HB 306 HOSPITAL FINANCIAL TRANSPARENCY REPORTS

Rep Christine Chandler

Actions: [6] not prntd-HRC

Scheduled: Not Scheduled

 HB 306 requires reporting by corporation and management companies operating hospitals in New Mexico, of  certain data to the Superintendent of Insurance who will publish the data by December 15th of 2024 and for each year forth coming.  

 Synopsis: HB 306 relates to hospitals by requiring financial transparency reporting, from corporations doing business in New Mexico as hospitals or providers of management services for hospitals that seek the benefit of monetary caps on damages provided by New Mexico law. The Superintendent of Insurance is to publish reports. An appropriation is made. 

Analysis: House Bill 306 (HB306) requires reporting by hospitals that provide inpatient, surgery, rehabilitative or mental health services, or other services specified in HB 306. Hospital also refers to a parent corporation or affiliates of the incorporated registered in New Mexico, employees and locum tenens providing services at the hospital. However, a hospital does not mean a person or entity protected pursuant to the Tort Claims Act or the Federal Tort Claims Act.
A corporation doing business in New Mexico as either a hospital or provider of management services that seeks the benefit of monetary caps on damages provided by New Mexico law shall file annually with the Superintendent the following information: the hospitals incorporated status meaning non-profit or for profit, the address of its corporate headquarters, the hospitals parent corporation and its address, and where it is incorporated, all subsidiaries or affiliates companies of parent corporation and where each is incorporated or registered and the address of each corporate headquarters. 
Also, the parent corporation ownership stake in the New Mexico Hospital and any subsidiary, the name of the corporation that provides management services and whether it is for-profit or non-profit and its relationship with the parent corporation.
HB 306 ask in addition, the net worth of the parent corporation and the net worth of the management corporation, the networth of each subsidiary and affiliate company of the parent corporation and the management corporation.
Also, the bill ask for the annual compensation of the chief executive officer, the chief operation office and the chief financial officer and the compensation of the board members of the hospital, the parent corporation, the management corporation  and any subsidiaries and affiliate groups.
In addition, HB 306 also ask for medical groups by specialty, the percentage of health care providers by specialty practicing in hospital related medical groups to the total number of health care providers by specialty practicing in the hospitals service area and malpractice claims over the last ten years.
The Superintendent shall publish this data by December 15th, 2024 and by September 1 for each year thereafter. 
Failure to provide the information shall bar the entity from the benefits of any monetary caps or damages provided by New Mexico law. 
An appropriation if fifty thousand dollars ($50,000) is made to the Superintendent of Insurance for the collection of the above data.