In the July 30, 2019 communication from the Colorado Department of Health Care Policy & Financing (the Department), we outlined upcoming action items for hospitals to be aware of, including the request of historic audited financial statements and Medicare cost reports, and the development of rules and reporting tools. The Department is beginning the implementation process for the hospital transparency bill, HB19-1001, and the collection of historical data necessary to complete the hospital expenditure report required by the bill.
At this time, the Department is requesting the following statements from hospitals: (1) Certified Audited Financial Statements or equivalent for system hospitals. Either (a) audited financial statements for the hospital, (b) a consolidated health system statement if it identifies the financial information for each hospital, (c) a reconciliation of the consolidated financial statement to hospital specific revenue and expenses in the Medicare Cost Report, pursuant to CRS 25.5-4-402.8(2)(b)(II) and (2) Medicare Cost Reports pursuant to CRS 25.5-4-402.8(2)(b)(1). The audited financial statements and Medicare Cost Reports should be reported for hospital fiscal year end 2012 to the most recently available. In order for the report to be complete, hospitals are required to submit the above financial statements starting with fiscal year 2011-12 to the current fiscal year.
In order to meet deadlines mandated through legislation, the Department must receive all financial statements, FY 2012 through most recent, no later than October 15, 2019.
In the near future, we will request the following reports: (1) Financial and Utilization Reporting, (2) Acquisitions and Affiliation Transactions. Additional detailed requirements of these reports will accompany that request. At this time, the Department is only requesting financial statements.
Hospitals will have an opportunity to review their information in the hospital expenditure report before the report is made public. All documents must be emailed to the Hospital Transparency inbox at
and additional information is available on our
. If you have questions, please direct them to
Hospital Transparency inbox
Special Financing Division Director