COVID-19 Recovery Funds (CARES Act, FEMA, and Others)
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Several sources of funds are available for healthcare providers to access, but there are complexities related to compliance and reporting. Most hospitals have acted on some benefits (e.g., telehealth billing, accelerated Medicare payments, add-on payments).
In addition, the Coronavirus Aid, Relief, and Economic Security (CARES) Act has created a $100 billion fund administered through the Public Health and Social Services Emergency Fund (PHSSEF) to cover nonreimbursable expenses attributable to COVID-19, and many hospitals are preparing to apply for Federal Emergency Management Agency (FEMA) funds. However, the guidance around quantifying damages is anything but clear.
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