Accelerated and advance Medicare payments provide emergency funding and addresses cash flow issues based on historical payments when there is disruption in claims submission and/or claims processing. These expedited payments are typically offered in natural disasters to accelerate cash flow to the impacted health care providers and suppliers. In this situation, CMS is expanding the program for all Medicare providers throughout the country during the public health emergency related to COVID-19. The payments can be requested by hospitals, doctors, durable medical equipment suppliers and other Medicare Part A and Part B providers and suppliers.
Medicare will start accepting and processing the Accelerated/Advance Payment Requests immediately. CMS anticipates that the payments will be issued within seven days of the provider’s request. For private practice groups, you can get 3-months of Medicare receipts, as a pre-payment, within seven days of application. Payback period begins 120 days later with 210 days to pay it back, interest free.
Yes, it’s an advance on future dollars, but this might help smaller cash-strapped practices
Details at: http://ams-txma.informz.net/z/cjUucD9taT03ODY2NDEyJnA9MSZ1PTg3NTY2Nzg0OCZsaT02NDM3NDg5Ng/index.html