Change Healthcare (Nasdaq: CHNG) today launched a CARES Act Advisory resource hub to help providers seeking access to emergency federal funding made available through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The site contains informational resources and step-by-step guidance to help providers apply for forgivable small business loans under the Paycheck Protection Program (PPP) section of the CARES Act, as well as accelerated Medicare reimbursement.
Included in the $2 trillion CARES stimulus plan passed on March 27 is $349 billion in small business support through PPP, which providers can apply for through their bank or SBA lending institution beginning Friday, April 3, 2020. Additionally, CMS expanded its Accelerated and Advance Payment Program to a broader group of Medicare providers to help them address disruptive shifts in economic models caused by the COVID-19 pandemic. The expansion of this program is only for the duration of this public health emergency, and to receive payment, providers must submit a request to the appropriate Medicare Administrative Contractor (MAC) and meet the required qualifications.
In addition to detailed advice and guidance for qualifying for accelerated Medicare payments through the CARES Act, the new CARES Act Advisory resource includes information on how Change Healthcare can help providers manage revenue stability now. The page features an on-demand webinar produced by EY, a global leader in assurance, tax, transaction, and advisory services, that describes actions healthcare providers can take during the COVID-19 crisis. Change Healthcare is offering providers short- and long-term solutions that can optimize revenue cycle operations and financial performance, as well as create an effective action plan to solve for revenue recovery after the crisis.
“We’re offering this resource to help support providers in maintaining their revenue integrity during this unprecedented time in our industry’s history,” said Thomas Laur, EVP and president, Technology-Enabled Services at Change Healthcare. “Our customers have told us that they appreciate the insights we can provide as they move quickly to take advantage of these resources, which are available during the duration of this national health emergency. Through this advisory service available on our website, we can help them beyond the CARES Act itself to preserve a sound foundation and regain financial strength after the crisis.”
The Change Healthcare CARES Act Advisory hub is available now and will be updated as required. For more information and resources related to the COVID-19 pandemic, visit the Change Healthcare COVID-19 Updates and Resources hub.
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About Change Healthcare
Change Healthcare (Nasdaq: CHNG) is a leading independent healthcare technology company that provides data and analytics-driven solutions to improve clinical, financial and patient engagement outcomes in the U.S. healthcare system. We are a key catalyst of a value-based healthcare system, accelerating the journey toward improved lives and healthier communities. Learn more at changehealthcare.com.