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)
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.
- 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.
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