HB 23-1226 Summary

• Expands hospital transparency reporting requirements by renaming the "hospital expenditure report" to the "hospital transparency report" and adding detailed data submission requirements for all Colorado hospitals.

• Requires hospitals to submit annual audited financial statements, summaries of cash and asset transfers to related parties (including transfers outside Colorado), hospital-specific cash flow statements, and information on capital investments exceeding $25 million.

• Mandates disclosure of executive compensation for the top five highest-paid administrative positions at nonprofit hospitals, including base pay, incentive compensation, and performance metrics tied to compensation decisions.

• Requires hospitals to report on physician practice acquisitions, current affiliations, and hospital mergers, with quarterly financial reports for large health systems (three or more hospitals or more than $1 billion in reserves).

• Establishes compliance enforcement through 60-day notification periods and corrective action plans, with potential fines up to $20,000 per week for large hospital systems and $5,000 per week for other hospitals for knowing or willful noncompliance.