Round 1 Updates:
CMS has sent out 3 updates to information on different matters that could be pertinent to your company whether involved in Competitive Bidding or not. Below is the topic and the link for the complete article from CMS.
Auto Denial of Claims Submitted with a GZ Modifier: http://www.cms.gov/MLNMattersArticles/downloads/MM7228.pdf
Claims Modifiers for Use in the DMEPOS Competitive Bidding:
http://www.cms.gov/MLNMattersArticles/Downloads/SE1035.pdf
http://www.cms.gov/MLNMattersArticles/Downloads/SE1035.pdf
Edit to Deny Claims for Repairs to Capped Rental DME:
http://www.cms.gov/MLNMattersArticles/downloads/MM7212.pdf
http://www.cms.gov/MLNMattersArticles/downloads/MM7212.pdf
Round 2 Tips & Tasks:
Tip: When submitting the bid, you will need the following hardcopy items (if CMS follows the same criteria as Round 1). When the Round 2 information is published we will update the information and send it to you.
Tip: When submitting the bid, you will need the following hardcopy items (if CMS follows the same criteria as Round 1). When the Round 2 information is published we will update the information and send it to you.
Task: Locate the following items and have them in a folder or place of your choice so you have them readily on hand when time to submit a bid. You may need to meet with your CPA to begin talks of having this information readily available when needed.
Financial Statements for the Last (immediate one (1) year prior) calendar year:
1. Income Statement-includes revenue, adjustment to revenue, cost of goods sold, expenses by category, Net Income/Loss
2. Balance Sheet-includes current assets, total assets, current liabilities, total liabilities, stockholder or owner’s equity
3. Statement of cash flow-sectioned into different areas as resulting from operating activities, financing activities and investing activities
4. Tax return extract for the last operating year (calendar or fiscal year)-this is the revenue and expense portion of the organization’s tax return
a. If tax return has not been filed and supplier has requested an extension of time, the tax extension form filed with the IRS must be submitted
b. Tax extension form must be submitted with other hardcopy documents
c. If tax extension filed, the tax extract that is filed with the extension to the IRS, it must be submitted also
d. The final tax extract must be sent to CBIC within three (3) business days of filing the return with the IRS.
e. Tax returns that are date after the date of the extension to file are not acceptable and the bid will be rejected.
f. If other deductions are claimed as expenses, must send documentation details to support
g. If bidding supplier is a subsidiary of a parent company
i. If subsidiary files its own tax return, submit only the subsidiary financial documents.
ii. If subsidiary does not file its own tax return, submit both parent and subsidiary documents and parent company tax return extract.
Financial Statements for the Last (immediate one (1) year prior) calendar year:
1. Income Statement-includes revenue, adjustment to revenue, cost of goods sold, expenses by category, Net Income/Loss
2. Balance Sheet-includes current assets, total assets, current liabilities, total liabilities, stockholder or owner’s equity
3. Statement of cash flow-sectioned into different areas as resulting from operating activities, financing activities and investing activities
4. Tax return extract for the last operating year (calendar or fiscal year)-this is the revenue and expense portion of the organization’s tax return
a. If tax return has not been filed and supplier has requested an extension of time, the tax extension form filed with the IRS must be submitted
b. Tax extension form must be submitted with other hardcopy documents
c. If tax extension filed, the tax extract that is filed with the extension to the IRS, it must be submitted also
d. The final tax extract must be sent to CBIC within three (3) business days of filing the return with the IRS.
e. Tax returns that are date after the date of the extension to file are not acceptable and the bid will be rejected.
f. If other deductions are claimed as expenses, must send documentation details to support
g. If bidding supplier is a subsidiary of a parent company
i. If subsidiary files its own tax return, submit only the subsidiary financial documents.
ii. If subsidiary does not file its own tax return, submit both parent and subsidiary documents and parent company tax return extract.
Hey, very nice site. I came across this on Google, and I am stoked that I did. I will definitely be coming back here more often. Wish I could add to the conversation and bring a bit more to the table, but am just taking in as much info as I can at the moment. Thanks for sharing.
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Keep Posting:)