The deadline to apply for Phase 4 funding under the Provider Relief Fund and American Rescue Plan is October 26, 2021. If these funds are properly utilized, they will not need to be repaid. The HHS administered funds are available to practices that experienced lost revenues and/or increased operating expenses between July 1, 2020, and March 31, 2021, compared to the prior year.
Approximately 75% of the Phase 4 funding will be Base Payments which represent a percentage of a provider’s change in quarterly operating revenues and expenses. Smaller practices will also get the benefit of larger payments with a scaled supplement so that a larger share of the overall funds are received by small businesses.
The remaining 25% of the Phase 4 funding will be paid as bonus payments to providers that include Medicaid, CHIP, and Medicare in their practice.
Check out the HHS Portal at https://prfreporting.hrsa.gov for the application. In order to apply, you will need certain documentation on hand including all tax identification numbers (TINs) used for billing in your practice, financial statements for 2019 Q1, Q3 and Q4, 2020 Q3 and Q4, and 2021 Q1, your practice’s federal tax return (Form 1120, 1120S, 1065 or your 1040 with Schedule C if you are a sole proprietor or single-member LLC).
If you need assistance, you can call the HHS Provider Support Line at 866-569-3522 Monday through Friday from 8 am to 11 pm Eastern. You can also check out the HRSA website at www.hrsa.gov/provider-relief/future-payments for additional resources, a link to an upcoming technical assistance webinar on October 21, or the HHS briefing video.