BKD Launches Tool to Help Healthcare Providers Track CARES Act Funding
NATIONAL OFFICE – BKD CPAs & Advisors developed and launched a unique tool called BKDTrackForward to help healthcare organization leaders monitor Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Provider Relief Funds.
The CARES Act has provided the healthcare industry with more than $175 billion in relief funding since it was signed into law on March 27, 2020. However, to retain the funding received, it’s anticipated that organizations will be required to provide proof that the funds were used to support healthcare-related expenses or lost revenues attributable to the coronavirus. BKDTrackForward users can track how they spent CARES Act funds, allowing them to be better prepared when regulators ask for documentation.
“Our team understands the uncertainty and complexity healthcare leaders are facing and we are here to be a trusted advisor and assist however we can. BKDTrackForward allows healthcare leaders to streamline and track the funding they receive, allowing them to focus on their mission.” said National Industry Partner Danielle Solomon.
The tool can help users document allowable expenses and labor costs in one place, record the calculation of lost revenues attributable to COVID-19, compare expected CARES Act Provider Relief Funds to amounts received to determine if healthcare leaders have obtained all entitled funds and track Medicare accelerated payments, employer payroll tax deferrals, and a high-level analysis of an organization’s potential to file a business interruption claim as a result of COVID-19.
Visit bkd.com/trackforward for more information and to request a demo.