Below is a summary of some of the key aspects of the CARES Act grant as posted on the HHS website:
- $30 billion is being paid to Medicare facilities and providers to help those directly and indirectly impacted financially.
- If you ceased operation as a result of the COVID-19 pandemic, you are still eligible to receive funds so long as you provided diagnoses, testing, or care for individuals with possible or actual cases of COVID-19. Care does not have to be specific to treating COVID-19. HHS broadly views every patient as a possible case of COVID-19.
- Payments arriving via direct deposit beginning April 10, 2020.
- The automatic payments will come to providers via Optum Bank with "HHSPAYMENT" as the payment description.
- These payments will not need to be repaid.
- Payments are based on traditional Medicare services delivered in 2019 (NOT Medicare Advantage).
- Formula:
A= TIN-specific Total Medicare payments received by provider
B= $484,000,000,000 (TOTAL Medicare payments in 2019)
C = $30,000,000,000 (Total available for distribution)
(A/B) X C = Individual Provider Payment
- Within 30 days of receiving the payment, providers must sign an attestation confirming receipt of the funds and agreeing to the terms and conditions of payment. The portal for signing the attestation opened the week of April 13, 2020.
- Please review these very important terms and conditions.
- HHS has established a Provider Relief hotline for inquiries related to the CARES Act grants: 866.569.3522
This content is accurate as of April 15, 2020.