By: Zach Simpson
HHS announced Oct. 1 that it is sending $20 billion in new funding to healthcare providers to help offset financial strain linked to the COVID-19 pandemic.
Five things to know:
1. Healthcare providers who previously received, rejected or accepted provider relief payments are eligible for the new funding.
2. Providers who were previously ineligible to receive relief funds, such as those who began practicing in 2020, can apply for a portion of the new relief aid.
3. Providers who have already received payments of about 2 percent of annual revenue from patient care will need to submit more information to become eligible for additional payments. Those who have not yet received relief payments of 2 percent of patient revenue will receive a payment that, when combined with prior payments, equals 2 percent of patient care revenue.
4. The remaining balance of the $20 billion will be used to provide add-on payments to providers based on several factors, including changes in patient care revenues and expenses incurred related to the pandemic.
5. Healthcare providers can apply for funds from Oct. 5 through Nov. 6.