Y'all yesterday, CMS announced this final rule - -
"requiring the disclosure of certain ownership, managerial, and other information regarding Medicare skilled nursing facilities (SNFs) and Medicaid nursing facilities, commonly known as nursing homes. It also defines the terms private equity company and real estate investment trust, about which information must be disclosed on Form CMS-855A, the Medicare enrollment application."
Basically, what this rule does is make it more difficult to disguise who has financial control over facility property ownership, leases, interests, and investments and record losses while earning profits by other means. CMS will be issuing sub-regulatory guidance to explain the new requirements to stakeholders, including examples of the types of data that must be disclosed. What this practically means to us, the family stakeholders and taxpayers, is a closer look at where the funds go that are being poured into Medicare and Medicaid funded facilities and how much of that is actually going to the facilities themselves.
The entire text of the CMS announcement can be found HERE and the final rule will published in the Federal Registry tomorrow, November 17, 2023 HERE but you can access the unpublished document now. We have also that document in our Texas Caregivers for Compromise files here: