The industry publication Healthcare Dive quoted McGuireWoods Chicago associate Timothy Fry in an Oct. 22, 2020, story on revised CARES Act fund reporting requirements.
Concerns from the provider community and Congress prompted the U.S. Department of Health and Human Services to amend September guidance that threatened relief funds intended to sustain providers during the COVID-19 pandemic. Fry addressed how this latest positive change was not a full solution due to how year -over-year revenue reporting may impact hospitals.
“If hospitals posted a dip in revenue, they likely can keep the funds. But if they ultimately post higher revenue compared to the year prior, those funds are at risk,” Fry said.
Fry and members of the firm’s healthcare practice have provided detailed analysis of provider relief funding in alerts and videos found on McGuireWoods’ Coronavirus: Impact and Insight page and on YouTube.