Next round of Provider Relief Funding announced by the Department of Health and Human Services
The Department of Health and Human Services (HHS) has announced another round of Provider Relief Funding (PRF) and the terms of the Medicare Accelerated and Advanced Payment Program have recently been modified. The third round of PRF payments and applications are available and may be submitted on October 5, 2020 through November 6, 2020.
An article written by Rebecca Farrington, Chief Revenue Officer of Healthcare Administrative Partners, outlines the eligibility criteria for practices to be able to apply for this new phase of PRF, the application process and reporting requirements. The comparison of the original terms to the revised terms of PRF and Medicare Advance Payment Program is shown in the two tables below. Click here to read the full article.
|Provider Relief Fund||Original Terms||Revised Terms|
|Reporting level||Quarterly if $150,000 or more was received||Once or twice if $10,000 or more was received|
|Reporting timetable||By February 15, 2021 for funds expended in 2020||· By February 15, 2021 for funds expended in 2020
· By July 31, 2021 for funds expended after 2020
|Reporting portal||Opens October 1, 2020||Opens January 15, 2021|
Table 1: Source “Federal Provider Relief Programs Are Continuously Changing”.
|Medicare Advance||Original Terms||Revised Terms|
|Repayment begins||120 days after receipt of funds||365 days after receipt of funds|
|Repayment schedule||100% of claims payments due to practice once repayment begins||· 25% of claims payments for 11 months, then
· 50% of claims payments for 6 months
|Repayment deadline||210 days after receipt of funds||September 2022|
|Interest rate after repayment deadline||10.25%||4.00%|
|Option to repay sooner||Practices should contact their local Medicare carrier||No change|
Table 2: Source “Federal Provider Relief Programs Are Continuously Changing”.