Has or Is Your Practice Moving or Changing Ownership?
CMS recently released a reminder regarding the requirement that providers must notify CMS of ownership changes within 30 days. In addition to changes in ownership, providers must report changes in address locations and any adverse legal action within 30 days. A recent OIG study showed that over 75% of owner names are substantially inaccurate across all Medicare and Medicaid provider types.
Changes in ownership include purchases, changes in control, changes in authorized official(s) or delegated official(s), newly formed corporations, and other forms of change of ownership.
If you have had any change in ownership with your practice, you should review your information on PECOS. The announcement below provides PECOS tutorials to assist in this process.
Reporting Changes in Ownership — Reminder
A 2016 Office of the Inspector General (OIG) report noted that providers may not be informing CMS of ownership changes. Providers must update their enrollment information to reflect changes in ownership within 30 days. Owners are individuals or corporations with a 5 percent or more ownership or controlling interest. Failure to comply could result in revocation of your Medicare billing privileges.
- Timely Reporting of Provider Enrollment Information Changes MLN Matters Article
- 42 CFR 424.516
- Medicare: Vulnerabilities Related to Provider Enrollment and Ownership Disclosure OIG Report
- PECOS Enrollment Tutorial – Change of Information for an Individual Provider
- PECOS Enrollment Tutorial – Change of Information for an Organization/Supplier
- Updated Manual Guidelines for Electronic Funds Transfer Payments and Change of Ownership MLN Matters Article