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From VGM:
COVID-19 Update:
Important Resources For Your Business
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The Greek philosopher Epictetus said, "It's not what happens to you, but how you react to it that matters." Every single person is going to react differently to the new normal that has been forced upon us. The great news-from what we are seeing from our seats at VGM (well, from home)-is that the DMEPOS community is rising above, tackling challenges head on, and doing so with compassionate hearts and willing hands. We have not stopped, and we will not stop. We (our members, vendor partners, associations, and employee owners) are the VGM family.
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A Breakdown of the SBA Paycheck Protection Program
The Paycheck Protection Program (PPP) is the third phase of the government's $2.2 trillion relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It was created to help small businesses cope with the COVID-19 outbreak. The PPP sets aside nearly $350B to be used by the Small Business Administration (SBA) to provide government-backed and potentially forgivable loans to businesses throughout the country. Businesses can begin applying for these loans on Friday, April 3, 2020, through their lending institution of choice. The loans will be available to businesses through June 30 or until the money is gone, whichever comes first.
This portion of the act was designed to help small businesses cover certain operating expenses and keep their employees on the payroll while their business is disrupted due to the pandemic. Some key features of the program include:
- Available to small businesses, nonprofits, sole proprietorships, Tribal businesses, veterans' organizations, and independent contractors, with 500 or fewer employees
- Maximum loan is equal to 2.5 times the employer's average monthly payroll
- Capped at a max of $10M per business
- Loans can be used to cover payroll (wages, salaries, retirement contributions, and health benefits including medical leave)
- Loans can also be used to cover things like rent, utilities, and mortgage interest
- No collateral or personal guarantee required
- No fees/2-year maturity, and 0.5% interest rate
- Loans are fully insured/backed by the federal government
- Loans are forgivable if used properly
If you want to get started on your application,
download the application form, but your lending institutions may not be ready to help you or begin processing your application until at least April 3.
Click here for an additional Q&A, and VGM will be hosting a
webinar on
April 7 at 11 a.m. CDT, that will do a deeper dive into this program and its various features and benefits.
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From the Desk of Ronda Buhrmester: Summary of CMS New Waivers and Flexibility
As you are aware, there was a lot of information released by CMS earlier this week. CMS released the information in typical fashion making it clear as mud, especially for the DMEPOS suppliers that are trying to make sure enough documentation is gathered to ensure reimbursement. Click here for Ronda's full article
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REMINDER! Out of Equipment?
Too Much Equipment? SWAP IT.
Some of you will run out of equipment, while others will be sitting on a surplus of that same equipment. We are opening up our
vgm.com members only portal as an venue for providers to identify areas (both geographic areas as well as equipment categories) where demand is outweighing supply, or vice versa. Providers who so choose can share/rent/buy equipment to/from one another.
It is simple.
- Login to vgm.com/portal.
- Click on Discussion Boards.
- Type in your request:
- Ex: I am out of concentrators and I am looking to buy 25 of them, and I am located in Seattle, WA. I need them within two days. Does anyone have any available that they can spare? Please contact me to discuss details.
- Subscribe to updates so you are notified when someone has equipment or wants to buy your equipment.
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Three Upcoming Webinars to Attend
1. Tuesday, April 7, 11 a.m. CT: State of the Industry: The Latest on COVID-19
Audience: Management, Owners, Executives
Hosted by VGM Government
The VGM Government team is coming together to provide attendees with the latest on COVID-19 and how it is currently affecting the HME industry. Our experts will discuss the hottest topics that matter to you:
- Update on SBA loans
- Paycheck Protection Program (PPP)
- IFR - Coronavirus Waivers and Flexibility
- PPE update
Special guests will be joining us from Sen. Joni Ernst's (R-IA) office: staff members Justin Jensen and Tyler Brown will be providing information and answering questions about the Small Business loans. Senator Ernst sits on the Senate Committee on Small Business and Entrepreneurship and is the Senate Majority Vice Chair.
Changes are constant in our industry; we want to make sure HME suppliers will have the tools necessary to navigate through any challenges. We look forward to answering your questions.
2. Tuesday, April 7, 1 p.m. ET: COVID-19 & HME: Chapter 2 - An Update on CMS's Interim Final Rule and Other HME Policy Changes
Hosted by American Association for HomeCare; Brown & Fortunato, PC; HME News; Lieber Consulting; and The van Halem Group, A Division of VGM
Late on March 30, 2020, the Centers for Medicare and Medicaid Services (CMS) released three important documents relaxing many requirements to facilitate providing care to Medicare beneficiaries in their homes during the current COVID-19 public health emergency. Join industry leaders to get the latest information about these changes.
3. Thursday, April 9, 1 p.m. CT: Billing & Reimbursement Update in the COVID-19 Environment
Audience: Billing and Reimbursement Personnel
Hosted by: VGM Government
As updates are gathered related to Medicare and other payers (Medicaid and commercial) for the reimbursement area, we feel this is of high priority for our VGM and U.S. Rehab members. During this webinar, the discussion will include acceptable documentation requirements for new and existing patients (repairs and replacements) including the use of telehealth-face to face encounter with the treating practitioner-and handling proof of delivery documentation, as it pertains to all types of DME suppliers. There will also be discussion on providing virtual education for the respiratory patients, like CPAP and oxygen equipment, as well as other home medical equipment. For the CRT supplier, discussion will include ATP assessments and LCMP specialty evaluations being handled virtually-what is acceptable during this state of emergency declaration. This particular webinar will host three of VGM and U.S. Rehab's experts in the reimbursement area including Ronda, Craig, and Dan.
For a full list of upcoming and past COVID-19 webinars, please click here.
Thank you to VGM for the content of this email.
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Sacramento, CA 95814
t: (916) 443-2115
f: (916) 444-7462
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