The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) is a $2.2 trillion economic relief package intended to mitigate the impacts of the coronavirus pandemic. Signed into law in March 2020, this federal program provides direct financial assistance to workers, families, and small businesses, including healthcare and anesthesia providers. Spending areas for this relief package primarily include one-time cash payments to individuals, increased employment benefits, and loan forgiveness and aid to businesses and governments.
Has the pandemic affected your anesthesia practice's cash flow? Schedule a consultation to find out how you can manage your revenue cycle and adapt your practice to changing conditions.
Phase 2 of the CARES Act
On August 10, 2020, the US Department of Health and Human Services (HHS) began accepting applications from certain Medicare, Medicaid, CHIP, and Dental providers who received payments under Phase 1 to determine if they are eligible for the financial relief payments in Phase 2.
For this round of economic support, the HHS plans to distribute $15 billion to eligible providers.
Who Is Eligible for Payments Under Phase 2?
If your anesthesia practice received a payment under the General Distribution that occurred in April 2020, you may be eligible for the second if you:
- Missed the June 3 deadline to submit your March and April revenue information; or
- Have not received General Distribution payments that total 2% of your annual revenue
- Billed Medicare fee-for-service between Jan.1, 2019 and Dec. 31, 2019; or
- Billed Medicaid / CHIP programs or Medicaid managed care plans for health-related services between Jan.1, 2018 and Dec.31, 2019
To learn more about the requirements for the Phase 2 General Distribution, click here.
HHS is collecting tax forms and revenue data as part of the application process to calculate a potential payment that is approximately 2% of annual revenue from patient care. If a provider has already received a payment that equals this 2%, they will not receive additional payments.
Applications and the Taxpayer Identification Number (TIN) verification process must be started by 11:59 pm ET on Friday, August 28, 2020, to be considered for payment.
The application instructions and the sample application form are available at hhs.gov/providerrelief. The website also includes a step-by-step application guide and FAQs. Download and review all of these documents through the Provider Relief Fund Application and Attestation Portal.
If you are still being considered for your Phase 1 General Distribution payment, you must receive either a final payment or communication of ineligibility prior to re-applying in the current Portal for Phase 2.