The CARES Act(1) has many provisions that can help your practice during such trying times. It can be difficult to interpret, and also difficult to determine what steps to take to ensure you receive the benefits available to your practice. An update(2) from MGMA (Medical Group Management Association) can help you make sense of your options. Some highlights include:
- The Act makes funds available to reimburse (through grants and other mechanisms) eligible healthcare suppliers (i.e., physicians) and providers (i.e., hospitals) for healthcare-related expenses or lost revenues caused by COVID-19
- You are eligible for an automatic payment if you received Medicare fee-for-service (FFS) reimbursements in 2019
- The payment amount is based on your share of total Medicare FFS reimbursements received in 2019
Conditions(3) do apply, of which you agree to when you confirm payment receipt. You must also sign an attestation within 30 days of receiving the funds. Some conditions include, but are not limited to, the following:
- Providers may not “balance bill” patients for expenses related to COVID-19 treatment
- Provide proof that practice performs diagnoses, testing, and/or care for individuals with possible or actual cases of COVID-19
- Practice is not currently excluded from participation in Medicare, Medicaid, and other federal health care programs
- Provider does not currently have Medicare billing privileges revoked
- Payment will only be used to prevent, prepare for, and respond to coronavirus expenses
- Submit reports as determined necessary to ensure compliance with conditions that are imposed on the receipt of funds
- Maintain appropriate records and cost documentation relating to expenditure of funds
This list is not meant to be inclusive of all the terms and conditions relating to the provider relief fund. Please refer to the HHS.gov site for a full list of terms and conditions.
Contact us today. We can review your professional liability policy to ensure your coverage aligns with current mandates and guidelines.