COVID-19 RESPONSE: Recent developments are impacting our valued clients. Read these helpful resources for navigating this crisis in your business.
As health care providers, the COVID-19 crisis directly impacts the safety of you, your patients, and employees. It can also be very hard to assess what the “downstream effect” will be on different aspects of the economy as well as your business.
At BSM, we are committed to helping you navigate these trying times in your practice. Our team of dedicated consultants and support staff can provide you with the strategic guidance you need to understand what’s happening and, more importantly, what to focus on moving forward.
We've included a list of helpful resources below to help guide you through this time.
PPP UPDATE: Loan Forgiveness Application
On Friday, May 15, 2020, the SBA and Department of Treasury issued a press release regarding the Paycheck Protection Program (PPP). Included was an application and detailed instructions regarding the loan forgiveness aspects of the program.
FREE On-Demand Webinar
Business Survival Through The COVID-19 Crisis
- Date: Thursday, March 26, 2020
- Presented by: Bruce Maller, BSM Consulting Founder and CEO
- Summary: With the spread of COVID-19 and shelter-in-place orders in effect, we have entered uncharted territory. It feels impossible for any of us to accurately predict the depth and breadth of the challenges that lay ahead. This upcoming webinar provides tangible actions practice leaders can take now to ensure near-term business survival while creating a more stable foundation for the future.
- Please Note: Due to some conflicting information at the time of this webinar, it was stated that the maximum loan amount under the CARES Act was 5 times average monthly payroll expense, which should have been 2.5 times. This change has been made on the accompanying slides.
On-Demand Webinar Series
Positioning Your Business for the Recovery: NOW!
Summary: This new four-part webinar series focuses on how to help you navigate your own business recovery. BSM Consulting Founder and CEO, Bruce Maller, as well as several respected industry experts, explore key topics for a successful recovery including leadership development, business planning, managing operations, and, the glue that holds everything together, your team.
$199 per practice for the entire series
$79 per individual webinar
*If you are an existing BSM Consulting client, you will receive a member discount. Contact customer support at (866) 220-3184 to learn more.
Leading Through Challenging Times
Business Planning for Future Success
Reinventing Your Business Model
Connecting Your People
Navigating Your Business Through COVID-19
- Summary: This on-demand webinar series takes a deeper dive into key things your practice should be considering now as a response to the COVID-19 pandemic. BSM Consulting Founder and CEO, Bruce Maller, as well as several respected industry experts, take a look at practical actions and key elements of new legislative initiatives that will keep your practice on a path to come out on the other side of this crisis. Click here to learn more about this series.
- $199 per practice for the entire series
- $79 per individual webinar
13-Week Cash Flow Forecast Tool
Preserve the Integrity of Your Workforce
Taking Advantage of New Legislative Initiatives
Managing Relations with Landlords, Lenders, and Vendors
Helpful Tools, Resources, and Templates
The following tools, resources, and templates have been developed by BSM Consulting to help you navigate your health care practice through the COVID-19 crisis.
CARES Act and FFCRA
CARES Act Paycheck Protection Program (PPP) Maximum Loan Amount Calculator
This tool is to help practices estimate the maximum loan amount available to them under the new CARES Act Paycheck Protection Program (PPP).
CARES Act PPP Expense Tracker
The purpose of this tool is to track your weekly expenses and count of full-time equivalent employees during the 8-week post loan origination period. We understand that many practice calculate payroll in different ways. As such, we have provided versions for weekly, bi-weekly, and twice-a-month payroll.
CARES Act Summary Sheet
This summary sheet outlines SBA loan eligibility, requirements, terms, and forgiveness under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Considerations in Managing PPP Loan Proceeds
Within the next four to six weeks, the Small Business Administration (SBA) is expected to issue guidelines on administration of the loan forgiveness aspect of Paycheck Protection Program (PPP) loans. Be sure to review these carefully with your advisors to optimize the loan forgiveness opportunity.
Families First Coronavirus Response Act (FFCRA) Summary Sheet
This summary sheet contains key information related to the FFCRA, which went into effect April 1, 2020 and requires certain employers to provide employees with paid sick leave and/or expanded family and medical leave in response to COVID-19.
Compliance Considerations for the Current Pandemic
This document is designed to provide some timely considerations that may help practices re-prioritize and communicate appropriately while continuing to adhere to all relevant compliance guidelines and requirements.
Emergency Action Plan
The Emergency Action Plan assists you in customizing your own action plan. It is provided with the caveat that this is simply a template and your action plan may be more—or less—specific than the one provided here.
Cash Flow Forecast Tool
Use this financial decision-making tool to help guide you in the days, weeks, and months ahead. If you have any questions or need assistance completing the analysis, please contact the BSM Customer Support team at 866-220-3184.
Managing Relations with Landlords, Lenders, and Vendors
This quick guide outlines general strategy and considerations to effectively communicate with your landlords, lenders, and vendors in a time of crisis.
Employee Furloughs and Layoffs Fact Sheet
BSM has developed this resource with assistance from Amanda J. Shuman, Esq. of DangerLaw, LLC, to provide our clients some basic information and considerations regarding employee furloughs and layoffs.
Employee Termination Checklist
This checklist outlines the actions required to terminate an employee properly.
Ophthalmology Practice Volume-Based Staffing Model
This tool is designed to help practices assess current staffing levels based on patient volume (historic or projected). In addition, as volume increases and new services, new locations, or new providers are added, this tool can be used to forecast staffing needs.
Unemployment Insurance FAQs
During these unprecedented times, many practice owners and leaders are having to make difficult employee decisions, including furloughs and layoffs. As a result, they are needing to field important and urgent questions from impacted employees about potential eligibility for unemployment support.
Temporary Emergency Office Closure Checklist
The Temporary Emergency Office Closure Checklists ensure you have covered your bases when your practices are required to close temporarily.
Faced with the ongoing challenges from the COVID-19 pandemic, many health care practices are actively seeking ways to stay connected with their patients and provide them with continued access to care at a time when most in-person patient contact is restricted to emergency cases.
Telemedicine Flow Chart & FAQs
As eye care practices are adapting and implementing telemedicine services, we have created a flowchart and FAQs to provide guidance and understanding around the coding associated with the delivery of telemedicine services. Since publishing our March 26, 2020 Telemedicine Flow Chart and FAQ there have been numerous updates and changes to the published regulations and standards for delivering telemedicine services. Some of the changes were significant. To make those changes easy to identify, we have highlighted those changes on the updated May 7, 2020 Flow Chart and FAQ copy, provided here for download. The documents now incorporate the many services allowed by Medicare and most commercial payers.
While the flowchart attempts to provide education regarding possible telehealth coding scenarios, it should not be used as the sole determining factor for code selection. Final code selection should be based on each patient’s unique scenario and is at the discretion of the provider.”
Telemedicine Code Matrix
The matrix lists the Medicare-approved CPT codes that may be submitted on claims for telemedicine services. The mode used for the service delivery (column 1) such as “telephone call” or “Face-to-Face Video” is important when deciding the proper coding sequence. The allowable rates in the matrix represent the national Medicare allowable and therefore geographic adjustments will apply to individual localities. Other third-party payers may have different coverage guidance for telemedicine services and should be researched accordingly.
These external links contain pertinent information from trusted resources and industry partners.
CARES Act Information
Centers for Medicare & Medicaid Services
Department of Labor
- Coronavirus: Emerging Challenges
- Arnold & Porter practical and legal issues for employers
- Arnold & Porter supply chain management
- A Practical Guide to Offering Virtual Medical Appointments
- Is Your Practice Recession Ready?
- Resources for Elective Medical Clinic Leaders Responding to COVID-19
- AesCert Guidance: A Path To Resume Aesthetic Care: Multi-Disciplinary Guidance For Minimizing COVID-19 Transmission
- AAFPRS Guidance on Resumption of Elective Facial Plastic Surgical Procedures: Maximizing Safety and Reducing the Risk of COVID-19 Transmission
Bruce Maller and other experts shed light on key areas of concern for practice leaders, including how to best support staff members during this time and what actions to take to ensure long-term business survival.