Your Documentation for Reimbursement Programs Received During Pandemic
The documentation requirement can be confusing. Practices want to ensure they have reconciled the funds properly in a system of debits and credits. A recent webinar from the Business Optimization team will provide specifics on creating a credit and debit system so your practice understands where it is in the process of recoupment from CMS.
“The key to understanding where the money goes is thorough documentation,” noted Kristy McGowan, Business Optimization team member. McGowan also recommends reaching out to practice management vendors to see if they have created dashboards for the AAP programs within their system.
In addition, the CARES Act created the Paycheck Protection Program (PPP) - providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off and cover applicable overhead.3 The PPP requires that businesses use at least 75 percent of the monies in payroll and benefits costs in order to have the loan fully forgiven. Practices must also keep accurate documentation to ensure they do not have to repay this loan.
As of mid-May, “monies may still be available to practices under this program,” according to John Dodd, Business Optimization team member. He noted that there was more than $1 billion still available.
The Business Optimization team is available to help practices create the allocation systems or answer any questions to help navigate through the available programs. To reach Kristy or John, please email: firstname.lastname@example.org.