Many providers are feeling the financial pinch as a result of the business changes brought about by the COVID crisis. Chief among them is a disruption in claims payment from the Centers for Medicare and Medicaid Services (CMS) for services provided to beneficiaries. Fortunately, it is possible for providers to request an accelerated or advance payment during the period of time declared a public health emergency.
This document from CMS outlines the eligibility and process, but in a nutshell:
- The provider needs to have billed claims to Medicare during the 180 days prior to the request for AP.
- You can request an AP of up to 100% of the Medicare payments for a three-month period.
- Providers should continue to submit claims after receiving the AP and will receive payment even if the repayment has not yet begun. This means that essentially, you will have the AP funds and still receive payment for your current services, which should alleviate some financial distress.
- Repayment of APs begins 120 days after the issuance of payment. It is important to remember that payments to providers will continue during the 120 days of receiving the AP despite no repayment.
Please read the official explanation and process to request an AP here:FACT SHEET ACCELERATED and ADVANCE PAYMENT Final update