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April 26, 2020 05:33 PM

CMS suspends advance loans to suppliers, reevaluates accelerated payments

Rachel Cohrs
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    Modern Healthcare Illustration / Getty Images

    Following Congress' allocation of an additional $75 billion in COVID-19 provider relief grants, the Centers for Medicare and Medicaid Services on Sunday suspended advance payments to Medicare Part B suppliers and will reevaluate new and existing applications for Medicare accelerated payments to Part A providers.

    President Donald Trump on Friday signed Congress' latest COVID-19 relief bill, which includes an additional $75 billion for the Coronavirus Aid, Relief, and Economic Security Act's $100 billion grant fund for providers and suppliers.

    "CMS will be reevaluating all pending and new applications for Accelerated Payments in light of historical direct payments made available through the Department of Health & Human Services' Provider Relief Fund," the agency said in a statement.

    Since the CMS expanded its temporary loan programs on March 28, the agency said it has given out nearly $60 billion to more than 21,000 in accelerated payments to Medicare Part A providers and $40.4 billion in advance payments to nearly 24,000 Part B suppliers.

    Providers are petitioning Congress, the Treasury Department, HHS and CMS to lower the interest rates for the accelerated payments. The CMS begins recouping the loans 120 days after they are issued. If providers haven't repaid the loan after a year for most hospitals, the loan is be subject to a 10.25% interest rate. There is a 30-day grace period before interest starts to accrue.

    HHS has not yet announced how it plans to allocate the new $75 billion in grant money from Congress.

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    • News
      • Current News
      • COVID-19
      • Providers
      • Insurance
      • Government
      • Finance
      • Technology
      • Safety & Quality
      • Transformation
        • Patients
        • Operations
        • Care Delivery
        • Payment
      • People
      • Regional News
        • Midwest
        • Northeast
        • South
        • West
      • Digital Edition (Web Version)
    • Digital Health
    • Insights
      • ACA 10 Years After
      • Best Practices
      • Special Reports
      • Innovations
    • Data/Lists
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    • Opinion
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      • Commentaries
      • Letters
      • Vital Signs Blog
      • From the Editor
    • Events & Awards
      • Awards
        • Nominate/Eligibility
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        • 50 Most Influential Clinical Executives
        • Best Places to Work in Healthcare
        • Excellence in Governance
        • Health Care Hall of Fame
        • Healthcare Marketing Impact Awards
        • Top 25 Emerging Leaders
        • Top 25 Innovators
        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
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        • Social Determinants of Health Symposium
        • Transformation Summit
        • Women Leaders in Healthcare Conference
      • Galas
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        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Supply Chain Revenue Cycle
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        • - Workplace of the Future
        • - Virtual Health
        • - Future of Healthcare Staffing
      • Custom Media Event: ESG Summit
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