$25.5 Billion Funds To Be Made Available To Health Care Providers
The Biden administration announced this week that they will be releasing remaining funds from the Provider Relief Fund (PRF) to health care providers including skilled nursing facilities. Skilled Nursing News reports $25.5 billion will be given to providers impacted by the COVID-19 pandemic.
Of the $25.5 billion, $17 billion will come from phase four of the Provider Relief Fund (PRF). The remaining $8.5 billion will be from the American Rescue Plan (ARP), and it will be made available to rural providers with patients with Medicaid, Medicare and Children’s Health Insurance Plan (CHIP).
Xavier Becerra, United States Department of Health and Human Services (HHS) Secretary, stated “the funding critically helps health care providers who have endured demanding workloads and significant financial strains amidst the pandemic. The funding will be distributed with an eye towards equity, to ensure providers who serve our most vulnerable communities will receive the support they need.”
Funding from the Provider Relief Fund will be given to providers based on lost revenues and expenses between July 1, 2020 and March 31, 2021. Those serving patients with Medicaid, Medicare and Children’s Health Insurance Programs will be given additional dollars. Payments from the American Rescue Plan will be given to providers serving CHIP and Medicaid patients who may have had complex diagnoses.
Leaders in the long-term care industry are welcoming these payments as they will help relieve some providers with the financial challenges they have been facing during this pandemic.
Applications for both PRF and ARP funding will be available beginning on September 29th.