The Coronavirus Aid, Relief, and Economic Security (CARES) Act, a USD 2 trillion economic stimulus bill, was signed into law on March 27, 2020. While largely focused on economic stimulus, the CARES Act is certainly the most far-reaching step the government has taken to date to address the COVID-19 pandemic, according to a recent article by partners in Oliver Wyman’s Health & Life Sciences group. Oliver Wyman is an affiliate of Guy Carpenter.
Following the signing of the CARES Act, on March 30, The Centers for Medicare & Medicaid Services (CMS) announced several measures aimed at supporting providers through the COVID-19 crisis.
Specifically, CMS waived many regulations to allow providers to cope more effectively with the massive number of COVID-19 patients, and to provide care to patients with chronic diseases at home. Most states have followed suit by relaxing regulations regarding licensure for medical professionals, the need for supervision of advanced practitioners by physicians, and capacity constraints for hospitals. Congress, too, has provided funds to support hospitals and providers through advanced payments.
