News | Published: Tuesday, March 31, 2020
Article from ACC.org
Using new flexibility from the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Centers for Medicare & Medicaid Services (CMS) is expanding its program for accelerated/advance payments to improve Medicare providers’ short-term financial footing and ensure necessary resources. This funding could help practices meet commitments, but care should be taken to budget for payoff since advance payments are offset by future claims. Providers can request a larger amount of funds (up to 100 percent of Medicare payments over a three-month period) to be repaid over a longer period of time (repayment begins 120 days and must complete 210 days after disbursement) under the revised program.
Providers including hospitals, physicians, durable medical equipment suppliers, and other A and B providers and suppliers can quality for advanced payments if certain requirements are met:
This fact sheet issued by CMS provides additional details, including how the program is administered by Medicare Administrative Contractors (MACs). It will be necessary to look for forms/contact information on MAC websites, and information may change in the coming days as they make updates.