Nonessential procedure restrictions due to COVID-19 are wreaking havoc on finances for many medical practices.
Mary Dale Peterson, MD, president of the American Society of Anesthesiologists, outlined five things anesthesia practices can do to remain financially stable:
1. Consider applying for the Small Business Administration loans that can become grants. Practices with fewer than 500 employees may be eligible. "Right now, the funds have run out, but Congress is taking action this week to replenish the funds — so people should be ready to apply," Dr. Peterson said.
2. Review the Medicare Accelerated/Advanced Payment Program guidance. "We are advocating [for extending the] payback period to 365 days, reducing the recoupment amount to 25 percent, extending the period to complete the payment to two years, as well as waiving interest payments," Dr. Peterson said. "See if any of your commercial payers are offering any similar programs."
3. Strings are attached. Understand them. Closely review the attestation for any funds received on or around April 10, when CMS issued disbursement of $30 billion of the $100 billion Public Health and Social Services Emergency Fund created under the Coronavirus Aid, Relief and Economic Security Act. "Understand how that money is to be used and avoid any issues later," Dr. Peterson said.
4. Weigh telehealth versus reopening. Ensure anesthesiology is actively represented in decisions about when to reopen operating rooms to cases that have been deemed "elective." Pain medicine practices can consider providing telehealth care, according to Dr. Peterson.
5. Focus on collections. "Address some things that there never seems to be time to do," Dr. Peterson said. "For example, make sure that your accounts receivable is being worked hard. Have you received payment for the work you did in January/February? Review payments to be sure that the amount corresponds to the conversion factor in your contracts."
Want to share your thoughts on this topic? Email Angie Stewart: astewart@beckershealthcare.com.