New Cost Report for FQHCs Published by CMS

On April 22, 2016, the Centers for Medicare and Medicaid Services (CMS) published the new Federally Qualified Health Center (FQHC) Cost Report, Form CMS-224-14.  This form replaces the current Form CMS 222-92 for FQHC entities, and is effective for cost reporting periods (which typically coincide with the year-end) beginning on or after October 1, 2014.
A draft of Form CMS 224-14 was made available in August 2015, and the published final report has not changed significantly from the draft.  The updated form and directions are available by clicking here. >>  
AAFCPAs is making our clients aware that Form CMS-224-14 has changed significantly from Form CMS 222-92, and incorporates levels of detailed statistics not previously reported or tracked by many FQHC entities.  In addition, the new Form does not calculate a rate for reimbursement.  The accuracy of the data reported, however, is equally important in ensuring that reimbursement rates for the program are in line with reported costs.  CMS reports that the data collected will also be used to set future rates.
The due date for Form CMS 224-14 has been updated as follows:

AAFCPAs advises our clients to begin the preparation process now by reading the instructions and reviewing the Form.  This will help ensure that necessary data is being tracked and captured so you may accurately complete the report.
AAFCPAs is available for assistance in preparation and filing of the new FQHC medicare cost report, and to provide guidance and best practices in implementing the changes.
If you have any questions, please contact your AAFCPA partner, or Matt Hutt, Partner, CPA, CGMA at 774.512.4043, mhutt@nullaafcpa.com.