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Third Phase of CARES Provider Funding Begins

  • The United States Department of Health and Human Services (HHS) began distributing the third phase of COVID-19 relief funding for providers Wednesday, December 16, with $24.5 billion to go to more than 70,000 providers through the end of January. Many providers had dollars hit their bank account Wednesday morning.
  • The amount exceeds the original $20 billion planned for this tranche as officials realized more would be needed to get providers close to whole from coronavirus-related losses. HHS said up to 88% of applicants’ reported losses are being reimbursed.
  • Recognizing the ongoing challenges for providers, HHS enhanced the Phase 3 distribution to consider the actual revenue losses and expenses experienced by providers that were attributable to COVID-19. Previously eligible Provider Relief Fund applicants were invited to apply for additional funding, along with first time applicants.
  • It is worth noting that over 35,000 applicants will not receive an additional payment either because they experienced no change in revenues or net expenses attributable to COVID-19, or because they have already received funds that equal or exceed reimbursement of 88 percent of reported losses.
  • Nursing homes will be receiving another $1.10 billion in Phase 3 funding. This builds on the half billon in incentive payments HHS recently announced and the over $15 billion in aggregate funding already distributed. Ambulance, or transportation services providers, will be receiving $1.48 billion in Phase 3 funding.
For a more in-depth overview of provider relief funds to date and how your organization can benefit, please see the video below.
If your organization needs assistance recovering revenue, contact Withum’s Healthcare Advisory Services.

Healthcare Advisory Services

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