Commonwealth of Kentucky Awards Fairbanks Contract to Review LEA Cost Reports Under New Payment Methodology

Chicago, Illinois, April 11, 2011

The Commonwealth of Kentucky Cabinet for Health and Family Services, on behalf of the Division of Medicaid Services, awarded a competitively bid contract to Fairbanks to collect and review the annual cost reports submitted by local school districts under a new cost-based payment methodology approved by CMS.  Fairbanks will provide training to the school districts regarding the proper completion of cost reports, review the reports for accuracy and allowable costs, and complete cost settlement reports.  In addition to the compilation and review of the annual cost reports, Fairbanks will conduct various audits regarding the submitted cost reports.

This multi-year award includes up to two annual extensions following the initial two-year term.