How can the new CARES act make your life easier during the pandemic?
2020 has been quite a tough year for everyone on the globe. Coronavirus disaster has an impact on every working man in every country. From farmers to politicians and billionaires – there’s hardly even a person worldwide whose business has not yet faced any challenges. This situation looks like a real-life cause play of an apocalyptic movie.
And now, just like in Hollywood, superheroes are the ones suffering the most. In this unprecedented time, our healthcare providers are real-life superheroes, who does not wear a cape but a surgical mask, saving millions of lives daily. Now, it’s time for the government to pay them back.
Introducing CARES Act Provider Relief Fund, signed by President Trump on March 27, 2020. Effective 04/10/2020, this government donation provides $100 billion in relief funds to hospitals and other healthcare providers on the front lines of the coronavirus response. An initial amount of $30 billion is already being released to support our superheroes who struggle financially due to public health threats. CARES provides payments, not loans, to healthcare providers, which will not need to be repaid.
Am I eligible for this payment?
Yes, you are, if:
1) Your practice has received fee-for-service payments from Medicare in 2019. (Your practice will get payments for each of the TAX IDs.);
2) You agree not to seek collection of out-of-pocket payments from a COVID-19 patient that are greater than what the patient would have to pay in case an in-network provider had provided the care.;
3) You treat patients in areas heavily affected by COVID-19 and currently struggle financially due to healthy patients delaying care and cancelled elective services;
Even if you ceased operation due to the pandemic, you are still eligible to receive funds so long as you provided services for individuals with actual or possible COVID-19.
How much exactly would I get?
Your portion is calculated based on your share of the total amount your practice received from straight Medicare FFS in 2019. You can count it using this formula: A/B x C = D, where A is a dollar amount which you billed Medicare in 2019, B – $484 000,000,000 and C - $30,000,000,000. D is an amount that you are going to receive.
What should I do to get the funds?
Payments will be issued to you automatically via Optum Bank with "HHSPAYMENT" as the payment description (if you normally receive funds from CMS electronically) or via paper checks in case if the provider still receives paper checks from CMS.
Important!: Within 30 days of receiving the payment, you must confirm receipt of the funds and agree to Terms&Conditions via CARES Act Provider Relief Fund Payment Attestation Portal
How is CARES different from CMS Accelerated and Advance Payment Program?
CARES is a payment not requiring a return, while CMS AAPP is a loan, which you must payback.
More information is here
WCH Service Bureau is here to help you, our superheroes! Striving to provide the highest quality service no matter what.
Save the world with no struggle!