Increased Transparency and Accountability for For-Profit Healthcare Owners
This legislation mandates financial and operational transparency requirements for for-profit corporations, including private equity funds, that own healthcare facilities. It aims to protect access to care and service quality by requiring public disclosure of debt, staffing levels, and fees, while also regulating hospital closures. In bankruptcy cases, withdrawal liabilities from pension plans are elevated to a higher priority.
Key points
Requires private owners of healthcare facilities to publicly report detailed financial data (debt, fees, dividends) and operational data (staffing ratios, wage reductions).
Private equity firms must obtain a license from the Secretary to invest in healthcare; licenses can be revoked for violations or actions that impede access to care.
Hospitals must provide 90 days' notice before closing or cutting "essential services" and submit a mitigation plan.
Bankruptcy law changes: Withdrawal liabilities from pension plans are given the first priority among unsecured claims.
Expired
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