Updated Feb. 4, 2021
The federal government has established various options to help physician practices offset the financial impact of COVID-19. Many of these programs were enacted into law after significant COVID-19 advocacy from the American Medical Association (AMA) to the U.S. Congress and the administration as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Families First Coronavirus Response Act, the Paycheck Protection Program (PPP), Health Care Enhancement Act and the 2021 Consolidated Appropriations Act.
- Download the complete physician practice financial relief guide to learn more about the federal government programs created under the CARES Act. The AMA’s physician practice financial relief guide to programs implemented in 2020 is available for reference.
- Download the provider relief compliance checklist as a guide to understand key considerations and how physician practices can comply with the various stimulus fund requirements.
HHS emergency funding
On Dec. 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law. In this package, Congress appropriated another $3 billion to the Public Health and Social Services Emergency Fund (commonly referred to as “Provider Relief Fund”) to reimburse physicians and other health care providers for increased expenses and lost revenues due to the COVID-19 pandemic. Additional information is available at the HHS Provider Relief Fund website.
Small Business Administration (SBA) loans
The SBA has two loan programs to address COVID-19-related economic stress. The first program is the 7(a) Paycheck Protection Program (PPP) and the second is the Economic Injury Disaster Loan (EIDL) program. The SBA reopened the Paycheck Protection Program the week of January 11, 2021. In conjunction with the reopening, the SBA has provided an overview of both the First Draw (PPP1) and the Second Draw (PPP2) programs.
Medicare Accelerated and Advance Payment Program
On Dec. 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law. Included in this package is the announcement that the Medicare Accelerated and Advance Payments Program is continued. Repayment terms (PDF) for physicians who received an accelerated or advance payment were amended Oct. 8, 2020.
A checklist of key considerations for compliance
- Know the rules
- Understand your liability
- Assess desirability
- Determine eligibility and prepare certification
- Document, document, document
- Avoid common pitfalls
- Check your insurance