~3 weeks left to apply: $20B HHS Provider Relief Fund
Last week, The US Department of Health and Human Services (HHS) announced $20 billion in new funding for healthcare providers. This is additional funding.
Three things you need to know:
◘ You have until November 6th, 2020 to apply for this funding.
◘ You can apply for additional funding, even if you received funding earlier.
◘ HHS wants you to receive at least 2% of your patient care revenues from earlier distributions.
– If you didn’t receive that, you can get it now.
– If you got that earlier, then HHS will calculate add-on payments based on what’s left of the $20B + changes in a provider’s operating numbers.
◘ Providers who began practicing between January and March 2020 can apply for additional funding.
◘ The Phase 3 application is different from the Phase 2, requiring additional revenue and expense data entries in order to calculate payment based on assessed financial impact of COVID-19.
◘ All provider submissions will be reviewed to confirm they have received a Provider Relief Fund payment equal to approximately 2% of patient care revenue from prior general distributions.
◘ Applicants that have not yet received Provider Relief Fund payments of 2% of patient revenue will receive a payment that, when combined with prior payments (if any), equals 2% of patient care revenue.
◘ HRSA has stated that the payments will not be made until it can review applications from all providers.
◘ Step 1: Determine Eligibility – All providers eligible for a previous PRF distribution plus new 2020 providers and behavioral health providers may apply.
◘ Step 2: Validate Tax ID Number (TIN) – Recognized TINs will be automatically validated and provider may re-enter portal to complete application. Unrecognized TINs will go through a three-step validation process.
◘ Step 3: Apply for Funding – Documentation required to submit:
– Most recent federal income tax return
– Revenue worksheet (if required by Field 15)
– Operating revenues and expenses
◘ Application should be submitted to the Provider Relief Fund Application and Attestation Portal before Nov. 6, 2020 (11:59 p.m. ET) to be considered for Phase 3 funding.
HHS is urging providers to apply early.