10 Colo. Code Regs. § 2505-10-8.4002
Current through Register Vol. 47, No. 7, April 10, 2024
Section 10 CCR 2505-10-8.4002 - RESPONSIBILITIES OF THE DEPARTMENT AND HOSPITALS8.4002.ASTATEMENT SUBMISSION1. For the purposes of compiling historic data for the Hospital Financial Transparency Report, all General Hospitals and Critical Access Hospitals shall submit Certified Financial Statements and Medicare Cost Reports for all fiscal periods ending after January 1, 2012 through the most recently available fiscal period. a. Hospitals shall submit within fifteen (15) days of the effective date of this rule.2. For the purposes of ongoing data compilation for the Hospital Financial Transparency Report, all General Hospitals and Critical Access hospitals shall submit their Certified Financial Statements and Medicare Cost Reports.a. Hospitals shall submit a Certified Financial Statement within 120 days after the end of its fiscal year, unless the Department grants an extension in writing in advance of that date.b. Hospitals shall submit annual Medicare Cost Reports to the Department within thirty (30) days after submitting them to CMS.3. Psychiatric Hospitals, Long Term Care Hospitals and Rehabilitation Hospitals are exempted from submitting Certified Financial Statements and Medicare Cost Reports.4. For a hospital that operates within a Health System or other corporate structure, and is normally included in the Health System or other corporate structure's Certified Financial Statements a. The hospital may submit the Health System or other corporate structure's Certified Financial Statements if the statements separately identify the financial information for each licensed hospital operating in the state including:i. A statement of operations.iii. If available, a statement of changes in net assets (or equity).iv. If available, a statement of cash flows.b. For hospitals in which the consolidated Certified Financial Statements do not separately identify the financial information for each licensed hospital operating in the state, then the hospital shall submit the financial statements that were submitted with its Medicare Cost Report shall submit a reconciliation of the consolidated financial statement and hospital-specific revenue and expenses reported on the Medicare Cost Report pursuant to the federal centers for Medicare and Medicaid services provider reimbursement manual form 339.5. If total revenues and total expenses on the submitted financial statements differ from the Medicare Cost Report, the hospital shall submit a reconciliation.6. A hospital may choose to submit a written explanation of operating, investing, or financing decisions that impact the interpretation of the Certified Financial Statements or Medicare Cost Report.7. A hospital may choose to submit a written explanation detailing changes in reporting methodology between fiscal periods that would impact the interpretation of the statements and what period may be affected. Examples of reporting methodologies that could change include:a. Measurements of financial assets and liabilities.b. Recording of retirement benefit plans.c. Recording of income tax expense.d. Rates of depreciation.8. The Department is not responsible for the review and authentication of the Certified Financial Statements and the Medicare Cost Report. The authentication of the submitted Certified Financial Statements and the Medicare Cost Report is the responsibility of the hospital or Health System.9. Submissions shall be certified by the hospital's Chief Executive Officer, Chief Financial Officer, or an individual who reports directly to the Chief Executive Officer or Chief Financial Officer with delegated authority to sign for the Chief Executive Officer or Chief Financial Officer so that the Chief Executive Officer or Chief Financial Officer is ultimately responsible for the certification.8.4002.BREPORTING SUBMISSION1. For the purposes of compiling historic data for the Hospital Financial Transpareny Report, hospitals shall report utilization and financial information for fiscal periods ending after January 1, 2012 through the most recently available fiscal period if such information is available. The Department shall make available or distribute a data reporting template to all hospitals. a. The Department shall include instructions for completing the data reporting template, including definitions and descriptions of each reported data field, which will include at a minimum those items required by C.R.S. § 25.5-4-402.8(2)(b)(III).b. The Department may allow hospitals to submit data submitted to the DATABANK Program as an alternative to the Department's reporting template. The Department shall instruct hospitals what is an acceptable DATABANK Program submission.c. Hospitals shall return the completed reporting template to the Department within fifteen (15) days after receiving the request or on the stated due date, whichever is later.2. For the purposes of ongoing data compilation for the Hospital Expenditure Report, hospitals shall report utilization and financial information on the hospital for the requested fiscal year. The Department shall make available or distribute a data reporting template to all hospitals.a. The Department shall inform hospitals of the fiscal period of the request.b. The Department shall include instructions for completing the data reporting template, including definitions and descriptions of each reported data field, which will include at a minimum those items required by C.R.S. § 25.5-4-402.8(2)(b)(III).c. Hospitals shall return the completed reporting template to the Department within thirty (30) days after receiving the request or on the stated due date, whichever is later.3. Hospitals shall submit a roll-forward schedule detailing the changes in property, plant, and equipment balances from the beginning to the end of the reporting period. a. Changes shall be appropriately categorized as either purchases, other acquisitions, sales, disposals, depreciation expense or other changes. Significant amounts categorized as other changes should be separately described. The roll-forward schedule should provide details of changes by property, plant, and equipment category including, but not limited to land, buildings, buildings - accumulated depreciation, building improvements, building improvements - accumulated depreciation, leasehold improvements - leasehold improvements - accumulated depreciation, equipment, equipment - accumulated depreciation, other and other - accumulated depreciation. The beginning and ending balances on the roll-forward schedule should agree to the respective balance sheet.4. Psychiatric Hospitals, Long Term Care Hospitals and Rehabilitation Hospitals are exempted from the reporting submission.5. The Department shall determine the reasonableness of the data submitted by comparing it to the submitted Certified Financial Statement.6. Submissions shall be certified by the hospital's Chief Executive Officer, Chief Financial Officer, or an individual who reports directly to the Chief Executive Officer or Chief Financial Officer with delegated authority to sign for the Chief Executive Officer or Chief Financial Officer so that the Chief Executive Officer or Chief Financial Officer is ultimately responsible for the certification.8.4002.CDEPARTMENT REPORTING & TRANSPARENCY1. The Department is responsible for the compilation of the hospital submissions.2. The Department shall consult with the Enterprise Board on the structure and format of the Hospital Expenditure Report at the Enterprise Board meetings.3. The Department shall share the hospital's data in the Hospital Financial Transparency Report and a copy of the report with the hospital a minimum of fifteen (15) days before the report is publicly available or issued to the Enterprise Board.4. After the collection and review of the data submission, a machine-readable format of the hospital data shall be made available to the statewide hospital association at no cost to the association.47 CR 01, January 10, 2024, effective 12/31/2023, exp. 4/6/2024 (Emergency)47 CR 05, March 10, 2024, effective 3/30/2024