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.