The surest bet for quick financial help for long-term care operators right now appears to be through the Centers for Medicare & Medicaid Services’ Accelerated Payment Program, Consolidated Billing Services CEO Bill Ulrich told the American Health Care Association / National Center for Assisted Living this week.
Although each Medicare administrative contractor has a slightly different process for approving the program’s interest-free loans offered through the program, Ulrich said that, so far, the program has worked well. One of his clients who received a $750,000 loan through the program applied March 31 and received remittance April 3.
The association also shared feedback on the application process and its results from AHCA members Sarah Schumann, director of operations at Brookside Inn in Colorado and Mark Traylor, CEO of Traylor Porter Healthcare. Both individuals submitted requests for and quickly received accelerated payments.
“We strongly recommend that SNF operators take full advantage of the CMS COVID-19 Accelerated Payment Program,” the operators said. “It’s a simple 5-10-minute process to complete and submit the application for an interest-free loan to assure adequate cash-flow during these challenging times. Since it must be paid back later, we suggest setting this advance into a separate reserve account to use as an emergency fund.”
Providers can learn more about the Accelerated and Advance Payment Program through AHCA’s frequently asked questions document.
Editor’s Note: This article appeared in the McKnight’s Business Daily, a free daily newsletter that is a joint effort of McKnight’s Senior Living and McKnight’s Long-Term Care News. For subscription information, visit this page.
