How many of you in private practice are getting federal support?

[deleted993114]

---

Members do not see this ad.

I was just curious about any federal support for those in private practice who have taken a big hit in volumes (and thus revenue) during this crisis. I bailed out of my office practice a few years ago; however, if I was still there, I would be sweating bullets about continued overhead costs with marked reductions in revenue.

What are you guys doing to mitigate the damage?

 

[Laryngospasm]

Just talked to a friend in private practice. Both his practice and asc had gotten a pretty large amount.

 

[drusso]

Doing everything we can. Disaster loans, federal loans, telemedicine/virtual visits, you name it. I've cut admin salaries 20%. I wish that the hospitals would follow suit.

 

[Ligament]

I was just curious about any federal support for those in private practice who have taken a big hit in volumes (and thus revenue) during this crisis. I bailed out of my office practice a few years ago; however, if I was still there, I would be sweating bullets about continued overhead costs with marked reductions in revenue.

What are you guys doing to mitigate the damage?

I've applied for all programs and loans. Not a single one has come in yet. No determinations.

 

[Sig123]

I was just curious about any federal support for those in private practice who have taken a big hit in volumes (and thus revenue) during this crisis. I bailed out of my office practice a few years ago; however, if I was still there, I would be sweating bullets about continued overhead costs with marked reductions in revenue.

What are you guys doing to mitigate the damage?

1) Applied for PPP Program -- Awaiting final approval hopefully today or tomorrow and funds by Friday. Extremely helpful program since this loan will turn into a grant and be forgiven AND not count as income, either. Covers all employees salary and rent for 2 months.

2) Accelerated Medicare payments posted today for my practice - Very helpful to ensure adequate cash flow.

3) HHS/Medicare Grant - Posted earlier this week

4) SBA EIDL- Applied but crickets so far. '

5) Still generating revenue via telemedicine new patient consults and follow-ups.

When all taken into account, I believe my practice will be fine without any layoffs.

 

[gdub25]

We’ve made no layoffs, cut no salaries, but that is out of the goodness of our hearts. My partner and I will certainly be getting a pay cut when we see the collections coming in but the way we see if we don’t live paycheck to paycheck and a lot of our staff do. Billing out numbers are down at least 50% so collections on the next 60 days will drop precipitously. We’ve gotten SBA loan/grant, we’re approved but don’t have money yet, and we got the HHS grant in middle of last week.
At the end of the day our practice is going to be fine and I very seriously doubt we’re going to lose any employees or have any major changes to our practice. This is largely due to the fact we have a very lean office and overhead costs are so low that would could float a huge reduction in collections for a short time.

 

[drusso]

We’ve made no layoffs, cut no salaries, but that is out of the goodness of our hearts. My partner and I will certainly be getting a pay cut when we see the collections coming in but the way we see if we don’t live paycheck to paycheck and a lot of our staff do. Billing out numbers are down at least 50% so collections on the next 60 days will drop precipitously. We’ve gotten SBA loan/grant, we’re approved but don’t have money yet, and we got the HHS grant in middle of last week.
At the end of the day our practice is going to be fine and I very seriously doubt we’re going to lose any employees or have any major changes to our practice. This is largely due to the fact we have a very lean office and overhead costs are so low that would could float a huge reduction in collections for a short time.

You’re a good man. We cut our partner salaries to zero cut our admin salaries 20%. I don't think many other doctors would do that.

 

[Pain_doc]

I received the stimulus check, applied and received the ppp loan and submitted for and received the accelerated payments. I didn't pay myself for one period and cut if back for the next. The ppp will keep my salary low but at least I'll get something. My two full time ma's and NP continue to get paid and I pay the part time folks nearly what they would typically generate. Office has been closed since middle of March. Doing some limited telemedicine (<50 patients/week) as I don't have lots of opiate patients. As long as I can get back to procedures in the next 6 weeks, I suspect it will be okay. At least shouldn't have to go looking to hire replacement personnel, which is the biggest hassle.

 

[gdub25]

My partner and I still don’t know what our “pay cut” will end up being. The worst of the collections has yet to come. We’re estimating this will be our lowest production month so next months collections will really suffer. With the stimulus I doubt we’ll go negative but before that whole thing came through it was really looking like we’d be having to dip into our personal bank accounts to make payroll.

 

[BobBarker]

But the PPP saves the day for the majority of the payroll, correct? This is a good lesson that setting up as a s Corp is the way to go. That way the PPP can cover at least some of the physician salaries.

 

[donnie54]

Am I the only one who didn’t getting any HHS stimulus deposit yet? I noticed my colleagues have all received theirs...

 

[drusso]

Am I the only one who didn’t getting any HHS stimulus deposit yet? I noticed my colleagues have all received theirs...

Yours might be getting dropped to a paper check and mailed by snail mail.

 

[NJPAIN]

Am I the only one who didn’t getting any HHS stimulus deposit yet? I noticed my colleagues have all received theirs...

I have not received it


Sent from my iPhone using Tapatalk

 

[lonelobo]

Yours might be getting dropped to a paper check and mailed by snail mail.

Had to wait to put Trumps name on it

 

[Sig123]

PPP out of allotted funds as of today.

 

[NJPAIN]

Finally stimulus money arrived this morning via direct deposit. I guess I was in the second wave. Not a tremendous amount but every little bit counts. Now I will see if this PPP loan ever gets funded.


Sent from my iPhone using Tapatalk

 

[lonelobo]

Finally stimulus money arrived this morning via direct deposit. I guess I was in the second wave. Not a tremendous amount but every little bit counts. Now I will see if this PPP loan ever gets funded.


Sent from my iPhone using Tapatalk

so you get EIDL money?

 

[NJPAIN]

so you get EIDL money?

Just the Medicare HHS money. I’m told the EIDL loans will take several months.

Regarding the PPP loans/grants, the only people I know who received funding are those dealing with smaller local banks. For some the process took only 72 hours. I’m dealing with Chase. Not a peep in 2 weeks. Similar for everyone I know dealing with a large bank.


Sent from my iPhone using Tapatalk

 

[Sig123]

Just the Medicare HHS money. I’m told the EIDL loans will take several months.

Regarding the PPP loans/grants, the only people I know who received funding are those dealing with smaller local banks. For some the process took only 72 hours. I’m dealing with Chase. Not a peep in 2 weeks. Similar for everyone I know dealing with a large bank.


Sent from my iPhone using Tapatalk

Chase and the other big banks screwed over the little guy. While Ruth Chris and Pot Belly got millions of dollars in PPP, they shafted the true small businessman.

 

[NJPAIN]

Chase and the other big banks screwed over the little guy. While Ruth Chris and Pot Belly got millions of dollars in PPP, they shafted the true small businessman.

Just received my CHASE “dear John” letter. Essentially, all the money is gone and we will consider your application if Congress allocates more funds.


Sent from my iPhone using Tapatalk

 

[Sig123]

Just received my CHASE “dear John” letter. Essentially, all the money is gone and we will consider your application if Congress allocates more funds.


Sent from my iPhone using Tapatalk

Sorry man. That’s BS.

 

[drusso]

Just received my CHASE “dear John” letter. Essentially, all the money is gone and we will consider your application if Congress allocates more funds.


Sent from my iPhone using Tapatalk

That's terrible news. We were able to get ours in under the wire. Meanwhile, the Dems are doubling down on hospitals when people living paycheck to paycheck in the private sector are going under.

 

[Ligament]

Just received my CHASE “dear John” letter. Essentially, all the money is gone and we will consider your application if Congress allocates more funds.


Sent from my iPhone using Tapatalk

Im truly sorry to hear this...

 

[NJPAIN]

Glimmer of hope. Last week, prior to hearing anything from CHASE and after listening to a webinar advising submitting more than one application, I submitted a PPP app to a non-bank lender. At the end of last week I received an email stating that I “was assigned an SBA loan number” and that an underwriter would be contacting me in the coming days. Cautiously optimistic. Other obstacle I will have is dealing with being a single member LLC.

A few business lessons learned from this. First, if there is a future, I need to be an S-Corp. Second, I need a more hands on accountant. My current accountant wanted to keeps hands off of these loan apps leaving me fumbling. Third, I need to find a local bank who cares about small business.


Sent from my iPhone using Tapatalk

 

[Ducttape]

That's terrible news. We were able to get ours in under the wire. Meanwhile, the Dems are doubling down on hospitals when people living paycheck to paycheck in the private sector are going under.

but if hospitals got some money, those systems would not have to furlough those employed docs you supposedly empathized with on a separate post.

you could also blame repubs for a lousy roll out.

Big restaurant chains get small business aid, sparking backlash

Potbelly Corp. — the nationwide sandwich shop operator — and Ruth's Hospitality Group, which runs a chain of steakhouses, are among the large companies that have disclosed receiving the government-backed loans.

www.politico.com

 

[Ligament]

That's terrible news. We were able to get ours in under the wire. Meanwhile, the Dems are doubling down on hospitals when people living paycheck to paycheck in the private sector are going under.

Fund hospitals, defund private practice, ensure the demise of private practice as Obama planned all along. Mission complete. Let no tragedy go to waste in furthering the agenda of centralized control of healthcare.

 

[lonelobo]

Fund hospitals, defund private practice, ensure the demise of private practice as Obama planned all along. Mission complete. Let no tragedy go to waste in furthering the agenda of centralized control of healthcare.

Didn't know Obama was still president ?

Funny how the Republican controlled senate approved the funding isn't it?

 

[Ducttape]

or... maybe the hospitals who get this money will use it to stay afloat and pay their employed physicians, rather than furlough or fire them?

ugh...

was going to go on a rant. but its Monday, forget it.

 

[deleted993114]

or... maybe the hospitals who get this money will use it to stay afloat and pay their employed physicians, rather than furlough or fire them?

ugh...

was going to go on a rant. but its Monday, forget it.

Well........................... I hope you guys get some cash to keep things going. It must be anxiety provoking and hopefully you guys can weather the storm, and/or secure some financial support.

It is a unique problem that practices have not collectively faced in the past. I guess it will be interesting to see if it changes how people practice in the future or the practices people seek out.

Keep in mind that nothing bad lasts forever.

 

[NJPAIN]

Still waiting.....
I’m told the loan is “in underwriting”.


Sent from my iPhone using Tapatalk

 

[lonelobo]

This was posted on on PMR forum, another opportunity to receive Grant money form CARES ACT, but you have to apply to this one unlike the other just showing up in your account


Happy Saturday to all Academy members--so THIS is an IMPORTANT post that you will want to read! For those clinicians who did or will receive a payment through the CARES Act Provide Relief Fund, under the original $30 billion monies that went out around 10 days ago (it was around 6.2% of your Medicare payments for 2019), there is going to be another payment coming through, based on the remaining $20 billion from the Provider Relief Fund. For those clinicians who do NOT submit a cost reporting to CMS (like most hospitals do), this additional payment REQUIRES that you complete an online form, and electronically submit a copy of your most recent income tax return which shows your practice's gross revenue. It also asks that you approximate your lost revenue for March and April of 2020. Here are the links to review the information:

www.hhs.gov/coronavirus/cares-act-provider-relief-fund/...
covid19.linkhealth.com/docusign/#/step/1

• HHS will begin distribution of the remaining $20 billion of the general distribution to these providers on April 24 to augment their allocation so that the whole $50 billion general distribution is allocated proportional to providers' share of 2018 net patient revenue.
• On April 24, a portion of providers will automatically be sent an advance payment based off the revenue data they submit in CMS cost reports. Providers without adequate cost report data on file will need to submit their revenue information to the General Distribution Portalfor additional general distribution funds.
  • Providers who receive their money automatically will still need to submit their revenue information so that it can be verified via the General Distribution Portal
  • Payments will go out weekly, on a rolling basis, as information is validated, with the first wave being delivered at the end of this week (April 24, 2020).
  • Providers who receive funds from the general distribution have to sign an attestation confirming receipt of funds and agree to the terms and conditions of payment and confirm the CMS cost report. Click here to sign the attestation and accept the Terms and Conditions

So, even though it is a weekend, if the CARES Act Provider Relief Fund applies to you, you should definitely take a look. Stay safe and healthy as always and reach out for any questions.