Medicare-Certified Hospitals Must Supply Ownership Data
Since 2009, Medicare-certified hospitals have been required to disclose their ownership information to the Centers for Medicare & Medicaid Services (CMS). Hospital owners must submit annual updates to the CMS in order to maintain their certification.
What Does This Data Include?
The written statement of ownership and the update must include the following:
- Name of hospital owner.
- Address and telephone number of the hospital.
- Names, addresses, and titles of officers.
- Names, addresses, and titles of trustees or directors.
- Percent of ownership.
- Description of the extent to which the owner provides financing to the hospital.
Why does CMS need this data?
CMS uses this information to help them determine whether a hospital is eligible for certification. This information enables CMS to identify any changes in ownership that may have occurred, such as the sale of a hospital, or an increase or decrease in ownership stake.
Furthermore, this data is necessary for audit and compliance efforts to ensure that Medicare and Medicaid are not used for illegal activities.
The Importance of Accuracy
It is important for Medicare-certified hospitals to make sure that the ownership data they supply to CMS is accurate and up-to-date.
Failure to do so will result in a denial of payment if any discrepancy is found, and could lead to the suspension or loss of certification.
In addition, if the information provided is inaccurate or incomplete, the hospital could be subject to investigation, fines, and other penalties.
It is therefore critical for Medicare-certified hospitals to comply with the ownership data reporting requirements in an accurate and timely fashion.