Are you stretched trying to balance operational issues and keep up with all of the ever-changing CARES Act regulations and guidance? Have you identified all of the COVID-related expenses and evaluated lost revenues for your organization?
As a leader on the front lines of a healthcare organization, you are experiencing the impact the coronavirus pandemic has on your operations. Identifying and tracking this impact is crucial to your organization, its current funding, and potential future allocations. It is important to capture the amounts for increased supply costs and shortages, lost revenues from elective procedures, suspended surgeries, and outpatient services, costs incurred for space renovations and telehealth expenses, and other amounts associated with the coronavirus pandemic. There are constantly changing governmental funding programs, regulations, and reporting requirements to research and respond to in a timely manner. In addition, the CARES Act funds have been added to governmental audit plans and will be subject to review and inspection.
For providers that received more than $10,000 in Provider Relief Funds, a report of expenditures for the period ending December 31, 2020 is due February 15, 2021. Recipients with unexpended funds on December 31, 2020 must submit second and final report no later than July 31, 2021. For more details, click here.
Draffin Tucker understands these are challenging times for healthcare organizations, and we are here to help you navigate the various funding programs, capture, and track the COVID-19 impact to your organization, and respond to the reporting requirements. Our professionals have gained an in depth understanding of the regulations surrounding the COVID related governmental programs and can assist in developing a tailored analysis and plan for your organization.
Areas of Assistance include:
- Assess the funding received and identify the relevant program requirements
- Evaluate potential other funding sources
- Create a customized COVID-19 impact report
- Provide guidance with reporting requirements and attestations
- Assist with consideration of funding terms and conditions and relevant policies and procedures
- Train and educate staff, leadership team, and board of directors
- Present data gathering and calculation considerations
Click here for COVID-19 Updates
CONTACT OUR COVID-19 SPECIALISTS
You can download our COVID-19 Impact Assessment information here, or if you would like to speak with one of our experts click here to contact us.