IL SB3916

Requires all Illinois-licensed hospitals to submit financial resolution plans to the Department of Public Health within 6 months, detailing procedures for orderly resolution of finances and operations during material financial distress.

Financial resolution plans must include ownership structure, patient transfer and continuity of care plans, bankruptcy contingency planning, medical records preservation procedures, staff outplacement plans, and identification of potential service gaps.

Mandates quarterly financial and utilization reporting by nonexempt hospitals within 45 days of each quarter's end, including bed counts, patient volumes, operating expenses, and revenues broken down by payer type (Medicare, Medicaid, commercial, etc.).

Authorizes the Department of Healthcare and Family Services to suspend certain payments to hospitals that fail to submit required quarterly financial reports within the 45-day deadline.

Imposes fines up to $500 per week on hospitals that remain noncompliant with financial resolution plan requirements, and makes these plans subject to public disclosure under the Freedom of Information Act.