Section 36-2999.73 - [For Repeal, See Note] Health care investment fund; purposes; approvalA. The health care investment fund is established consisting of the following: 1. Monies deposited in the fund pursuant to section 36-2999.72.2. Interest earned pursuant to this section.3. Legislative appropriations.B. The director shall administer the health care investment fund. The director may not use fund monies to pay for the base reimbursement level for hospital services. The director shall use fund monies as necessary only for the purpose of funding the nonfederal share of the cost for the following: 1. To make directed payments to hospitals pursuant to 42 Code of Federal Regulations section 438.6(c) that supplement the base reimbursement level for hospital services to eligible persons as defined in section 36-2901.2. To increase base reimbursement rates for services reimbursed under the administration's dental fee schedule and physician fee schedule, not including the physician drug fee schedule, to the extent necessary as determined by the administration to restore these providers' rates to the rate levels in existence before fiscal year 2008-2009, if these expenses do not exceed the lesser of $70,500,000 or twenty percent of the total assessment monies deposited pursuant to section 36-2999.72 for the fiscal year.3. To pay for the nonfederal share of the costs for administrative expenses incurred by the administration or its agents in performing the activities authorized by this section, if these expenses do not exceed one percent of the total assessment monies deposited pursuant to section 36-2999.72 for the fiscal year.C. The administration shall develop a process to ensure that contractors pass through directed payments to eligible providers in a timely manner. Contractors may not reduce contracted rates as a result of directed payments.D. Monies in the health care investment fund: 1. Are exempt from the provisions of section 35-190 relating to lapsing of appropriations.2. Are continuously appropriated.3. Are to be credited against the total hospital assessment to be collected pursuant to section 36-2999.72 for the subsequent fiscal year if not expended for the purposes authorized under this section within the same fiscal year the monies are deposited in the fund.4. May not be used to supplant existing and future appropriations to the administration for existing and future programs.E. The administration may not use the monies in the health care investment fund pursuant to this section until the centers for medicare and medicaid services approves the use of the assessment monies for directed hospital expenditures pursuant to 42 Code of Federal Regulations section 438.6(c) and federal financial participation eligibility for the directed hospital expenditures contemplated under this section.F. On notice from the administration, the state treasurer shall invest and divest monies in the health care investment fund as provided by section 35-313, and monies earned from investment shall be credited to the fund.Repealed by L. 2020, ch. 46,s. 4, eff. as of the effective date for which the centers for medicare and medicaid services notifies the Arizona health care cost containment system administration that the centers for medicare and medicaid services has made a final determination that the hospital assessment established pursuant to section 36-2999.72, Arizona Revised Statutes, as added by this act, is no longer eligible for federal financial participation.Added by L. 2020, ch. 46,s. 2, eff. 8/25/2020.