Healthcare organization’s COVID cost recovery

Brief

The client required expert accounting and analytical support for its recovery of costs and the preparation of claims for losses incurred due to the pandemic.

What we did

As there were several sources of funding and compensation available, establishing a funding management control process to delineate sources and avoid duplication of benefits was critical, while still maximizing recovery.

The team prepared financial claims from commercial insurance as well as state and federal public assistance programs – notably, the Coronavirus Aid, Relief and Economic Security (CARES) Act and the Federal Emergency Management Agency.

This process, which covered multiple healthcare facilities including three hospitals, involved:

• Compiling and analyzing financial information to understand the expenses incurred
• Preparing claim packages for submission to insurance providers
• Quantifying the business interruption losses for segments of the healthcare system mandated to shut down
• Undertaking the loss revenue analysis to support federal aid disbursements
• Compiling eligible expenditures for FEMA reimbursement 
• Responding to the evolving FEMA guidelines and changing costs of PPE items amid shortages and price inflation
• Submitting these claims and resolving any issues raised by funding agencies and insurers

Outcomes

Thorough and comprehensive compilation of the costs incurred, and the supporting evidence, helped the healthcare system to recover more than $200 million in lost revenue and eligible expenditures.