Provider Relief Fund Report Requirements Update
The U.S. Department of Health and Human Services (HHS) released additional information outlining reporting requirements for health care providers who received and accepted funding exceeding $10,000 from the Provider Relief Fund. The essential guidelines are summarized below.
Allocation and Reporting of Expenses
- All payments should be utilized for healthcare-related expenses attributed to COVID-19, including mortgage or rent, insurance premiums, hazard pay, and equipment leases. If funding is remaining, you may allocate it to lost revenues.
- Providers must report spending into two categories: general expenses and other health-related expenses.
- Providers that received $500,000 or more must provide detailed summaries within the two categories with information on exact spending.
Lost Revenue Calculation
- Lost revenue will be calculated by the difference between 2019 and 2020 net patient care operating income, net of the healthcare-related expenses attributed to COVID-19.
- HHS will cap the account of reportable lost revenue but only allowing lost revenue to be the amount of the provider’s 2019 net gain from health-related sources.
- Providers with negative net operating income from patient care in 2019 can apply funds to lost revenue up to a net-zero gain/loss in 2020.
Reporting for 2021
- Providers will now have until June 30, 2021, to utilize funds.
- Pay close attention to HHS alerts as the reporting portal will be available on October 1, 2020. The report for PRF payments in 2020 is due by February 15, 2021, and PRF payments in 2021 are due by July 31, 2021.