Healthcare Provider Relief Fund Stimulus Payments
The recently passed CARES Act, signed by President Trump, provides $100 billion in relief to those in the healthcare industry who are helping battle the Coronavirus crisis. The funds in this Healthcare Provider Relief Fund package are meant to support healthcare related expenses, as well as lost revenue, in relation to Coronavirus. To assist in providing immediate relief, $30 billion of this package was provided to eligible healthcare providers starting on April 10, 2020. Due to the expedited release of funds, some healthcare providers may have received stimulus checks as part of this immediate infusion already.
After reviewing the release of information, MNMW would like to highlight a few facts for those of you who have received, or will receive, this payment:
- If you received Medicare reimbursements in 2019, you will receive this automatic stimulus payment. No application is required.
- The Department of Health and Human Services has indicated “These are payments, not loans, to healthcare providers, and will not need to be repaid”; however, healthcare providers must accept the terms and conditions of the payment within 30 days of receiving it. You can find those details here.
- More details about the structure and guidelines for the CARES Act Provider Relief Fund, as well as how the payments were calculated, can be found here.
- There are reporting requirements to ensure compliance. If a healthcare provider received more than $150,000 there will be additional quarterly reporting requirements
- Please do not confuse this stimulus payment with the CMS Accelerated and Advance Payment Program (if you applied for this particular program). The CMS Accelerated and Advance Payment program is a loan and must be paid back.
Our government is working hard to provide relief to our citizens and our economy, however sometimes these packages are released while details are still being worked out. MNMW is working on gathering more detailed information on the terms and conditions and reporting requirements. While this relief is needed, and appreciated, it is best to understand all facts and implications of accepting the stimulus funds. Until we have clarity, we would suggest that healthcare providers who received the Medicare stimulus payment be cautious in spending until more information is provided.
Our team at MNMW is working constantly to bring you the most recent news and updates related to the COVID-19 crisis that could impact you and your loved ones. In a continuing effort to maintain the health and safety of our valued clients, our team, and the community and to cooperate with the advice of health officials, MNMW lobbies in Fort Myers and Naples will be closed to the public until further notice.
For more information you can visit our MNMW Coronavirus (Covid-19) Resource page with the button below or call in at (239) 433-5554.