If your organization has received Provider Relief Fund (PRF) payments, you have likely visited the PRF Frequently Asked Questions (FAQ) page of the HHS.gov website. If you have not visited that page for the last few days, now is the time to visit again.
Join our Marcum LLP healthcare experts for part two of this two part webinar series to discuss the guidance to help you answer questions and many more.
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On October 28, 2020, the FAQ listing roughly doubled to approximately 100 entries. Most notably, under the Auditing and Reporting Requirements section, five new subsections were added as follows: 1) Use of Funds; 2) Supporting Data; 3) Change of Ownership; 4) Non-Financial Data; and, 5) Miscellaneous. These subsections provide some long awaited guidance on how to calculate costs and lost revenues that are intended to be reimbursed under the program.
The changes in the FAQs represent some of the most detailed, and perhaps controversial, guidance offered on the program to date. Providers are going to need to focus attention on some of the more critical areas that have now been addressed, such as:
- How do I calculate healthcare related expenses attributable to the coronavirus not reimbursed by other sources?
- What portion of fixed asset costs related to the pandemic can I claim?
- Can I use 2020 budgeted revenues as a basis for reporting lost revenues? (Hint: the answer is No)
- What portion of G&A expenses can I claim under the program?
- What are the documentation retention requirements once I have reported?