016.26.24 Ark. Code R. 002

Current through Register Vol. 49, No. 10, October, 2024

Rule 016.26.24-002 - Assisted Living Facility Cost Reporting Pursuant to Act 198

202.200Living Choices Assisted Living Facility Cost Report Requirements

An assisted living facility participating in, or seeking to participate in, the Arkansas Medicaid Program, including any Medicaid waiver program under 42 U.S.C. § 1396n(c) or 42 U.S.C. § 1315, shall file a cost report with the Department of Human Services:

A. Annually not later than ninety (90) days after the end of the fiscal year of the facility;

B. Within sixty (60) days of any significant change in the facility's ownership, management, or financial status or solvency; and

C. At any time within sixty (60) days of a written request from the department or the Office of Medicaid Inspector General.

The department shall post the cost-reporting instructions, forms, and schedules on its website.

A. The department may revise the cost-reporting instructions, forms, and schedules at any time, following consultation with representatives of the assisted living facility industry and sixty days before written notice to each Medicaid-certified Level II licensed assisted living facility.

B. In the cost-reporting instructions, the department may require electronic submission of cost reports and accompanying information.

C. In preparation and filing of cost reports, each assisted living facility shall:

1. Comply with generally accepted accounting principles and cost-reporting instructions of the department;

2. Follow the accrual method of accounting; and

3. Maintain the working trial balance used in completing the cost reports for each reporting period for a minimum of three (3) years.

D. To be considered complete and timely filed, each cost report shall include all information required by the forms, schedules, certifications, and instructions specified by the department and otherwise comply with generally accepted accounting principles and cost-reporting instructions of the department.

E. Failure to file a cost-report may result in penalties and sanctions as set forth in Arkansas Code 20-10-2401 et seq.

016.26.24 Ark. Code R. 002

Adopted by Arkansas Register Volume 49, Number 07, Effective 7/1/2024