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INTRODUCTION OF THE COVID-19 HOSPITAL AND HEALTH PROVIDER LOAN
CONVERSION ACT
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HON. MARCY KAPTUR
of ohio
in the house of representatives
Thursday, February 25, 2021
Ms. KAPTUR. Madam Speaker, I rise today to re-introduce the COVID-19 Hospital Loan Conversion Act to provide additional, vitally needed relief to hospitals and health care providers who are under water as a result of the COVID-19 pandemic.
Our nation's hospitals have invested heavily to prepare for and care for us during the coronavirus pandemic. They canceled tens-of-thousands of elective surgeries and non-emergent patient tests at the government's request to help ensure adequate hospital capacity, preserve gear and equipment, and reduce the risk of unnecessary patient spread. This major shift has put some of America's hospitals on the brink of financial disaster.
While the $175 billion provider grant program, designed to provide support to all providers, is helpful, more support is needed.
This legislation will convert Medicare Accelerated and Advance Payments loans to grants to ensure the additional financial support hospitals and other providers direly need.
Loan conversion would be for health care related expenses or lost revenues that are directly attributable to coronavirus. And, just like the requirement in the provider grant program, providers electing to have their advance payment loans converted would be obligated to abstain from balance or surprise billing any patient for COVID-related treatment.
The bill also outlines criteria for transparency and accountability of the loan conversion, including no executive compensation.
Hospitals across my district have shared that in the absence of more financial support, including this assistance, it is possible some hospitals will be forced to close or significantly scale back operations.
This would be a tragic consequence, especially if the country is hit with another round of the viral epidemic in the near future. I thank my colleague, Representative Bob Gibbs, for his bipartisan work on this. We look to leadership and the Senate for further action on hospital loan conversion.
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SOURCE: Congressional Record Vol. 167, No. 36
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