WEBINAR MATERIALS: PRF Reporting Update for Healthcare
9/9/2021
Webinar held on Thursday, September 9, 2021.
The first PRF reporting deadline is 09/30/2021... have you captured ALL permissible expenses and lost revenue?
The CARES Act and related legislation provided $175B for distribution by HHS to healthcare providers beginning in April 2020. These funds were paid in multiple General and Targeted Distributions, as well as Infection Control Distributions to nursing homes. All of these are defined as grants, not loans. We know these grants have been critical in addressing the devastating financial impact of COVID-19 on the healthcare sector – including lost revenues, declining utilization, increased expenses, and complicated operational challenges – but we also know they will be subjected to enhanced enforcement initiatives by a variety of federal agencies.
This webinar is designed as an opportunity to closely examine your PRF reporting data to make sure you have captured everything you are entitled to report before you submit your data into the reporting portal. Even though final CARES Act Provider Relief Fund (PRF) Reporting Requirements were issued on June 11, 2021, these superseded at least six prior sets of instructions and resulted in the addition, modification, and deletion of many CARES Act FAQs. In addition, there have been clarifications even after June 11, 2021. We have devoted a team to track all of this evolving information and understand how challenging these requirements can be while operating in crisis mode.
Our Healthcare team of Andrew Kent, Esq., CVA, and Claudia Reingruber, CPA, CHC, address critical elements of interest to any provider who received one or more PRF payments and highlight some areas that may warrant additional consideration. For example, they address labor costs attributable to COVID that may have been overlooked, misconceptions regarding the three methods available to compute lost revenues, and provide examples of multiple data points that can be used to support critical computations and estimates. We will have a short time for a Question and Answer session at the conclusion of the presentation but will include all questions received during and prior to the webinar in a subsequent email distributed to all attendees.
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