HHS provider relief fund enters phase two

On July 31, 2020, HHS announced that Medicare providers will have another opportunity to receive additional Provider Relief Fund payments. The announcement targets those providers who previously missed the June 3, 2020 deadline to submit an application for additional funding equal to 2 percent of their total patient care revenue from the $20 billion portion of the Phase 1 General Distribution.  Those qualifying under this plan include Medicaid, Children’s Health Insurance Program (CHIP), and dental providers with low Medicare revenues. In addition, providers who underwent a change in ownership, making them previously ineligible for Phase 1 funding, will also be given a chance to apply for the HHS financial relief.

The new deadline to submit an application for potential funding under the HHS Provider Relief Fund is August 28, 2020.

Providers Eligible for Phase 2 General Distribution Funding:

  • Providers who were ineligible for the Phase 1 General Distribution because:
    • They underwent a change in ownership in calendar year 2019 or 2020 under Medicare Part A; and
    • Did not have Medicare Fee-For-Service revenue in 2019.
  • Providers who received a payment under Phase 1 General Distribution but:
    • Missed the June 3 deadline to submit revenue information – including many Medicaid, CHIP, and dental providers with low Medicare revenues that assumed they were ineligible for additional distribution targeted at Medicare providers or had planned to apply for a Medicaid and CHIP specific distribution; or
    • Did not receive Phase 1 General Distribution payments totaling approximately 2 percent of their annual patient revenue.
  • Providers who previously received Phase 1 General Distribution payment(s), but rejected and returned the funds and are now interested in reapplying.

For providers who have already received a Phase 1 General Distribution payment from HHS, the previous amount received will be considered when determining the eligible amount for the Phase 2 General Distribution payment. Also, fund recipients must accept HHS’s terms and conditions and may be subject to an audit to ensure the data provided to HHS for payment calculation is accurate.

Please contact us for more information on the HHS Provider Relief Fund Phase 2 program.

Completing a Successful Dentist Practice Merger

Sally McKenzie examines some of the issues surrounding the merging of one dental practice with a cosmetic dentistry practice, or multiple practices. She notes the importance of completing an analysis of both practices’ business operations, employees, and their job descriptions: “you might find the practices have different job descriptions, different practice management software, even different philosophies of care.

Once those differences are identified, work together to develop a business plan that combines the best of both practice systems.” She also advises keeping employees informed about any merger move and creating a collaborative environment which does not allow an “us vs. them” mentality to take hold. Meanwhile, merging will mean more patients, and preparations for this must be considered. “Create a plan beforehand while keeping in mind that you might need to make changes to the schedule, such as adding hours to accommodate increased demand,” advises McKenzie.

Keep Reading on Dentistry IQ

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).

Maximizing Value When Selling a Practice

Dentistry iQ details a number of strategies and money-saving insights to help maximize the value of a dental practice upon sale, underscoring the importance of recognizing that a practice is not taxed as one entity but contains several different kinds of assets including equipment, supplies, real estate, practice goodwill and patient records. Each practice asset necessitates discrete accounting and tax rules because the IRS has established different depreciation and time factors for each one.

Read more on Dentistry iQ


…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).

How Much is a New Patient Worth?

Data from Sikka Software compiled from more than 12,500 dental practices from around the country over the last seven years shines a light on the worth of a new patient to a dental practice.

The figures reflect average gross production per patient who was seen for a comprehensive dental exam. Comprehensive exams are one of the best indications that a patient is new to a practice, and looking at these patients provides a good estimate on what a new patient can bring into a practice, writes Kevin Henry.

Read More On Dentistry IQ

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).

Changing Expectations of Dental Care

New research by Lincoln Financial Group has revealed that consumers’ criteria for choosing and staying with a dentist for best smiles in Sudbury go beyond the basics. While the quality of care, office environment and being in-network for insurance are all crucial, other factors are also in high demand. The research found that 40% of Millennials believe a dentist’s website is “very important,” compared to just 14% of Baby Boomers. I recently visited Dr. Delahunty and his team at Canyon Rim Dental Salt Lake, they were amazing and had great customer service.

On the website, consumers want to see a list of accepted insurance providers (75%), schedule or change appointments (73%), and view costs of dental procedures (67%). Furthermore, Rob Tanner, research analyst for NW Calgary clinics offering braces, says it’s important for a dentist’s website to be mobile-optimized,  as 51% of clients surveyed say they would “absolutely” find value in a mobile app from their dentist. Meanwhile, 40% of all consumers want a dental office that will take immediate appointments — and about a third either look for a dentist that offers extended hours on week nights or weekend hours. The survey also revealed that 96% would find it valuable if their dental office could provide guidance or take the time to help them better understand their dental insurance plan. Other notable findings related to employers included: 65% want their employer to provide general information about what’s covered by their dental insurance plan; 54% say they’d like their employer to provide a list of local in-network dentists, and 34% say they would appreciate ratings or rankings of in-network dentists.

Keep Reading on Businesswire

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).

The Benefits of Cash Balance Plans for Dentists

Dentistry iQ’s Zachary Kulsrud takes a look at accelerating retirement savings through a cash balance plan – a type of defined benefit plan that allows for more pre-tax retirement savings than 401(k) plans, along with additional benefits.

A growing number of dental practice owners find that retirement planning based on a 401(k) or profit-sharing plan alone is not giving them enough savings for retirement. A petition released on http://www.bpidental.co.uk/ reveals that while the maximum contribution in a 401(k) profit-sharing plan is $59,000 a year, contributions to cash balance plans can approach $250,000 a year for dentists who are near retirement. Meanwhile, Dentistry iQ’s Will Parrish outlines guidance for retirement planning, concluding that “Nothing can compare to a well-orchestrated financial plan that involves your attorney, tax advisor, and experienced financial advisor. Many dentists have all of the parts of a plan, but many are unsure how all those parts work together.

Read More at Dentistry IQ

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).

New Attachment Technology Speeds Up Reimbursement

Healthcare technology company Change Healthcare has launched new attachment technology that ensures only essential attachments required by a payer are connected to a dental claim and are delivered according to payer preferences. Change Healthcare says almost half of dental claims contain unnecessary information which slows down processing and leads to higher costs for payers and re-work for providers.

“The Change Healthcare claim attachment offering will not only help reduce operating costs for providers but will also provide a more integrated offering with associated claim detail for our payer partners,” says Sajid Khan, general manager, Dental, Change Healthcare.

Read more at Healthcare Finance

…from the Team of Professional at RE-MMAP We are just a click or call away. www.re-mmap.com and phone # (561-623-0241).