Medical City Healthcare medical staff:
As part of our efforts to support our communities, employees, and physicians during these challenging times, we have been researching the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27 and the CMS Medicare Advance program. There are a number of financial relief programs within the $2 Trillion CARES Act, several of which are potentially applicable to your practice.
Within the CARES Act there is a $350 Billion Paycheck Protection Program (PPP). The PPP is a Small Business Administration (SBA) loan program designed to provide emergent funding, keep workers employed, and keep small businesses (<500 employees) from failing. The PPP also includes the potential for partial or complete loan forgiveness.
SBA lenders started accepting applications on April 3rd. We expect this loan program to have a massive number of applicants given the significant financial distress across most industries. Therefore, it is important to submit an application as soon as possible.
CMS will advance eligible physician practices an amount equal to the practices Medicare fee for service billings for October-December 2019 (the “Advance”). The Advance will be recouped out of your Medicare fee for service claims starting 121 days after you receive the Advance with a final payment generally due 210 days after you receive the Advance.
Our goal is to help you understand the PPP and Advance opportunity and to assist you in quickly completing the application process for a PPP loan and the Advance. HCA Healthcare will post materials that explain the PPP Loan program and the Advance this weekend. Additional resources will be added to the site as new information becomes available. We will also include links on the Medical City Healthcare dedicated physicians website for COVID-19 updates that affect your practice.
Our Physician and Provider Relations Directors (PPR) will reach out to you with more information on the PPP and the Advance this week. As always, thank you for your partnership and support, and please let us know how we can further help.
- SBA Eligible Lenders by Zip Code
- 100 Most Active SBA Lenders
- Payment Protection Program Webcast Presentation - April 6, 2020
- Medicare Advance Payment FAQs
- HCA Healthcare CARES Website
- Paycheck Protection Program FAQs
Updated June 8, 2020