Nonprofit hospitals in Georgia are set to face new financial transparency rules, under a law that came into effect on 25 April this year.
The new rules will mean nonprofit hospitals in Georgia that have ownership or interest in any joint venture, partnership, subsidiary, holding company or captive insurance company, and related financial information will be required to report data.
In addition, the will also be required to report other information such as financial information about a hospital’s affiliates and subsidiaries; all property holdings of the hospital; audited financial information; any bonded indebtedness; salaries and fringe benefits for the 10 highest-paid administrative positions in the hospital.
Earlier this year, Georgia also passed legislation that amends the state’s captive insurance statue and authorised the use of protected cell companies.
