CMS Issues Final Rule on Transparency (SNF)

Today, November 15, the Centers for Medicare & Medicaid Services (CMS) released an unpublished version of its Transparency Final Rule in the Federal Register, implementing the disclosure of ownership, managerial and other information for Medicare and Medicaid certified nursing facilities. The rule also defines the terms “private equity company” and “real estate investment trust,” both of which will be required to be disclosed when the rule goes into effect, currently scheduled for January 16, 2024

The proposed rule was initially released in February 2023, outlining the intent nursing facilities disclose to CMS or, for Medicaid nursing facilities, the applicable state agency:

• Each member of the facility’s governing body, including the name, title and period of service of each member.
• Each person or entity who is an officer, director, member, partner, trustee or managing employee of the facility, including the name, title and period of service of each such person or entity.
• Each person or entity who is an additional disclosable party of the facility.
• The organizational structure of each additional disclosable party of the facility and a description of the relationship of each such additional disclosable party to the facility and to one another.

CMS has not yet shared how the data will be published, but it has shared that it will be readily available to the general public to inform the decision-making process for people seeking nursing facility care.