Bill > S0704

This bill establishes the Nursing Home Financial Transparency Act, which mandates comprehensive financial reporting for nursing homes in Rhode Island. The legislation requires any individual or entity with significant influence or ownership in a nursing facility (defined as those with 5% or more of profits/revenue) to submit detailed financial information to the Department of Human Services. Specifically, covered facilities must disclose their legal names, ownership structure, balance sheets, income statements, cash flow statements, and detailed information about goods and services provided, including an affidavit confirming fair market value of transactions. The department is empowered to create implementation rules, monitor compliance, and impose penalties such as fines or license suspension for non-compliance. Importantly, while the financial information will be made publicly available, the bill aims to protect the privacy of individual owners. The reporting requirements will take effect on July 1, 2025, giving nursing homes time to prepare for the new transparency measures. The primary goal of this legislation appears to be increasing accountability and preventing potential financial improprieties in nursing home operations by requiring comprehensive and regular financial disclosures.

Health and Social Services

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