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COVID-19 Financial Survival Guide: What You Need to Know


ACEP // COVID-19 Financial Survival Guide: What You Need to Know

   

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May 6, 2020

ACEP is standing up for our members who, despite serving on the frontlines of the COVID-19 pandemic, are having their livelihoods threatened.

Cutting benefits, reducing shifts or canceling contracts in today’s environment is akin to signing a ‘Do Not Resuscitate’ order for many emergency departments and the physicians who care for patients, especially those in rural or underserved areas.

Emergency physicians must not be taken for granted. Read ACEP’s full statement.

Protect Yourself

Need help accessing government support?

  • You Received Financial Relief. Should You Keep It?
    HHS announced more details on the distribution of the CARES funding. There are a few terms and conditions that deserve close attention. Read more in this Regs and Eggs Blog from ACEP’s Regulatory Affairs Director.
  • Federal Grants and Direct Payments
    The CARES Act includes funds that the U.S. Department of Health and Human Services (HHS) is distributing to physicians in the form of grants and direct payments that do not have to be paid back.
  • Medicare Advanced Payments
    This payment program through the Centers for Medicare & Medicaid Services (CMS) is meant to help physicians with their cash flow during this emergency. This is NOT a grant, and physicians will be required to pay back the support received.
  • Small Business Loan Forgiveness
    The CARES Act provides loan forgiveness for certain qualifying Small Business Administration (SBA) loans. Under the Payroll Protection Program (PPP), businesses with fewer than 500 employees, those who are self-employed, and independent contractors can apply for loans with specific terms.
  • COVID CARES Act Reimbursement and Regulatory Webinar 2020
    Watch this webinar on how to financially protect your practice during these extraordinarily fluid and challenging times. Hosted by ACEP’s Reimbursement and Coding Conferences Director Michael Granovsky, MD, FACEP, and free for ACEP members. A May update to this webinar will be available soon. 
  • On May 4, ACEP’s Regulatory Affairs Director, Jeffrey Davis, gave a presentation to a group of ED physician directors in Colorado highlighting the available financial support options for emergency physicians. Listen to Mr. Davis’ presentation and download his presentation  with links to helpful resources.

Facing legal challenges?

  • Need to know what do you do if your Group files for bankruptcy? In this Frontline episode, Dr. Ryan Stanton talks with Tamar Dolcourt, an attorney from Foley and Lardner LLP about the intricacies of bankruptcy,  including what you can do, can’t do, and should do if faced with an employer bankruptcy. Download the Bankruptcy 101 FAQs.
  • In this video, Rade B Vukmir, MD, JD, FACEP, outlines some of the things to look for in a personal service employment contract.
  • Legal guidance – For just $15/year, ACEP members can access Legal and Financial Support Services, including 30-minute in-person consultation for each individual legal matter and 25% discount on select legal services. 
  • Is it time to explore legal services? ACEP members have created a list to get you started.

Navigating income insecurity?

  • Student loan deferral and refinancing – ACEP partner SoFi can help you navigate your next steps with loan deferral and refinancing.
  • How to Survive a Bear Market – The White Coat Investor released a podcast on this subject.
  • Identifying other income options: 
  • Financial guidance – For just $15/year, ACEP members can access Legal and Financial Support Services, including 30-minute in-person consultation for each individual financial matter and 25% discount on select financial services. 

Need to talk to someone?

Considering Your Small Group

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