Distribution of Financial Recovery Program Funds Begins

The NCMS Foundation-administered Financial Recovery Program (FRP) will begin distributing reimbursement funds within the week to eligible practices that applied for this state-allocated funding. From the beginning of October until the end of November, the FRP has been collecting and reviewing applications from medical practices statewide that have been struggling financially due to the COVID-19 pandemic.

Beginning next week, 643 practices representing 3,830 providers will be receiving funds. The average grant per practice is just under $38,000. Nearly 70,000 requests were received through the FRP portal representing $44 million.

This massive undertaking to distribute the $25 million allocated to the NCMS Foundation by the NC General Assembly in a matter of months involved 1,338 email conversations between NCMS staff and consultants and practices throughout the state.

“The need is great among medical practices in our state and I am thrilled to begin the distribution of this money to help those struggling to stay afloat during the pandemic,” said NCMS Vice President for Innovative Solutions Franklin WalkerMBA. “The success of this program shows how effective and beneficial such collaborative work can be.”

The NCMS advocacy team worked closely with the NC Academy of Family Physicians, the NC Pediatric Society, the NC College of Emergency Physicians, the NC Academy of Physician Assistants, the NC Obstetrics and Gynecology Society and the NC Dermatology Association in order to secure the state appropriation that funded the FRP.

Walker also brought in Reynold Yordy and his team at Greenlight Ventures to create and launch — in record time — the portal necessary to accept and vet online applications from practices. The Greenlight Ventures also provides the technology that powers the NCMS Foundation’s Project OBOT and Our Community Health Initiative programs.

“It was a privilege to be part of a project that provided so much assistance to our frontline health care workers,” Yordy said. “By leveraging the technology we created, we were able to distribute a significant amount of money in a very short timeframe, while ensuring all auditing could be performed in an efficient manner.”

If you are a practice expecting FRP reimbursement funds, you should receive them in time to make your holidays a little brighter this year.

 
 

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