If you received any funding from the Provider Relief Fund (PRF), chances are, you’ve already had to report your use of funds in either reporting period one or two, and you know how complicated the process can be. In fact, according to the 2022 BDO Healthcare CFO Outlook Survey, 35% of the respondents identified CARES Act/PRF reporting as a regulatory concern.

Read on to learn how you can make sure your reporting is accurate — and ensure as smooth a process as possible.

Know Your Deadlines

The best thing you can do to prepare for PRF reporting is to start early. Don’t wait until the last minute – there’s no option for an extension, so if you run into any issues close to the deadline, you won’t have additional time to solve them.

Keep this table on hand to quickly reference important reporting dates:

*As indicated by the Provider Relief Fund and American Rescue Plan (ARP) Rural Distribution section of the 2022 Compliance Supplement

Check Yourself

To make sure you understand your reporting requirements, use the following checklist:

• Lost revenue has been calculated through June 30, 2022
• Lost revenue that was already accounted for in reporting periods one
• and two has NOT been included in the calculation for reporting period three Lost revenue has been counted on a quarterly basis
• Any quarter with revenue gains has been counted as zero
• Incremental costs related to COVID-19 have been calculated quarterly
• Clinical & nonclinical full-time equivalent hours (FTEs) have been calculated quarterly
• Patient days or visits, both in-patient and out-patient, have been calculated quarterly
• Number of beds has been calculated quarterly, if applicable

Success Tips

PRF reporting is complicated, but there are some success tips that can make it easier:

• Talk to HR at the beginning. One of the biggest challenges providers face in PRF reporting is coming up with the data for the operational statistics (FTEs, patient days or visits and number of beds). Fortunately, your human resources department can help – reach out to them at the beginning of the reporting process to get the data you need to calculate these statistics.

• Beware of last-minute requirement changes. In the first two reporting periods, requirements were amended immediately before the reporting portal opened. So far, no substantial changes have been reported for period three — but you should still keep your eyes peeled for possible last-minute announcements.

• Use the Excel workbook provided by HRSA. Each tab of the workbook represents a separate screen in the portal. If you complete the workbook correctly, you’ll be in a good position to simply plug the information into the reporting portal.

At Cavanaugh & Co, we work with medical practices to help them make smart financial decisions. Contact us today to schedule an appointment.