CMS is concerned that there has been significant disruption to the healthcare industry including a potential financial burden on providers. Therefore, CMS is enacting certain prepayment measures as part of the Trump Administration Financial Relief package to assist medical providers in maintaining sufficient cash flow during these difficult times.
Did you hear financial relief is available?
Center for Medicare & Medicaid Services (CMS) has announced an expansion of its payment program for Medicare participating health care providers and suppliers. This program will ensure providers have the additional resources needed to battle financial matters during this period with the Novel Coronavirus.
The program expansion will include changes from the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act. CMS plans to lessen the financial hardships of providers facing extraordinary challenges related to the COVID-19 pandemic.
What does this means for your organization?
Accelerated and advance Medicare payments will provide emergency funding and help address cash flow issues based on historical payments when there is disruption in claims submission and/or claims processing.
CMS is expanding the program for all Medicare providers through these hard times during the public health emergency related to COVID-19. Advance payments can be requested by hospitals and doctors.
As stated in the Press Release on March 28, Medicare provides coverage for 37.4 million beneficiaries in its Fee for Service (FFS) program, and made $414.7 billion in direct payments to providers during 2019. This effort is part of the Trump Administration’s White House Coronavirus Task Force effort to overcome the spread of COVID-19, with a focus on strengthening and leveraging public-private relationships.
In order to qualify for accelerated or advance payments, the provider or supplier must:
- Have billed Medicare for claims within 180 days immediately prior to the date of signature on the providers/supplier’s request form
- Not be in bankruptcy
- Not be under active medical review or program integrity investigation
- Not have any outstanding delinquent Medicare overpayments
Medicare will start accepting and processing the Accelerated/Advance Payment Requests immediately. CMS anticipates that the payments will be issued within seven days of the provider’s request.
If you want to know more on how to qualify for accelerated or advance payments, go to the Press Release here: www.cms.gov/newsroom/press-releases/trump-administration-provides-financial-relief-medicare-providers
The fact sheet on the accelerated and advance payment process and how to submit a request can be found here: www.cms.gov/files/document/Accelerated-and-Advanced-Payments-Fact-Sheet.pdf