HHS Provides Stimulus Reporting Requirements to Provider Relief Fund (PRF) Recipients July 29, 2020 By: Maureen West McCarthyLast Monday, the Department of Health and Human Services announced their plans for future reporting requirements for certain recipients of the Provider Relief Fund (PRF). The reporting requirement applies to any PRF recipient who received total funds over $10,000 from one or more HHS Stimulus payment(s).Providers will be required to demonstrate compliance in the proper utilization of funds for allowable purposes according to the Terms and Conditions associated with the PRF Payment(s). Providers are encouraged to visit https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/for-providers/index.html#attestation-portal to review the terms and conditions associated with any funds received thus far.Detailed PRF reporting instructions will be available by August 17, 2020. Providers will be directed to an HRSA hosted platform, such as the “Provider Portal” where recipients initially applied for and attested to PRF payments, to review instructions and a data collection template that will outline all necessary data elements to report.Within the notice, HHS released the following information:The reporting system will be available starting October 1st.All recipients must report within 45 days of the end of calendar year 2020 on their expenditures through the period ending December 31, 2020.Recipients who have expended funds in full prior to December 31, 2020 may submit a single final report at any time during the window that begins October 1, 2020, but no later than February 15, 2021.Recipients with funds unexpended after December 31, 2020, must submit a second and final report no later than July 31, 2021.To review the notice in full please visit https://www.hhs.gov/sites/default/files/provider-post-payment-notice-of-reporting-requirements.pdfHOW CAN WE HELP?Please feel free to pass along to colleagues who may be interested. We are monitoring this matter very closely. As always, if you have any immediate questions about how these new provisions will impact your practice, please contact Maureen West McCarthy, your current KatzAbosch representative or your other advisors. 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.