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Note 16 - Subsequent Events
3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 16 – Subsequent Events

 

On March 27, 2020, the United States government passed the Coronavirus Aid, Relief, and Economic Security Act, (the “CARES Act”), which provided $2.2 trillion of economy-wide financial stimulus in the form of financial aid to individuals, businesses, nonprofits, states and municipalities. Within the CARES Act, the legislation set aside under Title VIII in Division B the Public Health and Social Services Emergency Fund, which is referred to as the Provider Relief Fund. This Provider Relief Fund set aside $100 billion to be administered through grants and other mechanisms to skilled nursing providers, home health providers, hospitals, public entities, non-for-profit entities, and Medicare and Medicaid enrolled providers to cover any unreimbursed health care related expenses or lost revenue attributable to the public health emergency resulting from COVID-19.

 

In April 2020, we received two disbursements from the Provider Relief Fund which totaled $19,468,000. These funds come with terms and condition certifications in which all providers will be required to submit documents to ensure the funds will be used for healthcare-related expenses or lost revenue attributable to COVID-19. These funds are not reflected in our first quarter 2020 interim condensed consolidated financial statements.

 

In April 2020, the Company also submitted requests and received funding as part of the Centers for Medicare and Medicaid Services (“CMS”) COVID-19 Accelerated Payment Program. The CMS COVID-19 Accelerated Payment Program is a streamlined version of existing policy that allows the Medicare Administrative Contractors (“MAC’s”) to issue up to three months of advance Medicare payments to help increase cash flow and liquidity to Medicare Part A and Part B providers in certain circumstances that include national emergencies. We received $50,744,000 as part of this Medicare Accelerated Payment Program. These funds will begin to be applied against claims for services provided to Medicare patients after approximately 120 days from the date we received the funds. The payback period will be for approximately 90 days; therefore, any remaining unapplied Accelerated Payment Program proceeds will be repaid within 210 days from the April 2020 receipt of the funds.