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Hospital Transparency And Reporting Requirements

Concerning transparency requirements for hospitals, and, in connection therewith, creating more timely submissions of data; providing insights into transfers of cash and profits and reserves, including those leaving Colorado; reporting on all information received; reporting information by each hospital in addition to health systems; disclosing executive compensation, including compensated incentives; reporting mergers and acquisitions of hospitals and physicians; reporting investments in capital equipment and construction; and making an appropriation.
2023 Regular Session
Health Care & Health Insurance
Bill Summary

Current law requires the department of health care policy and financing (state department) to annually prepare a written hospital expenditure report. The act changes the name of the report to the hospital transparency report (transparency report).

The act adds specified information that each hospital shall report to the state department for the transparency report.

No later than July 1, 2024, the act requires each hospital to provide specified information to the state department for previous fiscal years.

The act authorizes the state department to impose certain enforcement mechanisms against a hospital that does not provide all of the information required to be reported to the state department.

Current law requires the state department to submit the transparency report to the house of representatives public and behavioral health and human services committee. The act requires the transparency report to also be submitted to the house of representatives health and insurance committee.

The act requires the state department to report on the transparency report during the state department's "SMART Act" hearing.

Beginning July 1, 2024, the act requires any patient bill to follow industry standard billing practices, including, at a minimum, the date of service, the patient's name, the provider's name, a description of the services provided, and the charges for each service.

The act appropriates $75,167 to the state department from the healthcare affordability and sustainability cash fund to implement the act. It is anticipated that the state department will receive an additional $75,165 in federal funds for the implementation of the act.

APPROVED by Governor June 2, 2023

EFFECTIVE August 7, 2023

NOTE: This act was passed without a safety clause and takes effect 90 days after sine die.
(Note: This summary applies to this bill as enacted.)


Became Law


Bill Text

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details