Updated COVID-19 Funding Tools
April 2, 2020
IHA released two tools to assist hospitals and health systems as they obtain and track COVID-19 expenses and funding. The first is a COVID-19 financial tracking tool to help hospitals and health systems think through how they will track spending, employee hours and supply purchases. While hospitals may apply for or receive funds from multiple sources, they may not use multiple finance streams to pay for the same expenses. IHA recommends hospitals closely track their COVID-19 expenses, and the financing source they plan to utilize to pay for those expenses.
One such funding source is the Medicare Accelerated and Advance Payment Program, an existing program that was expanded and altered under the CARES Act. While the Centers for Medicare & Medicaid Services (CMS) issued a fact sheet explaining eligibility and process criteria, IHA received many questions from members that were not addressed by this guidance or Medicare Administrative Contractor (MAC) websites. To assist hospitals and health systems with the application process, IHA has developed a Frequently Asked Questions document, which will be updated as additional questions and issues come to our attention.