Anesthesia Business Consultants
On October 8, 2020 the Centers for Medicare & Medicaid Services (CMS) announced amended terms for payments issued under the Accelerated and Advance Payment (AAP) Program. The amended terms allow for repayment at any time or repayment as stated in the CMS Fact Sheet, the following is an excerpt from the Fact Sheet:
FACT SHEET: REPAYMENT TERMS FOR ACCELERATED AND ADVANCE PAYMENTS ISSUED TO PROVIDERS AND SUPPLIERS DURING COVID-19 EMERGENCY
Repayment and Reconciliation
A provider or supplier may repay their accelerated or advance payment at any time by contacting their Medicare Administrative Contractor (MAC). If such payment is repaid in full, the repayment terms below will not apply. If any balance remains as to an accelerated or advance payment, pursuant to the Continuing Appropriations Act, 2021 and Other Extensions Act, repayment terms are as follows:
- Repayment does not begin for one year starting from the date the accelerated or advance payment was issued.
- Beginning at one year from the date the payment was issued and continuing for eleven (11) months, Medicare payments owed to providers and suppliers will be recouped at a rate of 25%.
- After the eleven (11) months end, Medicare payments owed to providers and suppliers will be recouped at a rate of 50% for another six (6) months.
- After the six (6) months end, a letter for any remaining balance of the accelerated or advance payment(s) will be issued.