On Friday, March 27th Congress passed the “Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which provides relief to medical practices during the COVID-19 public health emergency.
The bill will now make its way to President Trump’s desk to get signed into law. As a result of MGMA advocacy, this legislation:
- Provides $100 billion to healthcare providers and hospitals to ensure they continue to receive the support they need for COVID-19 related expenses, such as PPE, and lost revenue;
- Creates a “paycheck protection program” that provides 8 weeks of cash-flow assistance to small businesses, including medical groups, that are under 500 employees;
- Temporarily suspends the 2% Medicare sequestration from May 1. through Dec. 31, 2020; and
- Gives the Secretary flexibility to waive additional Medicare telehealth requirements, opening the door for payment for audio-only communications.
MGMA Government Affairs has provided a high-level summary of key provisions in the law that affect medical groups.