Financial Recovery Program

The North Carolina Medical Society Foundation (NCMSF) is proud to oversee the state-funded Financial Recovery Program (FRP) to assist eligible practices throughout the state that are experiencing economic distress due to the pandemic.

Funding will be based on reimbursement for COVID-19-related expenses incurred between March 1 and Nov. 30, 2020.

This is a grant program for eligible practices for reimbursement of eligible, COVID-19 related expenses. See below for details.

Your practice is eligible if it falls in ALL of the following categories:

(1) Your practice is organized in accordance with North Carolina General Statutes Chapter 55B and registered with the North Carolina Medical Board as a professional corporation or professional limited liability company with the purpose of practicing medicine.

(2) Your practice currently provides or contracts for professional medical services.

(3) Your practice is not owned, managed or otherwise controlled by an entity defined in G.S. 131E-76(3), such as a health system (not owned by a health system, venture capital firm, etc.)

(4) Your practice is not managed by a practice management company unless the practice management company is majority owned by North Carolina licensed physicians.

The deadline to apply is Nov. 30, 2020 with no exceptions.

Apply here: https://frp.ncmedsoc.org

You may not claim reimbursement for expenses already paid for through the federal Paycheck Protection Program (PPP) or CARES Act Provider Relief Program.

Eligible expenditures include, but are not limited to, payment for:

  • Telehealth equipment cost– computers, cameras, hotspots, etc.
  • Infection control costs – PPE, thermometers, cleaning/disinfecting/sanitizing cost, etc.
  • Revenue replacement is not eligible, but rent/mortgage/utilities expense during shutdown is.
  • Renovations/cost to accommodate social distancing or improving ventilation (plexiglass installation, HVAC updates, HEPA filters, etc.)

Documentation for these expenses include W9s, receipts and invoices to verify expenditures.

Review our continually updated Financial Recovery Program (FRP) FAQs to get answers to your questions.

Still have questions? Please send them to FRPNCMS@ncmedsoc.org.

Watch the webinar on the FRP, held Oct. 13, to gain a better understanding and answers to common questions. Access the webinar here.

 

 
 

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