covid-19 payments to physicians

How many zeroes are in a billion dollars?

The amount of money that the federal government is allocating to bail out the American economy is staggering. Congress recognizes that health care providers have been among the hardest hit by the economic fallout of the Coronavirus pandemic, and it has earmarked billions of dollars to help physicians and hospitals survive.

Here is an update on the latest round of funding:

·      $100 billion dollars was allocated to the Department of Health and Human Services for healthcare providers

·      Of that, $30 billion was paid out to providers between April 10 and April 17 based on historical Medicare billing

o  If you received a payment as part of this program, you have 30 days to sign an attestation confirming that you received the funds and that you agree to the terms and conditions of the payment. You can sign the attestation here

·      An additional $20 billion will be disseminatedbeginning April 24 based on net patient revenues from all payor sources

·      $10 billion will go to hospitals in hard-hit areas, including New York

·      $10 billion is intended for rural hospitals

·      A portion of the funding will be used to cover the cost, at Medicare rates, for COVID-related treatment of the uninsured

The remaining funds will reportedly be held for distribution to facilities in areas that are future COVID-19 hotspots as well as skilled nursing facilities.

How can you get your fair share?

Of the initial $30 billion:

Those funds have been distributed already to providers based on their historical Medicare billing. If you received a payment, be sure to complete your attestation form within 30 days.

Of the $20 billion being released beginning on April 24:

·      On April 24, some 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
through a portal that will be posted on the HHS site.

If you have provided COVID-related treatment to uninsured patients after February 4, 2020:

·       Every health care provider who has provided treatment for uninsured COVID-19 patients on or after February 4, 2020, can request claims reimbursement through the program and will be reimbursed at Medicare rates, subject to available funding.

·       Steps will involve enrolling as a provider participant, checking patient eligibility and benefits, submitting patient information, submitting claims, and receiving payment via direct deposit.

·       Providers can register for the program on April 27, 2020, and begin submitting claims in early May 2020. For more information, visit coviduninsuredclaim.hrsa.gov.

For additional information or assistance with billing or submitting any documentation for this funding, please call us today. Call Anthony Vuozzo at 516-775-8605 or email anthonyv@ecmmgt.com.