Full-service revenue cycle management for phycisian practices and hospitals

The Centers for Medicare & Medicaid Services (CMS) has delivered near $34 billion on Advance Payment Program the past week to the healthcare providers on the frontlines battling the 2019 Novel Coronavirus (COVID-19).

The streamlined process implemented by CMS for COVID-19 reduced processing times for a request of an accelerated or advance payment to between four to six days, down from the previous timeframe of three to four weeks.  In a little over a week, CMS has received over 25,000 requests from health care providers and suppliers for accelerated and advance payments and have already approved over 17,000 of those requests in the last week.

See below for information on how to apply if you have not done so already.

Medicare Accelerated and Advance Payment Program (CASH ADVANCE)

3/30/2020

To increase cash flow to providers impacted by the 2019 novel coronavirus (COVID-19) pandemic, Medicare is offering a “cash advance” of up to three months of the average monthly Medicare payments.

Below is a brief summary of the program.

SUMMARY

  • Advance Amount – Providers can request up to 100% of the Medicare payment amount for a three-month period.
  • Timing – CMS to review and issue payments within seven (7) calendar days of receiving the request.
  • Repayment – CMS has extended the repayment of these accelerated/advance payments to begin 120 days after the date of issuance of the payment. Medicare will offset 100% of payments until the advance has been paid back.

Link to the complete details: https://medicare.fcso.com/coronavirus/0460439.asp?WT.ac=AdvancePayment&WT.ad=Homepage%20Banner

How to access the application and upload the form: https://medicare.fcso.com/Enrollment/EnrollmentGateway.asp

Link to the application: https://medicare.fcso.com/wrapped/0460438.pdf

Disclaimer: Information related to COVID-19 is changing rapidly. This information was accurate at the time of writing. Please continue to check payer websites, CMS, and CDC, for the most up-to-date information.

Medical billing services that maximize profit and cash flow

We understand that your practice needs a swift, reliable revenue stream in order to thrive. And, we know that it takes more than a slick software package to make it happen.  Definitely, It takes the right people. Therefore, we created unique medical billing services to make your life easier, It backed by our experience serving physicians since 1995.

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Finally, when you know the right people are handling your revenue cycle, you can relax and focus on what you do best- delivering excellent medical care.

PRM is here to help make life easier for you and your office staff. Join our medical billing company today and enjoy our benefits! Contact Us

Lanny Menendez
Professional Reimbursement Managers
Professional Reimbursement Managers