Hospitals ask Congress to forgive $100B in accelerated Medicare loans

American Hospital Association CEO Rick Pollack also stated the association is asking for forgiveness of the Medicare payments..

The American Hospital Association and Federation of American Hospitals have stated that health systems cant pay the loans back right now considering that lots of stay under monetary pressure from the COVID-19 pandemic..

Both House and Senate relief aid costs have actually proposed reorganizing the Medicare loans. The House proposed offering hospitals more time to pay and cutting the interest rate to 1 percent. In addition, the Senate GOP proposal launched July 27 calls for pressing the start date of the repayment to Jan. 1, 2021, and extending the general time to pay back the loans..

Major healthcare facility groups are asking Congress to forgive $100 billion in Medicare sped up and advance payment loans, according to CNBC..

Alia Paavola –
Tuesday, July 28th, 2020
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Check out the complete report here..

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” Its a mechanically easy way to offer instantaneous relief to individuals on the ground,” Mr. Pollack informed CNBC..

” Of all the monetary problems that suppliers deal with regarding the federal assistance, this is the most vital … that might be debilitating for healthcare facilities in the midst of new COVID surges,” Federation of American Hospitals CEO Charles Kahn, told CNBC..

CMS will begin withholding new Medicare payments Aug. 1 until the loans, authorized by the Coronavirus Aid Relief and Economic Security Act, are repaid. If the loans are not paid back within one year, they will deal with a 10 percent interest charge, according to the report..

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Both House and Senate relief aid bills have actually proposed reorganizing the Medicare loans. The House proposed offering medical facilities more time to pay and cutting the interest rate to 1 percent. Interested in LINKING to or REPRINTING this material?