I wish us all to see better days soon, and overcome this challenge swiftly, successfully and united – first and foremost personally and also professionally.
Meanwhile, I also wanted to share with you some specific sections of the Coronavirus Aid, Relief, and Economic Security (CARES) act that could come helpful practices these days:
1. Advances on Medicare Payments – physicians and other Medicare Part B suppliers are eligible to receive an increase in cash flow. The amount of payment for most radiologists will be up to 100% of their historical Medicare payment amount for three months. The loan must be fully repaid within 210 days after advance while beginning at day 120 from the date that the advanced payment was received. Eligible applicants will receive the funds within 7 business days of the MAC receiving the request. For submitting your request, please contact Medicare Administrative Contractors (MACs).
2. Adjustment of sequestration - Temporarily suspend of 2% reduction in Medicare payments to providers from May 1, 2020, through Dec. 31, 2020, and extends the Medicare sequester one year beyond current law (from 2029 to 2030).
3. $25M allocated to allow telemedicine services – CMS issued a series of temporary regulatory waivers including additional codes that can be reimbursed using telemedicine. The Radiation Treatment Management Services code is CPT 77427. Telemedicine is usually restricted to patients in rural areas, yet the CARES act was extended regardless of physical location. This initiative mostly applies to interventional radiologists and radiation oncologists.
4. The Paycheck Protection Program (“PPP”) - $349 billion were authorized in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. The loan is granted to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 weeks after the loan is made. Payroll costs are capped at $100K on an annualized basis for each employee. As of April 3, all small businesses with 500 or fewer employees can apply lenders. To apply, and more info.
5. Employee Retention Credit and Delay of Employer Payroll Tax Payments - Practices that do not participate in the PPP may acquire funds through payroll tax credit for keeping their employees on the payroll. The credit is equal to 50% of the first $10K paid to employees during the period March 12 to December 31, 2020, and it is applied against the employer's 6.2% Social Security tax by reducing regular payroll tax deposits. Eligible practices must be fully or partially suspended due to governmental orders related to COVID-19, or if its gross receipts for a calendar quarter are less than 50% of the gross receipts for the same calendar quarter in 2019. Once its quarterly gross receipts have returned to 80% of the gross receipts in the same 2019 quarter, the practice is then no longer eligible for the credit.
As the outcomes of this pandemic outbreak change rapidly, the act could be modified by a fourth legislative initiative, which is already under discussion. Therefore, it is important to keep updated with additional changes should they come.
In the last weeks, Medic Vision continued its 24/7 remote/support, and our customer support team is fully on-board. If we can assist to your practice, or if you would need any support with iQMR or SafeCT, please don’t hesitate to reach out.
Wishing you and yours the best of health.