SB 718
Relating to hospital transparency
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill aims to increase hospital transparency in West Virginia by requiring hospitals to publicly disclose financial information, including rates, services offered, and ownership details. The West Virginia Insurance Commission will oversee this process, collecting and publishing reports on hospital costs and rates. Hospitals will also be required to submit information about discount contracts with third-party payers and provide details on their services and charges. The goal is to promote competition and lower healthcare costs for consumers and health plans.
Key provisions
- Requires hospitals to file annual financial reports detailing assets, liabilities, income, expenses, and profit/loss.
- Mandates the publication of hospital rates by procedure code, allowing for comparisons between hospitals and payers.
- Requires hospitals to disclose discount contracts with third-party payers.
- Directs the West Virginia Insurance Commission to review hospital financial data and investigate potential consolidation impacts.
- Requires hospitals to report services available and services rendered.
- Requires hospitals to provide information on facility fees.
- Establishes penalties for hospitals failing to comply with reporting requirements.
- Requires state payers (PEIA and BMS) to provide rates by procedure code.
Who is affected
- Hospitals
- Healthcare Consumers
- Health Insurance Companies
- West Virginia Insurance Commission
- Public Employees Insurance Agency
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