Health Resources and Services Administration (HRSA) has completed review of Phase 3 applications from the Provider Relief Fund (PRF) program and has begun to distribute $24.5 billion to over 70,000 providers, which is up from the $20 billion originally planned. The addition of another $4.5 billion in funding is being used so that each applicant receives 88 percent of reported lost revenues and net change in expenses caused by the coronavirus pandemic in the first half of 2020.
Phase 3 payments started December 16, 2020 and will continue through January 2021. Nursing homes will be receiving $1.1 billion in Phase 3 funding. It is worth noting that over 35,000 applicants will not receive an additional payment either because they experienced no change in revenues or net expenses attributable to COVID-19, or because they have already received, funds that equal or exceed reimbursement of 88 percent of reported losses.
See the HHS release for more details and contact your HW Healthcare Advisor with any questions.