Accelerated Payments
CMS released information on the expansion of its accelerated and advance payment program for Medicare participating health care providers and suppliers, to ensure they have the resources needed to combat the 2019 Novel Coronavirus (COVID-19).
A Medicare provider/supplier who submits a request to the appropriate Medicare Administrative Contractor (MAC) and meets the required qualifications will be able to request up to 100% of the Medicare payment amount for a three-month period. Review of the accelerated/advanced payments are handled by the providers and suppliers’ MAC. Electronic submission is preferred and MACs are supposed to review the submission within seven calendar days of the request. The provider/supplier can continue to submit claims as usual after the issuance of the accelerated or advance payment; however, recoupment will not begin for 120 days.
Learn more on the CMS fact sheet here.
Also, CMS isn’t the only insurance provider who is offering accelerated payments. Check with your billing team to see if your other major payers have this as an option.
Telehealth Relief Application
The COVID-19 Telehealth Program will provide $200 million in funding, appropriated by Congress as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, to help health care providers provide connected care services to patients at their homes or mobile locations in response to the novel Coronavirus 2019 disease (COVID-19) pandemic.
On April 2, 2020, the Commission released an order establishing the COVID-19 Telehealth Program. The COVID-19 Telehealth Program will provide immediate support to eligible health care providers responding to the COVID-19 pandemic by fully funding their telecommunications services, information services, and devices necessary to provide critical connected care services until the program’s funds have been expended or the COVID-19 pandemic has ended.
Stimulus Relief Fund Payment
Approximately $30 billion in payments was distributed to Medicare Part B providers in proportion to their overall share of Medicare Fee for Services payments that were made to the participant during 2019. Providers were distributed a portion of the $30 billion based on their share of total Medicare FFS reimbursements in 2019.
However, there are strings attached to these CARES Act Provider Relief Funds. Please see here for the applicable payment terms to consider before using any of the funds.