The Key Reporting Changes Provider Relief Fund Recipients Should Know for 2021|
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The Key Reporting Changes Provider Relief Fund Recipients Should Know for 2021
Healthcare providers that received Provider Relief Fund (PRF) payments exceeding $10,000 in aggregate should take note: the U.S. Department of Health and Human Services (HHS) announced on January 15, 2021, a delay in the opening of the PRF Reporting Portal and applicable reporting requirements.
Instead, the HHS has opened the portal for registration only and has deferred the February 15th reporting deadline to a future date.
By completing your PRF Reporting Portal registration prior to when the new reporting deadline takes effect, you can ensure your organization will be ready to fulfill its reporting requirements when more guidance becomes available. Below, we answer a few other questions you should consider.
What do you need for registration?
The HHS has developed a user guide for registration and is requesting that healthcare providers submit the following details to complete the process:
- Tax identification number (TIN)
- Business name (as it appears on the Form W-9)
- Contact information, including an email address
- TIN(s) of any subsidiaries
- Payment information for any one of the payments received
Note that the HHS will use the contact email address for future communications; make sure the address you provide is frequently monitored for correspondence from HRSA.gov.
What should you know about the new reporting requirements?
January 15th also brought us the latest version of the HHS Post-Payment Notice of Reporting Requirements. Here are the new, key takeaways all healthcare providers should keep in mind:
- PRF recipients can calculate lost revenues using one of several metrics, but they may be required to submit additional information.
- Interest earned on any PRF payments must be reported and included in the reportable use of PRF payments.
- Parent organizations with subsidiaries who received PRF payments may be able to report on the use of certain PRF distributions, regardless of whether the parent or subsidiary attested to the payment.
The delay in reporting requirements has afforded healthcare practitioners additional time to prepare for imminent reporting. Does your healthcare organization have questions about these changes to the PRF program? Are you wondering how you can best use the funds to create long-term success for your stakeholders and patients?
Aprio’s PRF Consulting team can help. Our professionals are well-versed in the nuances of the PRF program and regularly assist providers — from helping them maximize opportunities related to the PRF program to navigating Paycheck Protection Program (PPP) loans and Employee Retention Credits (ERCs) — while helping them maintain compliance with the PRF program’s terms and conditions.
To learn more about how we can help your organization and answer your questions, reach out to our Aprio team today.