Hello,
Our practice received 2 rounds of HHS Provider Relief Funds. We have not yet spent these funds but as we race toward the end of the year, we are struggling to determine what to do with the funds prior to the end of the year and managing the resulting tax consequences. As I understand it, we can use the HHS money for:
- Direct General and Admin expenses directly related to COVID
- Lost Revenue due to COVID based on 2020 revenue less 2019 revenue
- Uncompensated care provided to patients diagnosed with COVID (related to covid... ie a toe xray for a covid + case doesn't count)
My questions:
- Are these uses I list above accurate? Is there anything I am missing?
- I understand PPP funds count in the tabulation of revenue in 2020. Is this true?
- What examples of GA expenses are groups claiming as directly related to COVID? For our group, we have a lot of IT expenses directly related to creating isolated workspaces, at home work spaces, legal fees associated with PPP and FMLA issues, etc. What other examples are people using?
Any help on this would be much appreciated. Thanks!
Michael W. Langenberg, FRBMA
Executive Director for University Radiology
2240 Sutherland Avenue, Suite 107
Knoxville, TN 37919
(865) 803-2973 (cell)
www.utrad.com