Home Health & Hospice Week
Say GoodBye To SOI
Good riddance, association says. The Centers for Medicare & Medicaid Services has sent your statements of intent the way of the dinosaur after concluding that the procedure, which was originally set up to allow beneficiaries more time to file claims, is apparently of little use to its intended target.
According to a final rule in the April 23 Federal Register, 98 percent of claims currently filed are done on assignment, as opposed to 52 percent almost 30 years ago. Additionally, of the vast number of SOI claim requests submitted, only 4.4 percent are actually processed and paid.
"The SOI process is a resource burden on Medicare contractors, providers and suppliers with little return or benefit to the states," the rule reads.
CMS says it hopes the change will encourage states to pursue cost-avoidance procedures and reduce processing expenses -- while having little financial impact on providers and suppliers since the 15- to 27-month claim submission period remains unchanged.
"Over the years, home health agencies have been deluged with tens of thousands of 'demand bills' initiated by state Medicaid programs after those programs had extended a filing period using the SOI procedures," notes the National Association for Home Care & Hospice in its newsletter to members. "Therefore, all things considered, the SOI procedures had become a burden to home health agencies."
CMS instructed regional home health intermediaries not to adjust the cost report supplies data down to PS&R levels, but failed to tell Part A intermediaries that process hospital-based agencies' claims the same thing. In an April 23 One-Time Notice (Transmittal No. 75), CMS corrects the oversight.
Overall, Manor Care reported $41.1 million in net income on $797 million in revenues for the quarter.
Despite the flat profitability figures, Apria is full steam ahead on acquiring new businesses and growing its oxygen business line. The company bought seven businesses for about $42 million during the quarter, mostly in the Southwest and Texas. But the purchases did include diabetic supplier Star Medical Rx in Kansas City. "Our acquisitions pipeline is full and we now expect that we will exceed our target of $100 million in acquisitions this year," Apria says.
"We are increasing our efforts to expand our respiratory business," the company adds.
Matria reported net income of $0.9 million on revenues of $88.4 million for the quarter ended March 31, compared to a $1.1 million profit on $78.2 million in revenues for the same period in 2003.
Dennis Simon, managing principle of financial restructuring consultant Crossroads, became Intrepid CEO and president in March, says an April 26 press release from Intrepid. The company's Todd Garamella became the board chairman, Intrepid says in a release.
Intrepid has secured approved debtor-in-possession financing from CapitalSource Finance. The loan will be to the tune of $25 million, reports The Daily Deal.
The U.S. Bankruptcy Court for the District of Delaware already has denied several reorganization plans for the Denver-based company that filed Chapter 11 bankruptcy in August 2000. Creditors and pre-petition shareholders continue to fight over control of the company, the Deal notes.
An administrative law judge at the Securities & Exchange Commission handed down this ruling as part of Ernst & Young's punishment for inappropriately auditing a client's books while at the same time helping the company market and develop a new software product. The accounting firm also must pay $1.7 million in restitution, AP says.
Home Health & Hospice Week
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