AHCA: HHS Releases a Portion of the $100B COVID-19 Health Care Fund

Carl J. Pucci in Finance & Reimbursement

AHCA is pleased to report that HHS has now announced the distribution of the first $30 billion of the $100 billion stimulus fund. A brief description of their process can be found here. Highlights are the following: 

  1. SNFs are included. Reporting that this was solely for the hospitals was incorrect. 
  2. All Medicare providers will receive payments based on their 2019 Part A and Part B billings. 
  3. We will provide more detailed information in a few days, but a quick back of the envelope analysis indicates that providers will receive roughly 6.2% of their 2019 billings. 
  4. HHS intends to get the money to you directly. It may hit your accounts as early as today, with the goal being no later than next week. 
  5. This is a grant; it is not a loan. 
  6. This is in addition to the Accelerated Payment Program. You can participate in both. 
  7. We are told that the next distribution will be $50 billion, and it will be more focused on skilled nursing facilities and more tilted toward Medicaid providers and buildings that have been hit by COVID-19. HHS’s goal is to get that money out in 10 days. Of course, that could be delayed. 

AHCA knows this payment is not enough to cover all your losses. We hope it is a part of a number of wins we can have in D.C. that, collectively, will make a difference.   

NYSHFA/NYSCAL CONTACTS:

Carl J. Pucci
Chief Financial Officer
518-462-4800 x36