Health Over Wealth Act

The Health Over Wealth Act requires for-profit corporations that own or invest in health care providers like hospitals and nursing facilities to submit detailed annual reports to the federal government on financial data, debt levels, staffing, and political spending. This legislation also mandates that hospitals notify the government 90 days before closing or reducing essential services and requires them to submit mitigation plans to protect patient access and staff. Additionally, the bill creates a task force to study the impact of private equity ownership on health care quality and gives the Secretary of Health and Human Services authority to deny licenses or impose penalties on firms that fail to comply with these transparency and accountability rules.