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Freed Maxick Service Delivery Update

We have implemented a phased approach for returning to our offices that allows us to modify our approach to service delivery as situations change without any service disruptions. In the meantime and in the interest of public health and the safety of our community, our teams will continue working remotely whenever possible to provide the same high-quality service you have come to expect. Utilizing state-of-the-art technology, we are committed to meeting all of your assurance, tax, and advisory needs to help you navigate a business environment filled with challenges and opportunities. To discuss a specific need that can’t be handled remotely, please contact your Freed Maxick representative directly.

CMS’ $30B Provider Relief Advance: More Strings / Less Clarity

By Freed Maxick on April, 21 2020
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Freed Maxick

Freed Maxick provides accounting, auditing, tax and consulting services and serves public and private companies, not-for-profits and municipalities to enhance profitability, save taxes, improve accountability and preserve wealth.

healthcare article

What healthcare providers should be considering.

New call-to-actionOn March 27, President Trump signed into the law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which included $100 billion for the Public Health and Social Services Emergency Fund. The Fund reimburses eligible health care providers for expenses and lost revenue attributable to COVID-19.

On April 7, the Centers for Medicare & Medicaid Services (CMS) Administrator, Seema Verma, announced details regarding distribution of the first $30 billion of the fund, which are being released to Medicare providers in the form of “no strings attached” grants. According to Administrator Verma, the funding, which started on April 10, will be in the form of grants based on Medicare revenue, and providers will be permitted to spend the funds “any way they see fit.” The funds will be allocated to Medicare providers proportionately based on how much a given provider billed Medicare fee-for-service in 2019.

Despite Administrator Verma’s description of the funds as “no strings attached,” there are in fact, many attached strings. According to the Department of Health and Human Services (HHS), payment of the initial tranche of funds is conditioned on the health care providers acceptance of certain terms and conditions, which acceptance “must occur within 30 days of receipt of payment. If a provider receives payment and does not wish to comply with these Terms and Conditions, the provider must do the following: contact HHS within 30 days of receipt of payment and then remit the full payment to HHS as instructed.” The portal for signing the attestation will open the week of April 13, 2020.

Assistance and Guidance from Freed Maxick

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The Freed Maxick Covid-19 Resource Center has a wealth of information and guidance on a wide range of topics related to tax relief and benefits, regulatory relief and benefits, and business continuity in the era of Covid-19.

Click on the button to explore insights, observations and updates.

If you wish additional guidance, we are available to discuss your issues and concerns. Connect with us by email at COVIDResponse@freedmaxick.com or call Freed Maxick at 716.847.2651.

Please keep in mind that due to the quickly-changing nature of the COVID-19 pandemic, you should always discuss changes with your Freed Maxick advisor or legal counsel. 

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