Substitute Bill No. 6678 Summary

• Nursing homes must submit annual narrative summaries of expenditures showing the percentage of Medicaid funding allocated to five cost components, beginning with cost reports ending September 30, 2023, and annually thereafter.

• The Commissioner of Social Services must post cost reports, facility comparisons by expenditures, and average expenditure summaries on the Department of Social Services website by January 1, 2024, including a glossary and plain language explanations of formulas and categories.

• Nursing homes that violate or fail to comply with reporting requirements face fines of up to $10,000 per incident, with the state authorized to offset payments to collect penalties and maintain records in a central registry.

• Nursing home license applicants must disclose information about private equity fund ownership, including the fund's investment advisor and most recent quarterly statements regarding fees, expenses, and performance.

• Related party expenses must be included in annual reports; chronic and convalescent nursing homes receiving state funding must report profit and loss statements from related parties receiving any income for goods, fees, and services.