Health care providers have seen a steady stream of Provider Relief Fund (PRF) updates from the Department of Health & Human Services (HHS). In exciting news, on December 16, 2020, HHS announced that it completed the review of PRF Phase 3 applications and will distribute $24.5 billion to over 70,000 providers. This is an increase to the $20 billion that was originally planned. HHS stated that the additional $4.5 billion in funding is being “used to satisfy close to 90 percent of each applicant’s reported lost revenues and net change in expenses caused by the coronavirus pandemic in the first half of 2020.” According to the press release, the additional payment distributions started on December 16 and will continue through January 2021. Assisted Living Facilities are included in the distribution.
HHS has also clarified that it will not send additional payments to more than 35,000 applicants, either because they have experienced no change in revenues or net expenses associated with COVID-19, or because they have already received funds that equal or exceed a threshold of 88 percent of reported losses.
This news is breaking. Providers should continue to review HHS press releases to ensure they are aware of all funding opportunities.
For more information, please contact Hedy S. Rubinger or Alexander B. Foster.