Posted on Tuesday, September 15, 2020
For providers who opted into the Advanced Payment Program through CMS, it’s time to ask yourself the hard question: Is your revenue cycle fully optimized and prepared to handle the potential recoupments that are coming in the next few months?
The time period outlined by CMS for repayment of the Advanced Payment Program is here and with no communication from CMS on the delay for the recoupment, many providers are anxious and feeling very ill prepared for how to manage, monitor, and validate the anticipated recoupments. At present, CMS has not issued any guidance on why the recoupments are delayed or when the recoupments will begin, leaving the healthcare industry in a state of flux.
Should you voluntarily refund the advanced payment? What amount should you send, if any? Can you partially pay, and in what timeframe should you pay? These are just a few examples of questions Corridor can assist you in answering to determine the best outcome and steps to take for your individual environment to ensure revenue is completely retained and protected in the future from incorrect recoupments for repayment of the advanced funding.
The thought of having 100% of your Medicare payments recouped for several months will stress your revenue cycle and cash flow, add workflow to your existing staff, and potentially cause providers to pay back more than they actually received through the program. Without having the tools, tips and tricks to monitor the repayment and recoupment of advanced funding to the penny, providers may take on more of a burden in trying to manage this process to ensure complete reconciliation.
Our team has unparalleled experience and is prepared to work with providers to optimize their revenue cycle to prepare for this (and future) revenue cycle impacts that the healthcare industry is facing due to the current impact of COVID-19.
Click here to get in touch with Corridor today!
Beth Prince, MBA
Corridor, Vice President of Revenue Management Services
About Corridor
For over 30 years, Corridor has partnered with home-based care providers, delivering powerful solutions to support the unique challenges of caring for patients in the home. Our team of operating executives, clinicians, and nationally renowned industry experts have run provider organizations and resolved the same challenges you face.
Focusing on key operational, regulatory and financial challenges, Corridor delivers solutions and deep expertise in coding, clinical documentation, compliance, billing and education.
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For additional information, please contact Corridor at 1-866-263-3795.
