House Bill No. 2782 amends Section 5020A of the Oklahoma Health Care Authority's regulations regarding the Rate Preservation Fund. The bill establishes the Rate Preservation Fund as a continuing fund within the State Treasury, which is not subject to fiscal year limitations. It modifies the purposes for which the fund can be used, allowing the Oklahoma Health Care Authority to budget and expend funds for maintaining reimbursement rates to providers in the event of a decrease in the state's Federal Medical Assistance Percentage rate. Additionally, it permits the Authority to transfer up to one-third of the fund's balance to other funds 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 provisions for the necessary authorization for these expenditures and establishes limitations and conditions for the return of funds. An emergency clause is included, allowing the act to take effect immediately upon passage and approval, emphasizing the urgency of the changes for public health and safety.