3 Things to Know About PRF Reporting|
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At a glance:
- The main takeaway: The U.S. Department of Health and Human Services (HHS) has opened the Provider Relief Fund (PRF) Reporting Portal in preparation for the first reporting period beginning July 1, 2021.
- Impact on your business: Healthcare and Dental practices that received more than $10,000 in automatic PRF payments before June 30, 2020, will have until September 30, 2021, to complete the mandatory financial reporting requirements. There will be no extensions related to filing.
- Next steps: With the portal open, providers should act now to prepare the necessary information and ensure a seamless reporting process.
Don’t wait to prepare for the PRF reporting process. Contact Aprio today for assistance.
The full story:
The U.S. Department of Health and Human Services (HHS) has officially opened the Provider Relief Fund (PRF) Reporting Portal for PRF recipients that are required to report during Period 1. After much delay and anticipation, reporting has started: the first PRF reporting period began July 1, 2021.
We know this will be a confusing process for many, so here are 3 key things to know about the PRF mandatory reporting:
1. Who needs to report
PRF recipients may use the payments for eligible expenses and lost revenue to prevent, prepare for, and respond to COVID-19, and these recipients must document and report that they used the funds within these bounds.
Any healthcare or dental provider who received a PRF payment of $10,000 or more is subject to the reporting requirements we outlined in a previous article. Additionally, PRF recipients must report how they used the funds from each Payment Received Period in which they received a PRF payment of $10,000 or more, which means some providers may need to report during more than one reporting period – more on that below.
2. What are the reporting deadlines
The deadline for PRF reporting is dependent on when a provider received a PRF payment, as summarized below:
Any provider who received a PRF payment of $10,000 or more between April 10, 2020, and June 30, 2020, must complete the reporting process between July 1, 2021, and September 30, 2021. In other words, many providers have merely days to prepare and gather the necessary information to satisfy the reporting requirements.
There will be no extensions for reporting, and failure to timely report will result in a requirement to return PRF payments.
3. When to seek assistance
We strongly urge any healthcare and dental providers with impending PRF reporting requirements to seek the assistance of knowledgeable PRF accounting experts. The HHS financial reporting requirements are extensive, and any errors or omissions could trigger a complex audit (in addition to the audits required of any providers who spent more than $750,000 in PRF dollars).
Additionally, the reporting guidance has continually changed (as recently as June 11, 2021), so providers should be extremely vigilant about continued updates – a knowledgeable PRF advisor, like Aprio’s PRF Consulting team, can help you stay up-to-date on all new guidance and assist with your reporting requirements.
The bottom line
Streamline the reporting process and maximize PRF spend by partnering with Aprio’s PRF Consulting team – but don’t wait until the last minute. Reporting has started, so sign up now for expert assistance.