![]() Treasury Department set the interest rate and that it cannot waive or change the rate. The Center for Medicare & Medicaid Services has told hospitals the U.S. Thirty days after the 120-day payback period ends for other healthcare providers.Up to 210 days for long-term care hospitals, inpatient rehabilitation centers, inpatient mental health facilities, and their suppliers.Up to a year after receiving funds for critical access hospitals, inpatient acute care hospitals, cancer hospitals and children’s hospitals.Those that cannot pay back the advances in full have to pay 10.25% interest on the balance owed after a certain amount of time has passed: That plan calls for hospitals taking accelerated payments to credit Medicare for billings until the advanced money is paid back, beginning 120 days after receiving funding. SEE WHAT IOWA HEALTHCARE PROVIDERS HAVE RECEIVED IN CARES ACT FUNDING HERE Industry officials said in several IowaWatch interviews that some hospital leaders were skittish about the program’s payback plan. University of Iowa Hospitals and Clinics, which has received roughly $49 million in CARES fund distributions for the hospital and its physicians, did not apply for the accelerated and advance Medicare programs. About 800 of the nation’s 1,330 critical access hospitals received accelerated Medicare payments earlier this year. The rural hospitals could seek ahead of time up to 125% of their anticipated Medicare payments for a six-month period, rules for the program stated. The 77 Iowa hospitals taking accelerated Medicare payments included 44 critical access hospitals with 25 or fewer beds and serving rural areas. Medicare distributed $100.3 billion nationwide before stopping accelerated payments for re-evaluation and suspended advance payments in April because of other available funding. The Medicare payment programs, separate from funding healthcare providers received from programs such as the CARES Act and other COVID-19-related emergency plans, allowed applying health care providers to receive in advance three months of anticipated Medicare billings. They must be paid back to Medicare and Medicaid Services. The funds were part of $1.02 billion in accelerated and advance Medicare payments sent not only to Iowa hospitals, but to physicians, optometrists, chiropractors, psychiatrists, psychologists and other health care providers facilities for skilled nursing and senior living mental health care facilities and others eligible for the accelerated and advance payments, the data show. Others of note included $76.6 million for UnityPoint Health-Iowa Methodist Center in Des Moines $56.3 million for the Genesis Medical Center in Davenport $55 million for MercyOne North Iowa Medical Center in Mason City $41.7 million for Mercy Medical Center in Cedar Rapids and $38.6 million for Saint Luke’s Hospital in Cedar Rapids. Seventy-seven Iowa hospitals collected $928.3 million in accelerated and advance Medicare payments that were available as a government stimulus to cover expenses in the COVID-19 pandemic’s early days last spring, an IowaWatch analysis of Center for Medicare & Medicaid Services data shows.Īmounts for Iowa hospitals ranged from $92.8 million for MercyOne Des Moines Medical Center to $1 million for Sanford Medical Center in Rock Rapids, the data show.
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