Breaking News: $100 Billion Emergency Fund Distribution Begins
CMS plans to release the first $30 billion of the emergency funds as early as today (Friday, April 10, 2020) via electronic payment to providers’ bank accounts.
- If you are a Medicare provider, you may receive funds starting as early as Friday, April 10, 2020;
- The dollar amount to be received is the provider’s percentage (%) of 2019 Medicare Fee-For-Service (FFS) reimbursements (initial total to be distributed is $30 billion). This does not include Medicare Advantage payments. (An example of the calculation: Provider billed Medicare FFS of $121 million in 2019. Equation is $121,000,000/$484,000,000,000 x $30,000,000,000 = $7,500,000);
- Reminder, this is not a loan (like the Advance Payments) and the funds will not need to be repaid;
- Distribution of the funds is being handled by UnitedHealth Group;
- Within 30 days of receiving the funds, providers must sign an attestation confirming receipt of the funds and agree to not seek collection of out-of-pocket payments from a COVID-19 patient that are greater that what the patient would have had to pay if care was provided by an in-network provider;
- Additional targeted distributions will focus on providers in areas particularly impacted by COVID-19 outbreaks, rural providers, and providers of services with a lower share of Medicare FFS reimbursement or who predominantly serve the Medicaid population.
Important to note: This funding is in addition to Medicare Accelerated and Advanced Payment Schedule.
HealthPRO® Heritage reminds and encourages all Medicare providers to proactively communicate with your accounts receivable department to confirm receipt of this well-timed supplemental compensation. The only step that providers must take is to log in and sign the attestation.