10 Colo. Code Regs. § 2505-10-8.4003

Current through Register Vol. 47, No. 16, August 25, 2024

Section 10 CCR 2505-10-8.4003 - RESPONSIBILITIES OF THE DEPARTMENT AND HOSPITALS FOR QUARTERLY REPORTING REQUIREMENTS

8.4003.AQUARTERLY STATEMENT SUBMISSIONS

1. All General Hospitals and Critical Access Hospitals shall submit Quarterly Financial Statements within ninety (90) days of the end of the calendar quarter.

2. Psychiatric Hospitals, Long Term Care Hospitals and Rehabilitation Hospitals are exempted from submitting Quarterly Financial Statements.

3. 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 Quarterly Financial Statements, the hospital may submit the Health System or other corporate structure's Quarterly Financial Statements.

4. 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.

5. The Department is not responsible for the review and authentication of the Quarterly Financial Statements. The authentication of the submitted Quarterly Financial Statements is the responsibility of the hospital or Health System.

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.

8.4003.BQUARTERLY REPORTING SUBMISSION

1. For the purposes of ongoing quarterly data compilation for the Hospital Financial Transparency Report, hospitals shall report Quarterly Financial Statements for the requested quarter. The Department shall make available or distribute a data reporting template to all hospitals.

a. The Department shall inform hospitals of the time 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 Section 25.5-4-402.8(2)(b)(IV)(A), C.R.S.

c. Hospitals shall return the completed reporting template to the Department within ninety (90) days after receiving the request or on the stated due date, whichever is later.

8.4003.CDEPARTMENT QUARTERLY REPORTING & TRANSPARENCY

1. The Department is responsible for the compilation of the hospital Quarterly Financial Statement submissions.

2. The Department shall provide any analysis, report, or presentation based on the Quarterly Financial Statements to each hospital at least fifteen (15) days prior to the public release of any analysis, report, or presentation. The Department shall clearly state any analysis, report, or presentation based on Quarterly Financial Statements is unaudited when applicable.

3. After the collection and review of the Quarterly Financial Statement submissions, a machine-readable format of the hospital data shall be made available to the statewide hospital association at no cost to the association.

10 CCR 2505-10-8.4003

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

47 CR 11, June 10, 2024, effective 6/30/2024