The U.S. Department of Health & Human Services (HHS) amended its Sept. 19 Post-Payment Notice of Reporting Requirements on Oct. 22. The key changes include:
- Accounting Method. Organizations can use their normal method of accounting (cash or accrual basis).
- “Lost Revenue” Definition. The definition of lost revenue has been modified to permit up to the amount of the differences between 2019 and 2020 actual patient care revenues.
- Deadline. Organizations have an additional six months to expend funding–through June 30, 2021.
- Direction. Providers are directed to use funds for expenses before applying PRF funding to lost revenue.
The amended reporting requirements guidance can be found here. For more information on the PRF reporting requirements update, see summary of this week’s All PA FQHC CEO meeting and BKD CPAs & Advisors article.