HHS Stimulus Round No. 2 - $20 Billion
The HHS.gov website has posted the following information pertaining to the next round of the Provider Relief Fund. https://www.hhs.gov/provider-relief/index.html
Note: automatic payments will be received tomorrow April 24th for those facilities that cost report. All other eligible providers will be required to apply for additional stimulus funds via a portal that is scheduled to open shortly.
$50 Billion General Allocation
$50 billion of the Provider Relief Fund is allocated for general distribution to Medicare facilities and providers impacted by COVID-19, based on eligible providers' 2018 net patient revenue. The initial $30 billion was distributed between April 10 and April 17, and the remaining $20 billion is being distributed beginning Friday, April 24.
*To expedite providers getting money as quickly as possible, $30 billion was distributed immediately, proportionate to providers' share of Medicare fee-for-service reimbursements in 2019. On Friday, April 10, $26 billion was delivered to bank accounts. The remaining $4 billion of the expedited $30 billion distribution was sent on April 17.
*This simple formula used the data on-hand to get the money out the door as quickly as possible. The Administration was transparent and upfront additional funds would be going out quickly to help providers with a relatively small share of their revenue coming from Medicare fee-for-service, such as children's hospitals.
*HHS will begin distribution of the remaining $20 billion of the general distribution to these providers on April 24 to augment their allocation so that the whole $50 billion general distribution is allocated proportional to providers' share of 2018 net patient revenue.
*On April 24, a portion of providers will automatically be sent an advance payment based off the revenue data they submit in CMS cost reports. Providers without adequate cost report data on file will need to submit their revenue information to a portal opening this week linked on this page for additional general distribution funds.
*Providers who receive their money automatically will still need to submit their revenue information so that it can be verified.
*Payments will go out weekly, on a rolling basis, as information is validated, with the first wave being delivered at the end of this week (April 24, 2020).
ABC stands ready to assist you if you have questions concerning this federal grant initiative. Please contact your account executive, email CARES@anesthesiallc.com or visit https://www.hhs.gov/provider-relief/index.html.