On August 26, the Centers for Medicare & Medicaid Services updated their COVID-19 Frequently Asked Questions (FAQs) on Medicare Billing to include guidance on how hospitals should treat CARES Act Provider Relief Funds (PRF) in upcoming cost reports. Beginning in April, funds were distributed to providers, including targeted disbursements to rural providers, to support COVID-19 relief efforts. The new guidance on pages 99-101 of the FAQs informs hospitals, Critical Access Hospitals, and other providers on how to report the PRF payments on the Medicare Cost Report and whether those payments should offset expenses. Read more here.
