AN ACT RELATING TO HUMAN SERVICES -- NURSING HOME FINANCIAL TRANSPARENCY ACT

SB 704 requires Rhode Island nursing homes to publicly disclose detailed financial information starting July 1, 2025. Owners and managers with 5% or more ownership or financial influence must submit balance sheets, income statements, cash flow reports, and proof that services provided were at fair market value. This includes all assets, liabilities, expenses, and details on goods/services supplied to the facility. The public will access this data while protecting individual owner privacy, aiming to increase transparency in nursing home finances.