Provider Relief Fund Reporting Requirements
In an effort to provide relief and support to healthcare providers on the front lines of the coronavirus pandemic, providers (hospitals, nursing homes, physicians, etc.) have been receiving distributions these past months from the CARES Act Provider Relief Fund. By agreeing to the Terms and Conditions of these payments, providers are required to submit reports to HHS to demonstrate their use of the funds received. There has been no clear guidance on the reporting format or timing of such reporting.
However, we have recently learned that HHS will be issuing detailed reporting instructions by August 17, 2020. These instructions will provide guidance on the reporting obligations for any provider that received a payment from the various general and targeted distributions.
In addition, the Health Resources and Services Administration (HRSA) will be hosting webinars in the future providing Question and Answer sessions regarding the reporting requirements.
The reporting system will become available on October 1, 2020. Any recipient of the funding will be required to report with 45 days of the end of calendar year 2020 on their expenditures through December 31, 2020. If a recipient expended all funds prior to 12/31/2020, they may report a single and final report anytime between 10/1/2020 and 2/15/2021. If a recipient has remaining, unused funds at 12/31/2020, they will be required to submit a second and final report by 7/31/2021.
Marcum will continue to monitor this topic and provide any additional information regarding the specifics of the reporting requirement, when made available. Please reach out to your Marcum Healthcare Advisor with any questions you may have about this or any other CARES Act funding matters.