New Financial Relief Available for Medicaid and CHIP providers! June 11, 2020 By: Maureen West McCarthyUPDATE: You now have until August 3rd to apply for fundingHHS has extended the deadline for eligible Medicaid and Chip providers to submit their application. You now have until August 3rd to apply for funding. To learn more about this update, click here: HHS Has Extended the Deadline for Eligible Medicaid and Chip Providers to Submit Their ApplicationThere is good news for many medical practices that were excluded from the Department of Health and Human Service’s initial wave of financial relief for healthcare providers. The Department of Health and Human Services will release $15 billion in funds to Medicaid and CHIP providers. This includes pediatricians, pediatric sub-specialists, obstetrician-gynecologists, dentists, home and community-based service providers, opioid treatment and behavioral health providers, and others who did not receive payment from the first two HHS Stimulus programs.The distribution date for these funds has yet to be announced, however; starting today providers who treat Medicaid and CHIP Patients may apply for funding using a new expanded provider portal. Below please find more information regarding the new funds available for providers who have yet to receive financial relief through HHS during the COVID crisis.Read the complete message from HHS, click hereFor Pediatricians, read AAP’s message, click hereHOW CAN I APPLY? The portal is available on the HHS website here: https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/for-providers/index.htmlTo be eligible for this funding, healthcare providers must not have received payments from the $50 billion Provider Relief Fund General Distribution and either have directly billed their state Medicaid/CHIP programs or Medicaid managed care plans for healthcare-related services between January 1, 2018, to May 31, 2020.HOW CAN WE HELP? Please feel free to pass along to colleagues who may be interested. We are monitoring this matter very closely and hope to share with you more details in the coming days. As always, if you have any immediate questions about how these new funds will impact your practice, please contact Maureen West McCarthy, your current KatzAbosch representative, or contact us. Article by: Maureen West McCarthy, CPAMaureen West McCarthy was a Principal and Managing Director of KatzAbosch’s medical practice management consulting group. During Maureen’s career, spanning over 30 years, she specialized in medical practice management consulting by working on a wide variety of practice management issues for private practice and health system physicians, hospitals, ASC’s, and medical billing companies. Now as a member of KatzAbosch’s of Counsel, Maureen works in tandem with our medical practice accounting service team to provide guidance and thought leadership on special projects and various engagements that need a more complex approach to meeting their business goals.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.