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24 July, 2020

Good News for Dentists! – HHS Extends Deadline

Uncle Sam’s economic response to coronavirus may require us to temporarily archive the old joke “I’m from the government, and I’m here to help!”  Health and Human services just reached out to dentists by extending a deadline for the Provider Relief Fund!

If you did not receive an initial Provider Relief Fund Medicare-focused General Distribution or the Medicaid and CHIP General Distribution payment from U.S. Health and Human Services, then you may be eligible for an additional sum of 2 percent of your annual reported patient revenue from the enhanced relief fund.  The deadline for application has been extended from July 24 to August 3rd, 2020.

To verify if you received an earlier payment note that the Medicare-focused General Distribution payments were made between April 10 and April 17.  Payments were primarily sent via an Automated Clearing House (ACH). The automatic payments were sent via Optum Bank with “HHSPAYMENT” in the payment description.

Retention and use of these funds are subject to certain terms and conditions.  Funds may only be used for lost revenues and healthcare-related expenses attributable to coronavirus, which may cover a range of items and services purchased to prevent, prepare for, and respond to coronavirus.  Reports on See Terms and Conditions at

https://www.hhs.gov/sites/default/files/terms-and-conditions-medicaid-relief-fund.pdf

Application for the new funding is made via an online portal

https://cares.linkhealth.com/#/

The first step in the process is to validate your business taxpayer ID number, which can take a couple of days, so do not delay.  We understand that as long as you initiate the process before the deadline, you will be eligible to complete the application and qualify for funding.  You will need NPI and licensing information for the initial validation process. Later in the process, you will need tax returns, employee headcounts, and revenue data. 

Other informative links:

https://www.hhs.gov/coronavirus/cares-act-provider-relief-fund/faqs/dental-distribution/index.html#dental-distribution-overview-eligibility

https://www.ada.org/en/publications/ada-news/2020-archive/july/dentists-encouraged-to-apply-as-soon-as-possible-for-hhs-provider-relief-funding

Choose Drilldown Solution for Your Dental Practice Financial Management Needs!

At Drilldown Solution, we are your one-stop-shop for all financial management and business consulting for your dental practice. When you partner with Drilldown Solution, you gain access to exceptional accountants and CPAs who can give you expert guidance and advice on all dental business consulting matters.

Drilldown Solution offers a full suite of financial services that include bookkeeping, accounting, tax preparation, and dental consulting. We have the expert team to help any dental practice thrive, even under the current COVID-19 pandemic circumstances. We accomplish this with a three-part system comprised of patient-experience excellence, financial focused operations, and accountability.

Our goal at Drilldown Solution is to put your dental practice in the best financial position possible, utilizing proactive processes and personal care!

Heather Porter

DrillDown Solution was founded in 2004 and has helped thousands of people save on taxes and achieve their best financial position possible.

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