New Jersey Administrative Code › Title 8 - HEALTH › Chapter 96 - HOSPITAL FINANCIAL TRANSPARENCY › Subchapter 5 - OWNERSHIP INTERESTS OF HOSPITALS, MANAGEMENT COMPANIES, AND RELATED ORGANIZATIONS › Section 8:96-5.1 - Ownership interests of hospitals, management companies, and related organizations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition to
				providing the information required pursuant to
				N.J.A.C.
				8:43G-5.1(a), (b), (c), and (d),
				each hospital shall provide the Department, and post on its publicly available
				website, its organizational chart, which shall include the identity of any owner or
				related organization, along with the full name, address, and Federal tax-exempt
				status of each related organization, be it an entity or person.
(b) If the hospital is owned or managed by a
				for-profit organization, including an entity that has a majority ownership interest
				in the hospital, the hospital shall, by January 4, 2024 and thereafter, upon the
				filing of an application for the issuance or renewal of a license, provide to the
				Department:
1. The full name, location, mailing
				address, email address, and telephone number of each owner along with the respective
				percentage of each ownership interest;
2. The identity of any interested persons of the
				hospital that do business with the hospital or any management company providing
				services to the hospital that maintain any offices, employees, or agents outside the
				United States and any revenues and expenses of more than $ 10,000 transacted outside
				the United States;
3. A list of
				investors and joint ventures between the hospital's interested persons and its
				investors, including the name of the joint venture entity, whether that entity is
				for-profit or nonprofit, a description of its primary activity, and the percent of
				profit or stock ownership held by each of the owners, officers, directors,
				physicians, and key employees of the hospital;
4. The name, mailing address, email address, and
				phone number of any management company paid to provide services to the hospital in
				excess of five percent net patient service revenue for the prior fiscal year, along
				with the primary activity of the company, and the percent of equity or stock
				ownership held by each of the interested persons of the hospital in the management
				company;
5. Any amount paid to any
				related organization or person for management or consulting services;
6. A description of any trust that holds greater
				than a five percent interest in the hospital, including the name(s), mailing
				address(es), email address(es), and telephone number(s) of the trustee(es),
				beneficial owner(s), and grantor(s) or settlor(s) of the trust, and a copy of the
				full trust agreement;
7. A list of any
				real property for which the hospital has claimed a tax-exemption or tax abatement,
				and any agreements with a governmental entity for a payment in lieu of taxes;
				and
8. Each year, within 180 days of the
				end of the fiscal year, if the hospital had revenues in excess of expenses for the
				prior fiscal year, the total amount of any such revenues in excess of expenses used
				for each of the following: debt retirement, plant or facility expansion, renovation
				or maintenance, or a reserve for operating contingencies.