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Hospital Financial Transparency

House Bill (HB) 19-1001 Hospital Transparency Measures to Analyze Efficacy requires the Department of Health Care Policy & Financing (HCPF) to develop and publish a report on uncompensated costs of care and the different expenditures made by hospitals in the state.

In order to complete the report, the bill requires:

  • Hospitals to submit historic, if available, and recent audited financial statements and Medicare cost reports to HCPF
  • Hospitals to report historic and recent financial and utilization metrics, acquisition transactions, and affiliation transactions to HCPF

HB19-1001: Hospital Transparency Measures To Analyze Efficacy

HB23-1226 Hospital Transparency and Reporting Requirements expands upon the legislation of HB19-1001 to create more timely submissions of data; to create additional reporting requirements on transfers of cash, profits, and reserves; to report more executive compensation; and to report mergers and acquisitions of hospitals and physicians. Additionally, HB23-1226 gives HCPF more authority to request information necessary for the report and provide corrective action plans in cases of prolonged or intentional non-compliance.

Major changes between HB19-1001 and HB23-1226:
  1. Title of the report changed from Hospital Expenditure Report to Hospital Transparency Report.
  2. Removal of good faith effort clause.
  3. A summary of the hospital’s transfer of cash, equity, investments, or other assets to and from related parties.
  4. Inclusion of the statement of cash flows.
  5. A narrative report of major planned and completed projects and capital investments greater than $25 million.
  6. Information on current affiliations and a report of physician practice acquisitions.
  7. Salary and total compensation data of the top five highest paid administrative positions of each nonprofit hospital.
  8. Quarterly financial reporting: income and balance sheet. May be reported on a consolidated basis if owned by a hospital system or has more than one billion dollars in reserves.
  9. By 7/1/2024, historic reporting (Fiscal Year 2014-15 to Fiscal Year 2019-20) of the following:
    1. Transfers of cash, equity, investments, and other assets to and from related parties.
    2. Information on affiliations and a report of physician practice acquisitions.
  10. By 7/1/2024 historic reporting (Fiscal Year 2019-20 to Fiscal Year 2022-23) of significant other revenue that would otherwise be reported in the Medicare cost report.
  11. The state department shall inform non-reporting hospitals of noncompliance. The state department shall issue a corrective action plan for noncompliant hospitals should noncompliance continue after initial notice.

The Department will contact providers through email. Please sign-up for Hospital Transparency Updates. To complete the sign-up process, enter your contact information and select the Hospital Transparency box.

Additionally, providers will be contacted through the Myers & Stauffer, LLC Hospital Information Systems Portal. Please register through the portal to receive those updates.

HB23-1226 Implementation Timeline
Reporting Tools
Reports

Back to: Hospital Reports Hub

Rules
Updates
Other Related Programs
Contact Information

James Johnston or Austin Wozniak
hcpf_hospitaltransparency@state.co.us

For questions or concerns about the Hospital Information Systems Portal or templates, please include Myers & Stauffer, LLC at HFTHelpDesk@mslc.com.