Reingruber ALERT: COVID-19 CMS Updates
4/28/2020 - By Claudia Reingruber, CPA, CHC
Medicare Accelerated Payments - on HOLD as of 04/26/2020
- CMS announced that no new applications for Accelerated Payment Program funds will be accepted
- All pending applications will be reevaluated in light of other direct payments made by HHS
- Part A Medicare providers have already received over $90 billion in Accelerated Payments
- Click here for the latest FAQ on this topic.
CARES Act Relief Fund General Distributions - $50 Billion
- These payments will be allocated based on each provider's share of 2018 net patient revenues
- Round #1 - $30 billion was paid between April 10 - 17, 2020
- Round #2 - Distributions from the $20 billion began 04/24/2020
- Some providers received automatic "advance payments" on 04/24/2020 based on 2018 cost report revenues
- Providers without adequate cost report data will need to submit revenue data via the General Distribution Portal
- All providers that received funds must submit data via the General Distribution Portal for verification purposes, including the following:
- "Program Service Revenue" as submitted on its federal tax return.
- Estimated revenue lost in March 2020 and April 2020 due to COVID-19.
- Copy of the most recent federal income tax return.
- TINs of subsidiary providers that received funds but do not file separate tax returns.
- All providers that receive CARES Funds must support the use of these grants
- Providers receiving more than $150,000 will be required to submit quarterly reports, with the first one due 07/10/2020
- All providers, regardless of amount received, must maintain documentation on the use of funds and are subject to audit
- Details for the quarterly reports have not yet been published
- Click here for more information contained in the Terms and Conditions
- Click here for FAQs regarding these funds and the General Distribution Portal
Additional Relief Funds
- COVID-19 Treatment for the Uninsured
- For treatments furnished on or after 02/04/2020
- Program registration begins 04/27/2020
- Claims can be submitted beginning early May 2020 and will be paid at Medicare rates, subject to available funding
- Click here for more information
The Healthcare Division at Saltmarsh can help you:
- Establish cost accounting process to track compliant use of grant funds
- Identify available COVID-19 relief programs to meet patient needs
- Untangle complicated federal rules governing relief programs
- Calculate lost revenue and additional COVID-19 related costs
- Help you decide the best course of action while funds are available!
QUESTIONS?
If you have questions about your particular circumstances, please contact our team or call (800) 477-7458.
Visit our COVID-19 RESOURCE HUB for ongoing updates and information. Due to the ever-changing nature of this event, you should always consult a professional.
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