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Near the onset of the pandemic, many clinicians received advanced Medicare payments through CMS’ Medicare Accelerated and Advance Payment Program. The repayment of those funds was recently extended from 210 days to an entire year as part of a resolution recently signed by President Trump, which includes several healthcare-specific provisions.
The Accelerated and Advance Payment Program was instituted when the sharp decline in admissions and visits hospitals and other services were experiencing due to COVID19 became problematic.
Through the program, CMS advances expected Medicare reimbursement and eventually recoups it. Recoupment usually begins 120 days after receipt of the initial payment. That term was extended to 210 days for the pandemic. The recently signed legislation will grant providers a year until CMS will begin reclaiming the disbursements.
For the first eleven months of recovery, CMS is only allowed to offset a provider’s cost by 25 percent. That rises to 50 percent for the following six months. CMS will postpone Medicare reimbursement for 29 months from the date of the first payment under the initiative.
The bill is a victory for caregivers who, given the current public health emergency, have been pressing on lawmakers to grant them more attractive reimbursement terms.
To read more, please visit https://revcycleintelligence.com/news/lawmakers-provide-accelerated-advance-medicare-payment-relief.
This update is provided by CareOptimize. We provide healthcare management consulting services and products, managed care solutions, value-based expertise, Nextgen EHR utilities, MIPS consulting, and more. CareOptimize has helped numerous healthcare organizations succeed for more than a decade. For more information, please call 855.937.8475.