This announcement provides information on the pending new annual submittal requirement of audited financial statements by qualified residential providers and supports coordination organizations.
Following the Centers for Medicare and Medicaid Services’ (CMS) approval, providers of residential habilitation, supported living, lifesharing and supports coordination services will be required to provide a *pdf file of their audited financial statements. In the most recent waiver amendment submissions, ODP added a requirement that all qualified residential providers and supports coordination organizations (SCOs) must submit audited financial statements on an annual basis. In anticipation CMS’s approval of these amendments, ODP has developed a QuestionPro link for providers and SCOs to easily attach a *pdf file of their audited financial statements which will satisfy the requirement.
The link is available at: ODP-Audited-Financial-Statement-Submission-Form (www.cpa.questionpro.com).
Since this will be a new requirement, providers and SCOs will be given six months after the end of their fiscal year to make the initial submission. For example, if the provider’s fiscal year ended on 6/30/2023, their financial statements must be submitted by 12/31/2023. It is anticipated that ODP will be reducing this time period in subsequent years to closer to 2 months (which is typical for public companies).
CMS approval of the amendments is expected to occur prior to the end of the calendar year which would mean that affected providers and SCOs are expected to submit Fiscal Year (FY) 2023 financials.
For for information, please see ODPANN 23-076
