PART 6 - PRACTICAL TIPS FOR PRACTISING PHYSICIANS
Part 6 - Practical tips for the practicing Physicians
- Amit Chakrabarty
- April 15, 2020
- 1:47 am
Dear Colleagues,
Thanks again for your support in my blog of practical tips
I am encouraged by this response to my earlier Practical Tips Emails. As per your suggestions, I will continue this blog and send you weeded out important information in an easy to read format, that you may find helpful to navigate and keep your medical practices afloat during these difficult times,
GREAT NEWS!!!
This just in……
I am encouraged by this response to my earlier Practical Tips Emails. As per your suggestions, I will continue this blog and send you weeded out important information in an easy to read format, that you may find helpful to navigate and keep your medical practices afloat during these difficult times,
GREAT NEWS!!!
This just in……
Immediate infusion of $30 billion into healthcare system
Recognizing the importance of delivering funds in a fast and transparent manner, $30 billion is being distributed immediately – with payments arriving via direct deposit beginning April 10, 2020 – to eligible providers throughout the American healthcare system.These are payments, not loans, to healthcare providers, and will not need to be repaid.
You do not have to do anyting for this. It will automatically come to you. I have got mine. There is a calculation on how they determine how much and an explanation why, but I dont want to look the proverbial gift horse in the mouth.
The only requirement is that you do not charge copays or deductables from COVID 19 patients.
FCC Announces $200 Million for Telehealth Funding – Information for Health Care Practitioners
You do not have to do anyting for this. It will automatically come to you. I have got mine. There is a calculation on how they determine how much and an explanation why, but I dont want to look the proverbial gift horse in the mouth.
The only requirement is that you do not charge copays or deductables from COVID 19 patients.
FCC Announces $200 Million for Telehealth Funding – Information for Health Care Practitioners
On April 10th, the Federal Communications Commission announced that its Wireline Competition Bureau will begin accepting applications for $200 million in funding through the COVID-19 Telehealth Program beginning on Monday, April 13, 2020 at 12:00 PM ET.
These funds, appropriated by the CARES Act (P.L. 116-136), will help healthcare providers purchase the connectivity and devices they need to care for patients remotely in response to COVID-19. Applications can be filed through a dedicated application portal, which will go live on Monday: www.fcc.gov/
Please click the link and see if you can take advantage of this funding.
https://www.fcc.gov/covid-19-
Paycheck Protection Plan Updates:
Here are the updates that were different than the original information given to us re the PPP
1. 1099 empoyees are not included in the PPP. There is a sepaarte application to apply for your 1099
2. Interest rate on the unforgiven part of the amount will be 1% (not 0.5 % as originally told)
3. As far as I can gather, you may be able to give raise or bonuses to your employees and count that towards payroll. (please confirm this with your accountant)
4. 75% of the PPP will go towards payroll and 25% towards rent, utilities, interest for mortgages etc
4. You may deduct malpractice isurance consts for those two months in the 25 %
I have already got my PPP. That was mostly because I am a private banking client at a local bank, practicing in a small town and I applied the first day they were accepting applications. There are several of my colleagues who have not got it and their banks are inundated with applications. They are worried that the government might run out of funds.
There is another lifeline line by the government
These funds, appropriated by the CARES Act (P.L. 116-136), will help healthcare providers purchase the connectivity and devices they need to care for patients remotely in response to COVID-19. Applications can be filed through a dedicated application portal, which will go live on Monday: www.fcc.gov/
Please click the link and see if you can take advantage of this funding.
https://www.fcc.gov/covid-19-
Paycheck Protection Plan Updates:
Here are the updates that were different than the original information given to us re the PPP
1. 1099 empoyees are not included in the PPP. There is a sepaarte application to apply for your 1099
2. Interest rate on the unforgiven part of the amount will be 1% (not 0.5 % as originally told)
3. As far as I can gather, you may be able to give raise or bonuses to your employees and count that towards payroll. (please confirm this with your accountant)
4. 75% of the PPP will go towards payroll and 25% towards rent, utilities, interest for mortgages etc
4. You may deduct malpractice isurance consts for those two months in the 25 %
I have already got my PPP. That was mostly because I am a private banking client at a local bank, practicing in a small town and I applied the first day they were accepting applications. There are several of my colleagues who have not got it and their banks are inundated with applications. They are worried that the government might run out of funds.
There is another lifeline line by the government
Small businesses offered loans in coronavirus relief bill as they struggle to stay afloat.
- Small businesses impacted by the coronavirus pandemic will be able to borrow up to $10 million under the $2 trillion economic relief package that President Trump signed into law on Friday.
- The loans will be available through financial institutions that participate in the Small Business Administration’s lending network.
- Borrowers, whose payments can be deferred up to a year, will be able to apply for loan forgiveness for the amount used to meet payroll and other obligations during a set time.
Hope you found these useful.
I would request you to send me feedbacks and suggestions. It acts as the wind beneath my wings.
Again, if you have a physician friend who you want to be included in the email list please let me know. Remember you can unsubscribe anytime.
I would request you to send me feedbacks and suggestions. It acts as the wind beneath my wings.
Again, if you have a physician friend who you want to be included in the email list please let me know. Remember you can unsubscribe anytime.
Stay safe and stay healthy.
Amit Chakrabarty, M.D., M.S., F.R.C.S., F.I.C.S.
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Amit Chakrabarty
Vice Chair AAPI Board of Trustees
President, Indian Medical Council of St. Louis 2018-2020
AAPI Board of Trustees 2017-2020
AAPI Patron Member since 2001
AAPI Governing body member for 10 years
AAPI Regional Director (2 years) 2004 to 2006