House Bill No. 2782 amends Section 5020A of the Oklahoma Health Care Authority's regulations regarding the Rate Preservation Fund. The bill establishes that the fund will continue to exist without fiscal year limitations and allows for the appropriation and expenditure of funds for purposes outlined in a new subsection. Specifically, it authorizes the Oklahoma Health Care Authority to budget and expend funds to maintain reimbursement rates to providers in the event of a decrease in the state's Federal Medical Assistance Percentage rate.

Additionally, the bill permits the Authority to transfer up to one-third of the Rate Preservation Fund's balance to other funds within the Authority to address cash flow needs for the state's Medicaid program, provided that the transferred funds are returned to the Rate Preservation Fund by the end of the fiscal year. The bill also includes a declaration of emergency, allowing it to take effect immediately upon passage and approval.