A new bill that would require nursing homes in Connecticut to disclose the financial status of any “related party” businesses that contract with the homes is being touted as a way to increase transparency by Governor Malloy. The bill would require nursing homes to report profits and losses from any side businesses that receive more than $10,000 a year from them. Supporters believe the bill will help the state to identify nursing homes in “true financial distress, versus those that claim money woes, but actually have profitable affiliated businesses.”
Connecticut nursing homes are fighting the bill, saying that they already report on related businesses in detailed cost reports filed with the Department of Social Services. The proposed bill passed the judiciary committee, and will move to the legislature in the remaining weeks of the session.
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