In December 2021, the California Department of Health Care Services (DHCS) released the new Quarterly Financial Reporting Template to managed care organizations (MCOs).
The template is intended to help DHCS collect data to monitor the financial performance and results of the Medi-Cal program and each of its MCOs. The template will also help with consistency in reporting so DHCS can compare results across the MCOs.
The new template will be used in the 2022 calendar year. Quarterly reports are due to DHCS starting with the quarter ending March 31. The template is due 45 days after Q1 2022, and 45 days after each subsequent quarter.
Generally accepted accounting principles (GAAP) are to be used when filling out the template. Revenues and expenses must be reported using the full accrual basis of accounting. If there are any differences between GAAP and DHCS Template Reporting Instructions, the reporting should follow the definitions for items within the instructions.
The annual reporting period contained in the template is defined as July 1 through June 30, corresponding with the state fiscal year.
Reporting periods in the template relate to the DHCS fiscal year and may not correspond with the MCO’s fiscal year end.
To that end, DHCS may require MCOs to obtain a report of findings from an independent accountant based on performing specific, agreed-upon procedures.
DHCS may prescribe these agreed-upon procedures in future reporting guides.
We’re Here to Help
For guidance on completing the quarterly financial reporting template, contact your Moss Adams professional.
You can also find additional insights and resources at our Health Care Practice.