Medicare Advance Payment (Loan)

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Centers for Medicare & Medicaid Services (CMS) announced that providers are able to receive an advance on future Medicare payments. This is much different than the EIDL and PPP loans in that it is NOT forgivable. It must be paid in full.

Here are the brief details of the advance/loan:

  • Based on 3 months of previous billings.
  • Will be processed and paid within 7 days.
  • Although providers will bill and be reimbursed as normal during the 120-day period, the loan must begin to be repaid within 120 days and be completely paid off within 210 days of the date of the advancement.

HERE is the fact sheet from CMS/Medicare.
HERE is the advance/loan application from Noridian.