, and to provide guidance and best practices in implementing the changes.
If you have any additional questions about preparation or filing of your FQHC Medicare Cost Report, please contact your AAFCPA partner, or Matt Hutt, Partner, CPA, CGMA at 774.512.4043, mhutt@nullaafcpa.com.

About the Author

Matthew Hutt CPA
Matt leads AAFCPAs’ Healthcare Division, providing assurance, tax and advisory solutions for Federally Qualified Health Centers (FQHCs), behavioral health providers, home care agencies and hospices, nursing homes, and senior care living centers. Matt advises healthcare providers on consolidation and coordination of care, including the integration of behavioral health into the primary care delivery system. He also provides consulting solutions for providers transitioning to new value-based reimbursement models, and data driven patient care, including: developing business process and controls for collecting and advantaging data to provide analysis on: provider activity, delivery of care, and analysis of efficiency & cost effectiveness. Matt is also highly-sought after for his knowledge on issues related to affordable housing developers with requirements related to the US Department of Housing and Urban Development, MassHousing, Low Income Housing Tax Credits, Historical Tax Credits and New Markets Tax Credits. 

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