Blue Shield of California announced it has provided over $114 million in financial aid to 244 healthcare providers during the COVID-19 pandemic.
The funds were distributed to in-network practices and hospitals that were forced to postpone elective care due to stay-at-home orders in 2020. Eighty-nine percent of requests for funding came from physicians, while 8 percent came from hospitals or hospital systems. The remaining 3 percent came from independent physician associations and medical groups, according to the April 28 press release.
Providers have the option to repay the funds directly, offset the amount owed from new claims over 12 months, or convert their existing fee-for-service agreements into value-based contracts.
The funds are part of Blue Shield's $200 million Provider Financial Support Program announced in 2020.