COST REPORT PITFALLS

COST REPORT PITFALLS

 

LUTZ BUSINESS INSIGHTS

 

cost report pitfalls

kirk delperdang, healthcare director

 

Matching Principle for Cost and Charges, including Updating Revenue Code Crosswalk

A guiding principle of Medicare cost report preparation is matching – comparing Medicare charges by revenue code to total revenues recorded in the general ledger to the expenses incurred in providing the services generating these revenues. The Medicare cost report must be prepared by matching costs and charges by cost report cost center. Essentially, the department used to record the revenues from a service provided needs to match the same department in which the expenses are recorded.

One useful tool to assist in this process is to review and update your Revenue Code Crosswalk on an annual basis. The crosswalk is a list of all revenue codes utilized to bill for services provided during the year and the department in which the charge is recorded on the general ledger. As simple as this may sound, it can get complicated on the cost report. How do you account for the expenses related to a single revenue code that is recorded in several departments? How do you ensure expenses are being recorded to the same department as the revenue?

If there is a situation in your general ledger in which costs do not match revenues, this will result in either an A-6 expense reclassification or a reclassification of charges on worksheet C, or both. In the world of Medicare cost reports and reimbursement, this is the ultimate matching game.    

 

CRNA

It’s that time of year for facilities to fill out the required information to retain their exemption to the Certified Registered Nurse Anesthetist (CRNA) Fee Schedule and remain cost reimbursed. Be sure to meet the deadline mentioned in your letter and retain proof the documentation was sent in on or before the December 31st deadline.

Under the provisions at 42 CFR 412.113(c), “Payment is determined on a reasonable cost basis for anesthesia services provided in the hospital or CAH by qualified nonphysician anesthetists (certified registered nurse anesthetists and anesthesiologist’s assistants) employed by the hospital or CAH or obtained under arrangements”. It is the CAH’s responsibility to supply all supporting documentation to determine if the qualifications are met.

Qualifications:

  1. Employ or contract with a qualified nonphysician anesthetist(s) to perform services in that hospital/CAH that does not exceed one FTE per year.
  2. The volume of surgical procedures with anesthesia services does not exceed 800 procedures.
  3. In writing, each qualified nonphysician anesthetist has agreed not to bill on a fee schedule basis for the patient care to Medicare beneficiaries.

If the MAC completes an audit of the nonphysician anesthetist reimbursement and the hospital has not met the requirements during the cost reporting period, the MAC will exclude all costs, charges, and Medicare charges related to CRNA services, disallowing all cost reimbursement for CRNA services in that period.

Examples of CRNA documentation that may need to be submitted include copies of CRNA contracts, documentation of total hours worked at the hospital, a log of all surgical procedures performed during the specified time period, and a signed agreement by each CRNA not to bill on a fee schedule basis for patient care.

Also, if your facility qualifies for the CRNA exemption services, these charges are submitted on the UB-04 using revenue code 964 and the appropriate CPT code for the service rendered.

 

Allocation of Physician Time and RHC (Rural Health Clinic) Time Tracking

Accurate and complete timekeeping for practitioners (MDs, PAs, NPs) is of the utmost importance in a CAH/RHC environment. Shoddy and improper records can cost you reimbursement on the Medicare cost report. Auditable records must be kept to allocate the time for these practitioners amongst the various services they are providing.  These hours are directly tied to Medicare reimbursement dollars in an RHC environment when you consider the CMS productivity standards that must be met. If not met, your RHC is leaving Medicare dollars on the table.

 

Provider-Based Physicians

On the Medicare cost report, the time and cost physicians spend in direct patient care activities must be offset on worksheet A-8-2 and removed from allowable costs. These situations require either actual time records or valid time studies in addition to a written allocation agreement. Conducting a valid time study in this scenario helps facilities track how much time the providers are spending directly related to patient care. Absent these items, Medicare may offset the entire ER physician cost instead of only the cost associated with time directly related to patient care. This issue is an area of emphasis from CMS and the MACs. Work with your cost report preparer to ensure you are properly prepared to submit this data on your cost report.

If you have any questions, please contact us learn more about our healthcare services.

ABOUT THE AUTHOR

402.496.8800

kdelperdang@lutz.us

LINKEDIN

KIRK DELPERDANG + HEALTHCARE DIRECTOR

Kirk Delperdang is a Healthcare Director at Lutz with over 28 years of experience. He provides healthcare enrollment services to clients with a focus on Medicare providers and reimbursement analyses. In addition, he is responsible for leading Lutz's cost report service line.

AREAS OF FOCUS
AFFILIATIONS AND CREDENTIALS
  • Healthcare Financial Management Association - Nebraska Chapter, Member
  • Nebraska Society of Certified Public Accountants, Member
  • Certified Public Accountant
EDUCATIONAL BACKGROUND
  • BA in Accounting, University of Northern Iowa, Cedar Falls, IA
COMMUNITY SERVICE
  • St. Vincent de Paul, Knights of Columbus, Member
  • Active in various youth sports leagues: Aldrich Elementary, Millard Athletic Association, Millard North Schools, Omaha FC, Skutt Catholic High School and YMCA

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6 Bookkeeping Tips to Keep Your Private Practice Healthy

6 Bookkeeping Tips to Keep Your Private Practice Healthy

 

LUTZ BUSINESS INSIGHTS

 

6 BOOKKEEPING TIPS TO KEEP YOUR PRIVATE PRACTICE HEALTHY

6 bookkeeping tips to keep your private practice healthy

erin baas, cas director

 

Physicians play a crucial role in helping patients stay healthy, avoid chronic diseases, and recover from health crises. That calls for elaborate planning, consultations, follow-ups, and goal setting. 

Applying the same strategy to your business can keep your private practice in excellent financial health. Proper bookkeeping is central to the practice’s financial wellbeing. It provides a clear picture of the practice’s financial status to help set and meet your goals while avoiding crippling financial mistakes. 

Here are six crucial bookkeeping tips to ensure a healthy cash flow for your private practice. 

1. Separate Business and Personal Finances 

Once you’ve registered a private practice, it becomes an entity governed by different rules and is scrutinized by the IRS. As such, it is important to maintain a separate bank account and credit card for the business. Charging personal expenses to the business may create friction between partners and lead to cash flow problems. It could also lead to bookkeeping issues, triggering an audit by the IRS. 

Be sure to set clear guidelines on how to approach this issue from the onset. You may choose to write off personal expenses as partner bonuses or distributions. Or make it clear from the beginning that the practice does not pay for personal expenses. 

2. Review Financial Statements Regularly 

In addition to your medical duties, you should set aside time to review your monthly financial statements. Be sure to examine both the income statement and the balance sheet. 

Like a patient’s progress reports, your balance sheet offers deep insights into the practice’s financial health. It shows current cash position, debt balances, fixed assets, and equity investment in real-time. 

On the flip side, an income statement reflects financial performance over time. It can help you compare your current position with past performances and determine the progress you’re making. A skilled CPA can assist you with proper bookkeeping.

A review of your financial statements helps you spot business trends and identify your strengths and weaknesses. You can take corrective measures to remedy shortcomings, play up your strengths, and adjust your goals to collect on the upcoming trends. 

3. Review Account Receivables Monthly 

Unlike other business operations, medical practices don’t always get their invoices paid in full. Bad debts and professional courtesy often lead to charge-offs that affect the accounts receivable. Reviewing the accounts receivable report shows the relationship between your service billing and revenue received. 

Proper bookkeeping offers insights into the collection percentage and times. A clear picture of these two metrics can help you avert a future cash crunch. It also provides clear insights into the actual value of outstanding collections. 

Examining your aging accounts receivable by insurance payer can help you determine if there’s an issue with a given insurance provider. You can then follow up with their care coordinators to mitigate the problem. Reviewing accounts receivable allows you to refine your billing department’s performance for efficiency and increase collections. 

4. Keep Detailed Internal Production Reports 

Keeping an eye on the monthly revenue is great, but understanding the revenue generation process is more crucial. That’s where internal production reports come in. They offer insights into the flow of patients, procedures performed, and the insurance plans the patients use. 

These reports can also help track physician output. It lets you keep an eye on patient acquisition, daily performance, and popularity with patients. The data makes it easy to determine productivity among your staff and quickly take corrective measures when needed. 

Production reports come in handy when negotiating health care contracts and determining distribution bonus amounts. You can confidently show the number of patients you can handle and the type of services you can provide. More importantly, internal reports highlight your best performers – procedures, physicians, and insurance payers. 

5. Refine the Income Distribution Method 

Like any other business, a medical practice has predictable fixed costs like rents and utilities. Variable costs, including salaries and medical supplies, take up the lion’s share and aren’t as easy to predict. Having an apt income distribution method lets you meet your monthly expense obligations.

The best approach entails associating incoming revenue with the generated costs. That could mean allocating revenue to work performed, including cash revenue, charges, and relative value units. Your revenue distribution method must account for the diversity in procedures and schedule. This allows you to come up with competitive compensation plans that help attract and retain top talent.

6. Hire an Accounting Expert 

As mentioned earlier, accurate financial records are essential when running a medical practice. The data associated with accurate financial records helps to determine your market position and improves your negotiating powers. It lets you profile your patients, their insurance companies, and employee performance. 

Collecting and reconciling detailed financial records can be a grueling job, and it eats into your main duties as a physician. Seeking professional help frees up your time and keeps your practice in excellent financial health. It allows you to focus on what you do best, caring for patients.

An experienced accounting firm will compile the raw data into detailed but easy-to-understand reports. They can assist you with monthly financial statements, internal production reports, compiling and analyzing key performance indicators, and more.

Professionally prepared financial reports let you understand your financial position at a glance. It makes running your private practice go as smooth as possible while shielding you from potential financial mistakes. Like staying healthy, running a sound private practice boils down to consistent, good financial habits and seeking professional advice.

If you need an experienced accounting firm to help you keep your books, please contact us. You can also learn more about our healthcare and bookkeeping services or read related articles on our healthcare blog or outsourced accounting blog.

ABOUT THE AUTHOR

Erin Baas + Lutz CAS & Healthcare Manager

402.827.2045

ebaas@lutz.us

LINKEDIN

ERIN BAAS + CAS DIRECTOR

Erin Baas is a Client Accounting Services Director at Lutz with over 15 years of experience. She provides business accounting and advisory services to a wide variety of industries with a special focus in private physician medical practices.

AREAS OF FOCUS
AFFILIATIONS AND CREDENTIALS
  • American Institute of Certified Public Accountants, Member
  • Nebraska Society of Certified Public Accountants, Member
  • Nebraska Medical Group Management Association, Member
  • Certified Public Accountant
EDUCATIONAL BACKGROUND
  • BSBA in Accounting, Creighton University, Omaha, NE
COMMUNITY SERVICE
  • Nebraska Wildlife Rehab, Treasurer

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Lutz adds Staff Accountants to Omaha, Grand Island and Hastings Offices

Lutz adds Staff Accountants to Omaha, Grand Island and Hastings Offices

 

LUTZ BUSINESS INSIGHTS

 

Lutz adds staff accountants to Omaha, Grand Island and Hastings Offices

Lutz, a Nebraska-based business solutions firm, recently added seven staff accountants to its Omaha, Grand Island and Hastings offices.

Elizabeth Czarnick joins the accounting department in Lutz’s Grand Island office. She is responsible for the preparation of individual and business income tax returns and providing credibility to clients through financial reporting. Czarnick previously interned with Lutz during tax season 2021. Elizabeth graduated from the University of Nebraska-Kearney with a Master’s degree in accounting.

Kelsey Folkers joins the firm’s tax department in Lutz’s Omaha office. She is responsible for preparing individual and business income tax returns, as well as providing general accounting assistance to clients in a variety of industries. Folkers previously interned with Lutz during tax season 2019, 2020 and 2021. Kelsey graduated from the University of Nebraska-Lincoln with a Master’s degree in accounting.

Thomas Geiger joins the accounting department in Lutz’s Grand Island office. He is responsible for providing credibility to clients through financial reporting and arranging income tax returns. Geiger previously interned with Lutz during tax season 2019. Thomas graduated from the University of Nebraska-Kearney with a Bachelor’s degree in accounting.

Alex Hower joins the firm’s healthcare department in Lutz’s Omaha office. His primary responsibility is to work with clients to prepare accurate monthly financial statements and cost reports. In addition, he will provide general accounting and consulting assistance. Hower graduated from the University of Nebraska-Omaha with a Bachelor’s degree in accounting and history.

Robin Maher joins the firm’s healthcare department in Lutz’s Omaha office. She is responsible for providing accounting and consulting services to healthcare organizations with a focus on outsourced accounting services and cost reports. Maher previously interned with Lutz during tax season 2019 and 2020. Robin graduated from the University of Nebraska-Lincoln with a Master’s degree in accounting.

Alyssa Miller joins the accounting department in Lutz’s Grand Island office. She is responsible for providing credibility to clients through financial reporting and preparing individual and business income tax returns. Miller previously interned with Lutz during tax season 2020 and 2021. Alyssa graduated from the University of Nebraska-Kearney with a Bachelor’s degree in accounting.

Dallas Yates joins the accounting department in Lutz’s Hastings office. He is responsible for preparing individual and business income tax returns. In addition, he will provide credibility to clients through financial reporting. Yates previously interned with Lutz during the summer and tax season 2019 and 2020. Dallas graduated from the University of Nebraska-Kearney with a Master’s degree in accounting.

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Stark Updates + Preparing for Physician Compensation Changes

Stark Updates + Preparing for Physician Compensation Changes

 

LUTZ BUSINESS INSIGHTS

 

Preparing Your Practice for Physician Compensation Changes

Stark updates + preparing for physician compensation changes

lauren duren, healthcare & cas manager

 

At the end of 2019, the government amended the federal physician self-referral law (Stark Law). This amendment brought significant changes to how compensation is reported under the group practice definition. This blog discusses the Stark regulation updates and how the changes will affect your physician compensation models.

 

What is the Stark Law? Why is it Important?

The Stark Law prohibits physicians from referring patients for certain Designated Health Service (DHS) paid for by Medicare to any entity in which the physician has a financial relationship.  This is a strict liability statute – meaning, the physician’s intent to influence referrals does not matter.  If in violation, the monetary penalties can be significant.  Exceptions apply, but arrangements must meet every element of an exception.

Under the Stark law, a referral by a physician to the physician’s own practice can implicate Stark. Thus, many physicians rely on an exception to assure compliance. Certain exceptions (Physician Services; In-Office Ancillary Services) rely on the practice meeting the definition of a “Group Practice.” Thus, to qualify for the Stark exception(s) and allow partners/employees of a physician practice to “refer” DHS to their own practice, the practice must meet the definition of “Group Practice” – and every element within.

To meet the definition of a group practice, you must:

  • Be a single legal entity.
  • Have at least two physicians.
  • All physicians must provide a full range of patient care services.
  • Substantially all the physicians’ services must be furnished through the group/Substantially all the group’s services must be provided by the physician members.
  • Be a unified business.
  • Distributions of expenses and income must be pre-determined.
  • Compensation cannot be based on the volume or value of referrals (for DHS.)

 

Notable Rule Changes/Clarifications

There are a few notable changes and added clarification to the Stark Law. These include:

  • Restructuring the regulation
  • Removal of the Medicaid reference related to DHS
  • Update and clarification to the definition of “Overall Profits;” end of “split pooling;” robust discussion of pod pooling/distributions

Timeline

On November 19, 2020, the Centers for Medicare & Medicaid Services (CMS) and the Department of Health and Human Services Office of Inspector General issued a final rule modernizing the Stark Law. Many of the revisions to the Stark regulations became effective January 19, 2021; however, revisions to the physician group practice regulations will become effective January 1, 2022.

As of that date, there are several implications for group practices from these changes, but most notably, these changes revise the rule related to the distribution of overall profits and productivity bonuses.

Profits from all the DHS of the practice, or a component of the practice that consists of at least five physicians (a “5+ physician pod”), must be aggregated before distribution. Group practices that use split pooling need to modify their compensation methodologies to account for this change by January 1. 

Physician practices also need to be aware of important commentary from CMS on the special rule that clarifies CMS’s intentions regarding permissible DHS profit sharing and additional revisions to the regulation text that impact profit sharing, which may also necessitate (or, in some cases, permit) changes to certain group practice compensation methodologies. Changes to the group practice definition will not become effective until January 1, 2022.

 

Solutions for Group Practices That Do Not Meet Revised Stark Regulations

There are several possible solutions for group practices that do not currently meet the Stark revisions for the group practice compensation formula.

For some larger group practices where certain pods or subsets of at least five physicians exist, multiple revenue distribution models can be adopted. As an example, Pod 1 can be distributed one way, while Pod 2 can be distributed another, as long as the same method for distributing overall profits for every physician in the pod is the same.

Practices with less than five physicians may identify other models.  If there are fewer than five physicians in a group, “overall profits” mean the profits derived from all the DHS of the entire group and they may aggregate DHS profits among less than five physicians (because the entire group is less than five physicians.)

CMS confirmed that any physician in the practice may be paid a share of the overall profits of the group practice; the share does not have to be just among owners.

 

What is Changing in Physician Compensation?

The reality is that physician compensation is changing. From provider mix, reimbursement models, workforce demographics, and the ever-changing regulations and compliance, it is important now more than ever to remain current with rules and regulations to ensure agreements are in line with the current statutes.

Value-Based Participation

The Stark rule update adds another exception that allows physicians to be paid profits from DHS that relate directly to a physician’s participation in a value-based enterprise.

“Profits from designated health services that are directly attributable to a physician’s participation in a value-based enterprise may be distributed to the participating physician.” It is important to note that value-based enterprises must meet the Stark definition.

Value-based enterprise (VBE) means two or more VBE participants:

  1. Collaborating to achieve at least one value-based purpose,
  2. Each of which is a party to a value-based arrangement with the other or at least one other VBE participant in the value-based enterprise,
  3. That have an accountable body or person responsible for the financial and operational oversight of the value-based enterprise, and
  4. That have a governing document that describes the value-based enterprise and how the VBE participants intend to achieve its value-based purpose(s). Arrangements will have to be reviewed for compliance. 

Now is the time for physician group practices to examine their current compensation plans with these technical payment rules. It is not too early for group practices to evaluate whether any changes are necessary to their physician compensation methodologies in order to comply. This is also a good opportunity to update compensation plans for reasons other than compliance. Physician groups should also examine new methods of payment they are participating in or contemplating participating in so that they can assess now whether they can modify physician compensation in 2021 both to be compliant and to further attract and incentivize excellent health care providers.

If you have any questions or would like to learn more about this topic, please contact us.

ABOUT THE AUTHOR

402.827.2062

lduren@lutz.us

LINKEDIN

LAUREN DUREN + HEALTHCARE & CAS MANAGER

Lauren Duren is a Healthcare & CAS Manager at Lutz with over six years of relevant experience. She provides healthcare consulting, as well as outsourced accounting services to clients with a focus on QuickBooks, tax, and payroll compliance.

AREAS OF FOCUS
  • Healthcare Accounting Consulting
  • Outsourced Accounting
  • Tax
  • Payroll Compliance
  • QuickBooks
  • Financial Reporting, Budgeting & Forecasting
  • Provider Compensation Plans
  • Practice Benchmarking
  • Private Physician Practices
  • Nonprofit Industry
AFFILIATIONS AND CREDENTIALS
  • American Institute of Certified Public Accountants, Member
  • Nebraska Society of Certified Public Accountants, Member
  • National Medical Group Management Association, Member
  • Nebraska Medical Group Management Association, Member
  • Certified Public Accountant
EDUCATIONAL BACKGROUND
  • MBA, University of Nebraska, Omaha, NE
  • BSBA in Accounting, University of Nebraska, Omaha, NE
COMMUNITY SERVICE
  • Lutz Gives Back, Volunteer

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Employee Retention Credit + Healthcare

Employee Retention Credit + Healthcare

 

LUTZ BUSINESS INSIGHTS

 

employee retention credit + healthcare

employee retention credit + healthcare

justin korth, tax manager
Lauren duren, healthcare and cas manager

 

  • Did your business suffer a revenue decline in 2020?
  • Do you expect a revenue decline in 2021 compared to 2019?
  • Did your business experience a shutdown in 2020?
  • Did your business experience a “full or partial suspension of operation due to a government order in 2020?”
    • Were you affected by any directed health measure order (I.e., being forced to halt any procedures/surgeries)?
      • If yes, and more than a nominal portion (more than 10%) of the business was affected during any of the shutdown periods in 2020, please contact us for further consideration as the credits available under this program are significant.
  • Did your business continue paying employees during these times of disruption?

If so, there may be significant opportunities to claim refundable tax credits on wages paid in 2020 and 2021.

 

OVERVIEW

The Consolidated Appropriations Act (CAA), signed by President Trump in late-December 2020, extended and expanded the Employee Retention Credit (ERC), a refundable payroll tax credit.

The CAA repealed a provision under the CARES Act signed in March 2020 that made Paycheck Protection Program (PPP) borrowers disallowed from using the ERC. Now both programs can be used by eligible employers retroactively and prospectively, although double-dipping the same wages is not allowed. Many employers may now qualify for significant benefits in 2020 and/or 2021.

2020 ERC (WAGES PAID 3/13/2020 – 12/31/2020)

To be eligible for the 2020 ERC, employers (including affiliated entities) must demonstrate one of the below:

  • Full or partial suspension of operation due to a government order in 2020 (refer to IRS guidance), OR
  • At least 50 percent decline in a 2020 calendar quarter’s gross receipts compared to the same quarter in 2019.

If the business meets one of the qualifying requirements, it must consider the average number of full-time employees in 2019. Employers (including affiliated entities) with fewer than 100 full-time employees are likely qualified.

The credit is 50 percent of up to $10,000 in wages (including health care expenses) per employee for calendar year 2020 (maximum $5,000 credit per employee). There may be limitations for owner and family members of owners.

The credits must be claimed on amended payroll tax returns (Form 941-X). Calculations can be complicated when considering interplay with Paycheck Protection Program (PPP) first draw, FFCRA credits (expanded paid sick leave/emergency FMLA leave), and the Provider Relief Funds.

2021 ERC (WAGES PAID 1/1/2021 – 12/31/2021)

To be eligible for the 2021 ERC, employers (including affiliated entities) must demonstrate one of the below:

  • Full or partial suspension of operation due to a government order in 2021, OR
  • At least 20 percent decline in a 2021 calendar quarter’s gross receipts compared to the same quarter in 2019.
    • An election is available to use the immediately preceding calendar quarter for eligibility testing (e.g., 4th quarter 2020 gross receipts for Q1 2021 eligibility).

Should a business meet one of the requirements and have fewer than 500 average full-time employees (including affiliated entities) in 2019, it is likely eligible for the 2021 ERC.

The credit is 70 percent of up to $10,000 in wages (including health care expenses) per employee for each 2021 calendar quarter (maximum $28,000 credit per employee since program was extended through the end of 2021). There may be limitations for owners and family members of owners.

The credits must be claimed on payroll tax returns (Form 941). An advance refund can be claimed by filing Form 7200. This process and the calculations involved are complicated, especially when considering the interplay with Paycheck Protection Program (PPP) second draw, FFCRA credits, and the Provider Relief Funds.

The American Rescue Plan Act of 2021 extended this program through December 31, 2021.

 

NEXT STEPS

If you believe your business may qualify for the Employee Retention Credit, please contact your Lutz Representative or give us a call at 402.496.8800.

 

Updated on 7.13.2021

ABOUT THE AUTHOR

402.514.0007

jkorth@lutz.us

LINKEDIN

JUSTIN KORTH + TAX MANAGER

Justin Korth is a Tax Manager at Lutz with over four years of experience in taxation. He is responsible for individual, business, and fiduciary income tax returns, estate & business planning, and taxpayer representation on IRS matters. In addition, he provides consulting on small business accounting.

AREAS OF FOCUS
  • Income, Business, and Fiduciary Income Tax Returns
  • Taxpayer Representation
  • Estate and Business Planning
  • Client Accounting Services
  • Small Business Accounting Consulting
  • Forensic & Litigation Support
  • Real Estate Industry
  • Agriculture Industry
  • Medical Staffing Industry
  • Manufacturing Industry
AFFILIATIONS AND CREDENTIALS
  • Nebraska Society of Certified Public Accountants, Member, Legislation Committee
  • American Institute of Certified Public Accountants, Member
  • Certified Public Accountant
EDUCATIONAL BACKGROUND
  • BSBA in Accounting and Finance, University of Nebraska, Omaha, NE
COMMUNITY SERVICE
  • UNO Young Alumni Academy, Member
  • St. Vincent de Paul Knights of Columbus, Member
  • Youth Catholic Professionals, Board President
  • JPII Newman Center, Development Committee Member
  • UNO College of Business Scholars Academy, Mentor
  • Sacred Heart Catholic School, Mentor

402.827.2062

lduren@lutz.us

LINKEDIN

LAUREN DUREN + HEALTHCARE & CAS MANAGER

Lauren Duren is a Healthcare & CAS Manager at Lutz with over six years of relevant experience. She provides healthcare consulting, as well as outsourced accounting services to clients with a focus on QuickBooks, tax, and payroll compliance.

AREAS OF FOCUS
  • Healthcare Accounting Consulting
  • Outsourced Accounting
  • Tax
  • Payroll Compliance
  • QuickBooks
  • Financial Reporting, Budgeting & Forecasting
  • Provider Compensation Plans
  • Practice Benchmarking
  • Private Physician Practices
  • Nonprofit Industry
AFFILIATIONS AND CREDENTIALS
  • American Institute of Certified Public Accountants, Member
  • Nebraska Society of Certified Public Accountants, Member
  • National Medical Group Management Association, Member
  • Nebraska Medical Group Management Association, Member
  • Certified Public Accountant
EDUCATIONAL BACKGROUND
  • MBA, University of Nebraska, Omaha, NE
  • BSBA in Accounting, University of Nebraska, Omaha, NE
COMMUNITY SERVICE
  • Lutz Gives Back, Volunteer

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Provider Relief Fund Reporting

Provider Relief Fund Reporting

 

LUTZ BUSINESS INSIGHTS

 

PROVIDER RELIEF FUND REPORTING

Provider relief fund reporting

Finally, The Department of Health and Human Service (HHS) opened the Provider Relief Fund (PRF) Reporting Portal on July 1. Important highlights include:

  • Providers that received one or more payments exceeding $10,000 in the aggregate on or before June 30, 2020, must report by September 30, 2021.
  • HHS states those providers that fail to report by the applicable deadline will be “deemed out of compliance with program Terms and Conditions and may be subject to recoupment.”
  • Providers must return any unused funds to the government within 30 calendar days after the end of the applicable Period of Reporting.
    • Must return funds within 30 days of reporting deadline
  • There is a 73-page Reporting Portal User Guide (with many helpful screenshots)
  • There are Data Entry Worksheets to assist providers in preparing to report through the portal
  • There is a new Provider Support Line at (866) 569-3522 (available 8 am to 11 pm ET, Monday – Friday) for “technical questions regarding the use of the portal or questions regarding reporting that cannot be answered by…available resources.”

Reminder on the Summary of Reporting Requirements:

Period Payment Received Period   Deadline to Use Funds Reporting Time Period
1 April 10, 2020 to June 30, 2020  6/30/2021 July 1, 2021 to September 30, 2021
2 July 1, 2020 to December 31, 2020 12/31/2021 January 1, 2022 to March 31, 2022
3 January 1, 2021 to June 30, 2021 6/30/2022 July 1, 2022 to September 30, 2022
4 July 1, 2021 to December 31, 2021 12/31/2022 January 1, 2023 to March 31, 2023

 

Revised PRF Post-Payment Notice of Reporting Requirements

Updated PRF FAQs  

 

If you have any questions, please contact Paul Baumert, Julianne Kipple or Lauren Duren, or call us at 402-496-8800.

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