HHS Clarifies "Lost Revenue" Calculation for the Provider Relief Fund
In long-awaited guidance, Health Resources and Services Administration (HRSA) has clarified how "lost revenues" will be calculated during the "Period of Availability." Each quarter will be compared to the 2019 baseline. Only quarters where a provider experienced lost revenues will be counted.
Quarters where a provider had increased revenues will not offset the lost revenue quarters. As before, providers have three options to report their lost revenues. They can use actuals, budget or an alternative method.
Providers have been waiting for this new guidance for many months. In addition, the new guidance specifies that providers can enter zero for unreimbursed expenses attributable to the coronavirus. Click here for the relevant FAQ issued on July 1, 2021 and confirmed during the HHS webinar on July 8.
Providers will need to report their detailed revenues for all quarters during the Period of Availability. Providers reporting in Period 1 (PRF payments received prior to June 30, 2020) will need to report detailed revenues by calendar quarter for 2019 through the second quarter of 2021.
Are You Ready?
Let us help you prepare so you can be ready to submit your required reports. We can help you with the registration process; use additional guided processes to help you identify, correctly allocate, and report on appropriate expenses and lost revenues; and assess your internal control's compliance in preparation for the deadlines.
Additionally, our fees can be part of an allocated expense for the use of Provider Relief Funds.
Please contact Ron Present at 314.983.1358 or firstname.lastname@example.org or Mark Renken at 636.754.0234 or email@example.com.
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