Apply Now For Additional Provider Relief Fund Payments
October 2020Practice Management Financing
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On October 1, 2020, the U.S Department of Health and Human Services (HHS) announced it’s allocating an additional $20 billion in new funding for health care providers, including dentists, as Phase 3 of the Provider Relief Fund.
The Provider Relief Fund was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and allows dentists to apply for funds to reimburse for additional operating expenses and/or lost revenue attributable to the pandemic. In our recent member survey, we were encouraged that 72% of our members had already followed our advice to apply for Provider Relief Fund payments on or before the September 13 application deadline during Phase 2 of this program.
In Phase 3, eligible dentists can apply for funding now through November 6, 2020. According to an HHS representative with whom we spoke, eligible dentists include those who missed the original September 13 application deadline. Furthermore, it also includes dentists that began practicing January 1, 2020-March 31, 2020 who were not previously eligible.
In addition, all dentists who previously applied, accepted, or rejected payments from the Provider Relief Fund will now be eligible to provide additional information to HHS. HHS will review this information to determine if they received a Provider Relief Fund payment equal to 2% of patient care revenue from prior distributions. If not, they will be eligible for additional funding to reach this level. If you previously submitted an application and feel you’ve received an incorrect payment or made a mistake on your previous application, you should act now to gain funding.
Most importantly, even if your practice has already applied for and received Provider Relief Fund payments of 2% of your 2019 collections, you can now apply for additional funding, known as an “equitable add-on payment.” HHS will calculate this equitable add-on payment based on your decline in operating revenues and/or increase in operating expenses attributable to the COVID-19 pandemic.
Since funding is on a first-come, first-serve basis, you should apply now through the Provider Relief Fund Portal. For questions, contact the DHHS Provider Support Line at 1.866.569.3522 from 7:00AM-10:00 PM (Central Time), Monday-Friday.
The McGill Advisory content is provided for informational purposes only and does not constitute legal, accounting, or other professional advice.
Copyright © 2020 John K. McGill & Company, Inc.