Stroudwater Associates, the nation’s leading source of strategic, operational, and financial strategy for rural, community and county-district owned hospitals, released a new cloud-based tool for Critical Access Hospitals to help with more accurate Medicare reimbursements.
“Critical Access Hospitals are under a tremendous amount of stress when beginning to put together the report to submit to Medicare for reimbursement,” said Eric Shell, Stroudwater Associates Board Chair. “This new Cost Report Tool helps to ensure the report is filled out correctly so Critical Access Hospitals get the appropriate reimbursement from Medicare. This reimbursement is key in ensuring these hospitals are sustainable and able to invest to maintain access to healthcare available in their communities.”
Stroudwater’s Cost Report Tool evaluates the hospital’s most recently filed Medicare Cost Report to identify opportunities to eliminate errors and omissions, resolve conflicts, review cost allocation methods, and identify operational and strategic initiatives and/or accounting practices to improve financial performance.
“The Cost Report Tool is the only resource like this in the nation. It identifies benchmarks for hospitals including financial and operational areas of improvement comparing the hospital to best practices of peer rural hospitals based on Stroudwater’s experience” said Gregory Wolf, Stroudwater Associate’s Data and Analytics Principal. “Once a user completes the assessment and downloads the Summary Report, the key step is to have a phone call with the hospital CEO or CFO to discuss the organization’s unique characteristics and market position as well as the report and the areas of improvement that we have identified.”
To learn more about Stroudwater’s Cost Report Tool, click here.