08/02/2021

Provider Relief Fund (PRF) Update

OSMA has been working with Blue & Co. to provide our members with the latest information about paying back your Provider Relief Payments (PRF).

Some of their team members attended the Health Resources and Services Administration (HRSA) July 20 session on PRF and provided the following highlights:

1. Lost revenues/excess expenses can be carried forward towards future periods of availability. All lost revenues/expenses should be entered into the first reporting period. Any excess that wasn’t utilized can be input into future period of availability periods. This will not be done automatically by the portal, you will need to enter the information.
   
   
2. HHS clarified that construction contracts can only be claimed for projects that were completed during the period of availability, not just for those contracts signed.
   
   
3. If expenses less other assistance received are higher than payments received during reporting period, the portal will only require totals for 2019 and 2020 calendar year actual net patient revenues.
   
   
4. Updated guidance was released last week that confirmed provider relief funds will not be required to be on the schedule of expenditures of federal awards for any fiscal year ends prior to June 30, 2021. Previously, the date was December 31, 2020. This will significantly reduce the number of single audits required for dates before June 30, 2021. Single audits will still be required if your organization had over $750,000 in other federal expenditures during your fiscal year.
   
   
5. You can put $0 for expenses if you have enough lost revenue to cover what you received. However, there is no guarantee that any expense amounts entered will not be used for future funding.
   
   

For the full list of key takeaways, read the full PRF update on the Blue & Co. website. If you would like to learn more about the PRF reporting services they offer contact Michael Alessandrini at malessandrini@blueandco.com