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Cash vs. Accrual

Posted on: February 8th, 2012 by Mark Higley No Comments

We are getting lots of questions relative to hard copy submissions. 

Here is an extract from an actual CBIC inquiry…

From: “CBIC.ADMIN@bcbssc.com” <CBIC.ADMIN@bcbssc.com>
To: Cc: CBIC.ADMIN@bcbssc.com
Sent: Wednesday, January 25, 2012 2:16 PM
Subject: RE: Financials for Competitive Bid
DCN 12025I03000xxxxx

Dear ==========

We are responding to your e-mail inquiry regarding accrual vs. cash basis.

We are not asking that you convert your cash accounting to accrual, because a cash basis is acceptable.
For consistency, we have provided some direction by requesting that the three required financial statements be prepared on the accrual or cash basis of accounting.  Although the financial statements must be in accordance with GAAP, certain departures such as depreciation, variable interest entities, or sale leaseback of medical equipment is acceptable.

If you have additional questions, please contact the CBIC Help Desk at 1-877-577-5331.  Please note that the Help Desk hours of operation have been extended for the registration and bidding periods to 9:00 a.m. until 9:00 p.m. prevailing Eastern Time, Monday through Friday.

Please continue to monitor the www.dmecompetitivebid.com website for information regarding the DMEPOS Competitive Bidding Program. If you have not done so, please register to receive e-mail updates and alerts. To register, please click the following link:

http://www.dmecompetitivebid.com/cbic/cbicregistration.nsf/profile?OpenForm.

Sincerely,

Competitive Bidding Implementation Contractor
Palmetto GBA

http://www.PalmettoGBA.com/disclaimer

 

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