The deadline to apply for Phase 4 funding under the Provider Relief Fund and American Rescue Plan is October 26, 2021. If these funds are properly utilized, they will not need to be repaid. The HHS administered funds are available to practices that experienced lost revenues and/or increased operating expenses between July 1, 2020, and March 31, 2021, compared to the prior year.
Approximately 75% of the Phase 4 funding will be Base Payments which represent a percentage of a provider’s change in quarterly operating revenues and expenses. Smaller practices will also get the benefit of larger payments with a scaled supplement so that a larger share of the overall funds are received by small businesses.
The remaining 25% of the Phase 4 funding will be paid as bonus payments to providers that include Medicaid, CHIP, and Medicare in their practice.
Check out the HHS Portal at https://prfreporting.hrsa.gov for the application. In order to apply, you will need certain documentation on hand including all tax identification numbers (TINs) used for billing in your practice, financial statements for 2019 Q1, Q3 and Q4, 2020 Q3 and Q4, and 2021 Q1, your practice’s federal tax return (Form 1120, 1120S, 1065 or your 1040 with Schedule C if you are a sole proprietor or single-member LLC).
If you need assistance, you can call the HHS Provider Support Line at 866-569-3522 Monday through Friday from 8 am to 11 pm Eastern. You can also check out the HRSA website at www.hrsa.gov/provider-relief/future-payments for additional resources, a link to an upcoming technical assistance webinar on October 21, or the HHS briefing video.
Author(s)
Stuart J. Oberman, Esq.
Stuart J. Oberman is the founder and President of Oberman Law Firm. Mr. Oberman graduated from Urbana University and received his law degree from John Marshall Law School. Mr. Oberman has been practicing law for over 30 years, and before going into private practice, Mr. Oberman was in-house counsel for a Fortune 500 Company.
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Danielle L. Schlaufman McBride, J.D., LL.M.
Danielle L. Schlaufman McBride has been practicing law for over 21 years, and her primary focus is representing healthcare clients on a local, regional, and national basis. Ms. McBride regularly consults with clients regarding simple to complex healthcare transitions, including mergers and acquisitions, employment law, governmental compliance, tax strategies, practice valuations, DSO formation and structures, employee compensation, associate and partnership contracts, joint ventures, and partnership buy-in/buy-outs. Read More =>
