Healthcare companies are returning COVID-19 relief funds
Some major healthcare companies, including DaVita, Cigna, Encompass, CVS Health and Walmart, are sending back federal aid funding they received that was intended to help hospitals and healthcare providers during the COVID-19 pandemic.
These companies each received millions in funding and were among 500,000 providers who received the first chunk of relief funds, Business Insider reported. The Trump administration sent out $30 billion directly to companies that had recently billed Medicare to get relief out there quickly, and health agencies eventually released guidance on how healthcare agencies could accept the funding.
CVS Health previously announced it was returning $43 million in federal aid that it had received as part of the CARES Act Provider Relief Fund.
Encompass, a provider that specializes in home-based care, said it won’t accept the $237 million it received. Cigna, one of the nation’s largest health insurance companies, is returning $41 million in federal funds from its Accredo business. DaVita, even while facing losses, is returning $240 million in relief funds.
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Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."