Accelerated and advance payments, as well as higher reimbursement rates, aim to bridge the gap for US healthcare providers during COVID-19 crisis.
While US lawmakers and federal agencies have primarily focused on the treatment and prevention of COVID-19 in recent weeks, Congress and the Centers for Medicare & Medicaid Services (CMS) have moved in lockstep to also ease the financial impact of the pandemic on a variety of different healthcare providers and suppliers. First, on March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116-136 (the CARES Act) which provides, among other items, financial relief for healthcare providers and various sectors of the economy impacted by the COVID-19 pandemic. Within 24 hours, CMS issued specific guidance to implement an expanded payment program, authorized by the CARES Act, which enables Medicare providers and suppliers to obtain advance and accelerated payments to make up for lost revenue during the COVID-19 emergency.
Please see full Alert below for more information.