This bill establishes a new Medicaid Enhanced Provider Rate Account within the state treasury, which will receive annual transfers from the general fund to support increased Medicaid reimbursement rates for providers and hospitals in Washington. The state treasurer is tasked with transferring the calculated amount at the beginning of each fiscal year, ensuring that funds are appropriated specifically for this purpose.

Additionally, the bill mandates that by June 30th of each year, the authority must calculate and report to the state treasurer and legislative fiscal committees the amount of state expenditures that were not made for the Medicaid program due to reforms under federal legislation (P.L. 119-21). This includes various factors such as moratoriums on eligibility rules, decreased Medicaid caseloads, and changes in cost-sharing requirements. The report must detail the methodology used for these calculations, including relevant data on caseloads and expenditures. The bill is deemed necessary for the immediate preservation of public health and safety, and it takes effect immediately.