Senate Passes Changes to the Paycheck Protection Program for Small Businesses
On Wednesday evening, June 3, the U.S. Senate unanimously passed legislation that seeks to fix the Paycheck Protection Program (PPP) for small businesses under the CARES Act. This new bill, known as the Paycheck Protection Flexibility Act, will ease restrictions of the PPP program and is on its way to President Trump’s desk for signing into law.
This legislation affords the following key flexibility amongst others:
Affords more time for businesses to use the PPP loan funds beyond the initial eight week timeline and still qualify for forgiveness. New time frame is 24 weeks or end of this year, whichever comes first
Changes restrictions limiting non-payroll expenses from 25% to 40% of the loan.
Changes loan terms from two years to five years.
Extends the deadline to rehire employees to align with the expiration of enhanced unemployment insurance, which was created through the CARES Act
Timing of the passing of this legislation is important as the 8 week period is expiring for the initial loan recipients. President Trump is expected to sign this legislation into law immediately.
This post was first published June 4, 2020 and was updated July 29, 2020.
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"National Medical’s coding audit identified that our previous billing partner was coding and billing our ASC claims improperly. We were actually losing money on some cases because costly implant charges were not being coded and billed correctly. National Medical was able to go back and capture significant lost revenue. Their specialized, ASC expert coders have maximized our revenue and compliance."
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"National Medical’s expertise in the ASC market revealed that our contracts were reimbursing less than Medicare and in some cases only 38% of Medicare. Due to their expertise and experience, they were able to renegotiate better contracts and increase our contract reimbursement by 305%. We’re now able to bring additional cases to our center."
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"Before we hired National Medical, we were handing billing in house and were averaging $811 for each surgery. In our very first year with National Medical, with the same number of cases, we have increased our cash per case to $1,400. That represents an increase of approximately $600 per case, or 73 percent, all of which is pure profit for us. In absolute terms, that means an additional $90,000 per month to us on the same number of cases."
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“We have not second guessed our decision to switch billing companies once since transitioning to National Medical. Their team seems to remind us constantly why it was such a good decision!
ASC ADMINISTRATOR | SOUTHLAKE, TX
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"National Medical consistently exceeds our expectations by going above and beyond every day. Their team is proactive, highly attentive and smart. To top it off, their detailed analytics team provides us with powerful insights into our business, allowing us to make informed decisions. In short, they are the perfect partner for all of our revenue cycle needs."
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