The Centers for Medicare and Medicaid Services (CMS) has expanded its Accelerated and Advance Payment Program for Medicare participating doctors, hospitals, durable medical equipment suppliers and other Medicare Part A and Part B providers and suppliers. The program is designed to increase cash flow to those who have had a disruption in claims due to COVID-19.
These advance payments must be repaid beginning 120 days from payments for hospitals and 210 days from payment for all other Part A providers and Part B suppliers. It is important to note, future reimbursements for claims will be reduced as the advance payments are paid back. This will impact future cash flow beyond 210 days for Medicare Part B suppliers.
- To qualify for these advance payments the provider/supplier must:
- Have billed Medicare for claims within 180 days immediately prior to the date of the signature on the provider or supplies request form,
- Not be under active medical review or program integrity investigation
- Not have any outstanding delinquent Medicare overpayments, and
- Not be in bankruptcy.
If your pharmacy has seen a significant impact to your Medicare Part B billings, this is an area that you should consider as you evaluate all the small business relief options available as a result of COVID-19.
Click here for more information: https://www.cms.gov/newsroom/press-releases/trump-administration-provides-financial-relief-medicare-providers
https://www.cms.gov/files/document/Accelerated-and-Advanced-Payments-Fact-Sheet.pdf
You can stay up-to-date on many of the relief options and tax impacts as they relate specifically to independent pharmacies through our coronavirus advisory page.
