Medicare Advance Payment (Loan)
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.