NOTICE – As of April 26, 2020, the Centers for Medicare and Medicaid Services (CMS) has announced that it will make changes to this program. More information can be found here: https://www.cms.gov/files/document/accelerated-and-advanced-payments-fact-sheet.pdf.
Congress provided relief for Americans, businesses, and healthcare institutions through a record stimulus deal in response to the COVID-19 pandemic, The Coronavirus Aid, Relief, and Economic Security Act (CARES).
As part of the CARES Act, the Centers for Medicare & Medicaid Services (CMS) expanded the eligibility and streamlined the process of the accelerated/advance payment program to certain Medicare Part A providers and Part B suppliers.
This program is not new, but authority was given to expand it to apply to more providers and suppliers and to speed up the processing time to assist in increasing cash flow as quickly as possible. The processing time is expected to be between four to six days, down from the previous timeframe of three to four weeks. The amount that providers and suppliers can expect to receive is between three to six months of their Medicare reimbursements. This is a loan and it is expected to be repaid, although the repayment is expected to be delayed.
Eligibility, process, and detailed repayment information can be found on the CMS Fact Sheet: https://www.cms.gov/files/document/Accelerated-and-Advanced-Payments-Fact-Sheet.pdf.
As your trusted advisors, we are committed to keeping you well-informed with any new legislation passed by Congress. Please do not hesitate to reach out to KHA with any additional questions you may have.
These sources are simply included for informational purposes. KHA Accountants, PLLC, its partners and others do not provide any assurance as to the accuracy of these items or the information included therein. As such, KHA Accountants, PLLC cannot be held liable for any information derived from referenced sources. This is intended for illustrative and discussion purposes only.