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COVID-19 Checkup for Healthcare Providers

April 22, 2020

In the midst of the COVID-19 chaos, there is an overwhelming need for healthcare providers to triage, diagnose and treat their own financial health. Yet, the numerous pages of COVID-19 related legislation and regulations are difficult to wade through and digest, even if you can locate it all.

To make this easier, we have consolidated our current knowledge into an action-oriented checklist with links to detailed information that can improve your organization’s financial health and help ensure its survival.

This checklist can help you plan for and minimize potential disruption to your employees, patients and operations.


PRESCRIPTION FOR SURVIVAL:

  • Manage cash flows by establishing and/or maintaining a 13-week plus 3-month cash flow forecast.
  • Separately track COVID-19 transactions by establishing a new COVID-19 cost center, capital project code, and cancellation reason codes in your scheduling, billing, and ERP systems.
  • Manage your remote workforce to maximize morale and productivity.

LOANS TO IMPROVE LIQUIDITY:


TAX RELIEF TO RETAIN CASH:

  • Take FMLA, sick leave, and employee retention credits.
  • Defer payroll taxes.
    • Defer the employer portion of certain payroll taxes from March 27, 2020, to December 31, 2020
      • 50% to be paid by December 31, 2021
      • 50% to be paid by December 31, 2022
  • Contact your tax advisor to take advantage of federal, state and local tax changes.

FEDERAL RELIEF TO BOLSTER CASH FLOW:

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