Dear hospital partners,
The purpose of this notification is to inform you of upcoming rule making and stakeholder feedback activities for the implementation of HB19-1001.
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 the Department.
- Hospitals to report historic and recent financial and utilization metrics, acquisition transactions, and affiliation transactions to the Department.
The Department will simplify the submission and reporting process for hospitals to the extent we can. Hospitals will have an opportunity to review their information in the Hospital Expenditure Report before the report is made public.
Specific instructions on the submission and reporting process will be shared with hospitals in the coming weeks. An overview of upcoming actions include the following:
- In August, the Department will request historic audited financial statements and Medicare cost reports from all acute care hospitals (we anticipate long term acute care, rehabilitation, and psychiatric hospitals will be exempt from the submission). The Department will request several years of fiscal data from hospitals.
- The Department will develop rules and a reporting tool with feedback from the Colorado Healthcare Affordability and Sustainability Enterprise (CHASE) Board and stakeholders. In the coming weeks, we will share draft rules and the reporting tool for review and feedback. Specifically, we will solicit input from the Colorado Hospital Association (CHA), the CHASE Board and other interested stakeholders.
- Following final rule adoption, we will be asking hospitals to complete the data collection process. Hospitals will begin reporting historic and recent financial and utilization metrics, acquisition transactions, and affiliation transactions to the Department.
As a reminder, no action is required at this time. Additional information will be forthcoming. If you have any questions please reach out to Department staff
Rebecca Parrott or
Nancy Dolson.
The anticipated timeline for the implementation process in as follows:
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Approximate Date
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Task
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July/August 2019
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Provider and stakeholder outreach
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August 2019
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Provider outreach: Department requests financial statements and Medicare cost reports
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August 2, 2019
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Bill effective date
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October 2019
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Report structure drafted with dummy values
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October 22, 2019
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CHASE Board consultation - report structure
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November 30, 2019
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Rule effective date
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November 2019
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Complete data collection and compilation
Hospital data sent for hospital data review
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Early December 2019
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Report shared with hospitals and CHA
Data shared with CHA
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December 17, 2019
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CHASE Board consultation - report review
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January 2020
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Report published
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Thank you,
Nancy Dolson
Special Financing Division Director
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