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1998 SESSION

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HB 975 Sale or conversion of nonprofit hospitals.

Introduced by: Harry R. Purkey | all patrons    ...    notes | add to my profiles

SUMMARY:

Sale or conversion of nonprofit hospitals. Requires that all acquisitions of nonprofit hospitals by for-profit entities be approved by the Attorney General. The Department of Health is required to hold a public hearing and report to the Attorney General on the effect the acquisition will have on the community's continued access to health care, including indigent care and access to elderly and emergency care. The entity acquiring the nonprofit hospital must disclose financial details about the transaction to the Attorney General. The Attorney General will approve the application if appropriate steps are taken to safeguard the value of the charitable assets and the underlying details of the transaction reveal no conflict of interest. The proceeds from the sale of the nonprofit hospital are to be placed in the Commonwealth Health Research Fund. Failure to obtain approval prior to acquiring a nonprofit hospital will prevent the issuance or renewal of an operating license.


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