There are numerous governmental programs available to healthcare providers to assist in funding the impact of COVID-19 on their organizations. These programs have terms and conditions, attestation requirements, and other expectations of the healthcare organization. Furthermore, the reporting requirements and terms and conditions are still in the process of development and revision.
Providers should review and evaluate the reporting, certification, and audit requirements that are associated with any funding options being considered and/or received and monitor the administering agency’s website for updates as the requirements of these programs are changing daily.
Several key items to consider:
- Ensure eligible expenses or loss of revenues are not considered for more than one program.
- Determine if funding levels or programs trigger single audit requirements.
- Evaluate your options and consider which programs to access, what funds to utilize, and when. Only certain programs allow for loss of revenues while other programs have more restrictive terms.
- Capture various types of data to support expenditures related to each program accessed.
In addition, organizations should seek to identify and capture all expenses, loss of revenues, or other matters related to COVID-19. This data will provide support for potential future funding mechanisms and to evaluate financial and statistical details for budgeting and trending purposes.
For more information on this topic, join us on Friday April 24, 2020 at 10:00am EST for a webinar in partnership with Georgia Hospital Association. This session is open to all with no required membership or registration fee. Sign up at: https://gha.zoom.us/webinar/register/3215874844069/WN_WIwiBPzsRTuHFAnmBlNmlA
For more information, please contact our Albany office at (229) 883-7878 or our Atlanta office at (404) 220-8494.
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