The HHS Stimulus (PRF) Reporting Period 3 opened – What You Need to Know July 28, 2022BACKGROUND:In April of 2020, the Department of Health and Human Services created the Provider Relief Fund in response to the rapid and widespread economic strain caused by COVID-19. Overall, the Provider Relief Fund was distributed to Health Care Providers across the country in 3 large tranches (a fourth tranche was opened in September 2021 and a fifth in March 2022). Any funds received could be applied to any healthcare-related expenses during COVID-19 that were not reimbursed or due to be reimbursed by other sources (ie. SBA PPP Loan). Also, funds could be used toward lost revenues, up to the difference between 2019 and 2021 patient care revenues.MARK YOUR CALENDARS:The HHS Stimulus (PRF) Reporting Period 3 was opened on 7/1/2022 and due by 9/30/2022. The portal is now open until December 2nd for providers who were approved to file late due to extenuating circumstances.If you received funds between 1/1/21-6/30/21:Reporting requirements for Reporting Period 3 remain the same as Reporting Period 1 & 2; which states reporting is required for any provider who received one or more PRF payments exceeding $10,000, in aggregate, during the payment received period.Reminder: The types of information being requested include comprehensive financial info for the period of availability, PPP Loan applications and allocations on Forgiveness forms, statistics by place of service including # of encounters, hospital admissions and ER visits, FTE counts thru Q2 2022, etc.If a practice has received $750,000 or more in federal funds, including PRF payments, the requirements for the single payer independent audit in 2022 remains the same. KatzAbosch is performing these audits for practices who are required to have this audit performed.ADDITIONAL INFORMATION:The Portal will auto-populate previously entered data in certain fields for providers who were required to report in prior periods. Please note that providers will need to show how payments were applied to expenses during RP3, not to duplicate expenses applied in RP1 report or RP2 report.Opportunities to file late for Reporting Period 1 and Reporting Period 2 have passed.Reporting Period 4 will open 1/1/2023 – 3/31/2023 for funds received between 7/1/2021 to 12/31/2021Reporting Period 5 will open 7/1/2023 – 9/30/2023 for funds received 1/1/2022 to 6/30/2022HOW KATZABOSCH CAN HELP:KatzAbosch is available to support your medical practice with this matter. We have been monitoring this process closely. We are available to assist you with gathering and submitting your needed information and/or to review your submission prior to formally reporting it.You can contact your Katzabosch representative or our Medical Advisory representative, Deborah Nealon at 443-539-3202 or email@example.com to learn more about our services to support your practice to save you time and money.About KatzAbosch: Founded in 1969, KatzAbosch is one of the largest CPA and business consulting services in the Mid-Atlantic region. As an accounting firm, our mission is to provide the highest quality accounting, tax, financial and management consulting services to our regional clients. We understand the needs and challenges of our clients and we have made it our obligation to create, grow and protect asset value. KatzAbosch is consistently named a Best Accounting Firm to Work For in Accounting Today and has been named a Top 200 Accounting Firms in the Nation by Inside Public Accounting. Our firm is also ranked among the Top 15 Largest Accounting Firms in the Baltimore Area by the Baltimore Business Journal and a Top Workplace four times by The Baltimore Sun.