IL HB5589

Requires all Illinois-licensed hospitals to submit financial resolution plans to the Department of Public Health within 6 months, detailing how they would handle material financial distress including patient transfers, medical records preservation, staff placement, and potential bankruptcy or closure scenarios.

Mandates quarterly financial reporting from non-exempt hospitals within 45 days of each quarter's end, including data on bed counts, patient volumes, revenues by payer type (Medicare, Medicaid, commercial), and operating expenses.

Suspends certain Medicaid payments to hospitals that fail to submit required quarterly financial reports within the 45-day deadline until compliance is achieved.

Authorizes fines up to $500 per week for hospitals that remain non-compliant with financial resolution plan requirements.

Makes hospital financial resolution plans subject to public disclosure under the Freedom of Information Act alongside inspection records and survey evaluations.