Breaking News for Providers that Requested Advanced/Accelerated Medicare Payments
Posted Friday, October 2, 2020
On October 1, 2020, President Trump signed into law H.R.8337: Continuing Appropriations Act, 2021 and Other Extensions Act.
This act means the following for providers:
- Repayment terms for facilities that asked for advanced Medicare payments have been changed
- Loans for Part A providers and hospitals, are extended to 29 months from the 1st payment (the date of the 1st check), before interest (4%) is applied
- The earliest repayment date for Part A and Part B providers is 12 months from the 1st check
- CMS has put limits on the total amount deducted from new claims during recoupment:
- 1st Repayment Period
Timeframe: Initial 11 Months (Your next Medicare Remittance Advice for current billing)
Amount of Loan Due: 25% of the loan amount
- 2nd Repayment Period
Timeframe: Next 6 months
Amount of Loan Due: 50% of the loan amount is due
Looking for further clarification of the Continuing Appropriations Act? Wondering how this specifically impacts your revenue? Contact Celtic for guidance through this development.