The bill revises the reporting requirements for nursing homes, particularly focusing on ownership transfers and management control. It mandates that prospective new owners submit a detailed application to the Department of Health, which must include a transfer of ownership fee, a cover letter, a description of the proposed transaction, and an organizational chart detailing current and proposed owners, as well as related parties. Key changes include the requirement to identify 100 percent of current and proposed owners, the inclusion of related parties providing significant services, and a review of the applicant's disciplinary history in New Jersey and other jurisdictions. The Department of Health is also required to post the application on its website and establish a public comment period.

Additionally, the bill introduces new definitions, such as "substantial management control" and "private equity fund," and expands the list of related parties involved in nursing home operations. It mandates annual reports from nursing homes that include detailed financial statements and ownership information, with penalties for non-compliance. The bill removes previous provisions that allowed applicants to submit summaries omitting proprietary information and that protected them from adverse licensure actions based on their applications. It also extends the deadline for submitting required information to the Department of Health and increases penalties for non-compliance, while granting the State Comptroller authority to monitor and audit financial statements.

Statutes affected:
Introduced: 26:2H-7.25, 26:2H-32, 26:2H-33, 26:2H-35