If your healthcare organization applied for COVID-19 relief through Phase 3 of the Provider Relief Fund (PRF) program created under the CARES Act, your payment may already be on its way.
The Health Resources and Services Administration (HRSA) announced that it has completed its review of Phase 3 applications and has begun distributing $24.5 billion (up from the anticipated $20 billion) to more than 70,000 providers. Payment distribution will continue through January 2021.
The Department of Health and Human Services (HHS) raised the total amount of payment distributions to cover as much as 90% of each applicant’s eligible lost revenues and expenses. The distribution includes $1.10 billion for nursing homes and $1.48 billion for ambulance and transportation service providers, two of the hardest hit segments of the healthcare industry.
Reporting Phase 3 Funds
If your PRF payments total more than $10,000 across all three phases of distribution, it is essential to carefully plan how you will allocate the funds, document their use and report eligible expenses, which cannot be reimbursed by any other sources.
Reporting requirements include comprehensive data on eligible lost revenues and expenses attributable to coronavirus; organizational information; other federal, state and local assistance and insurance payments received in 2020; and non-financial information on employees, patients and facilities.
Start Planning Now
The PRF reporting portal will open on January 15, 2021, and the first reporting deadline is February 15, 2021 for all funds used by December 31, 2020. PRF payments that are spent in 2021 will need to be reported by July 31, 2021.