Transparency and Accountability for For-Profit Healthcare Owners and Private Equity Funds.
This Act mandates strict financial and operational transparency for for-profit corporations, especially private equity funds, that own healthcare facilities. It aims to protect patient access, service quality, and safety by preventing sudden hospital closures and service reductions. Key provisions include mandatory licensing for private equity investments in healthcare and new rules prioritizing regional health access during bankruptcy proceedings.
Key points
Mandatory public reporting of financial data, staffing levels, and worker retention rates by firms owning healthcare providers to ensure quality of care.
New rules for hospital closures: 90-day notice requirement and mitigation plans to ensure continued access to essential services for the community.
Private equity funds must obtain licenses to invest in healthcare, which can be revoked for abuses like understaffing or creating access barriers.
Bankruptcy law changes prioritize maintaining regional healthcare access and staff retention when a healthcare entity faces insolvency.
Expired
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