Bill > HF2771

This bill introduces comprehensive regulations for private equity companies seeking to acquire nursing homes and assisted living facilities in Minnesota. The legislation requires private equity companies to provide extensive documentation to the attorney general at least 120 days before a potential acquisition, including detailed information about the company's ownership structure, financial status, and facility conditions. The attorney general must approve the acquisition after determining that it will not negatively impact resident health, safety, service quality, or facility infrastructure. The bill mandates that approved private equity companies must spend at least 75% of public program funds on direct resident care, offer severance pay to laid-off employees, and submit annual detailed reports on their financial status, staffing, and operational impacts. The legislation also prohibits these companies from interfering with healthcare professionals' judgment, providing unequal treatment to residents, or engaging in practices that could undermine care quality. Additionally, the bill requires the attorney general to conduct a comprehensive investigation into the impacts of private equity acquisitions on nursing homes and assisted living facilities, with a report due by February 15, 2026, and includes an appropriation to fund this investigation. The goal is to protect vulnerable residents by creating transparency and accountability in the ownership and management of these critical healthcare facilities.

Health and Social Services

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2771&ssn=0&y=2025