Medicare Compliance & Reimbursement
Know 2 COVID-19 Funding Options
Be aware that both carry stipulations attached to the reimbursement. If your Medicare practice is one of the many that are struggling to make ends meet, you may want to investigate two federal offerings that offer financial assistance during the pandemic. Background: Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Trump Administration has rolled out numerous relief plans to circumvent economic mayhem and assist citizens during the pandemic. Originally, two programs — the CARES Act Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA) and Medicare’s Accelerated and Advanced Payment Program — were available for providers and suppliers. Next: On April 7, the Centers for Medicare & Medicaid Services (CMS) expanded the accelerated payment program. And on the same day during President Trump’s Coronavirus Task Force press briefing, CMS Administrator Seema Verma said that “this week, we will be putting out another $30 billion, which are grants.” CMS was focused on “getting these dollars out as quickly as possible” and that there would be “no strings attached,” she stressed. The “grants” are part of a Department of Health and Human Services (HHS) addition called the CARES Act Provider Relief Fund. This program aims to jumpstart the healthcare industry and initially deposited “$30 billion in immediate relief funds” into providers’ accounts on April 10. “These are payments, not loans, to healthcare providers, and will not need to be repaid,” HHS emphasized in a release on the relief fund. Now: Unfortunately, the SBA announced on April 16 that it had expended its $349 billion in funds available through the CARES Act PPP. However, the administration and Congress are negotiating a fourth stimulus package, which will include supplemental funds for the PPP. See the 2 Available Healthcare-Specific Relief Packages It’s important not to confuse the CARES Act Provider Relief Fund and the Medicare Expanded Accelerated and Advance Payment Program. One is a loan while the other is a grant. One mandates reporting after the fact while the other requires an application upfront. Read on for a side-by-side comparison of the current relief plans. Disclaimer: Information related to COVID-19 is changing rapidly. This information was accurate at the time of writing. Be sure to stay tuned to future issues of Medicare Compliance & Reimbursement for more information. You can also refer to payer websites, CMS (cms.gov), CDC (cdc.gov), and AAPC’s blog (www.aapc.com/blog) for the most up-to-date information. 
Medicare Compliance & Reimbursement
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