Continuing Care Provider Disclosure
The primary impact of SB163 is the increase in transparency for continuing care facilities, ensuring that residents are fully informed about the financial and operational details of their providers. The bill establishes specific contents for the disclosure statement, including financial statements, details of affiliations, ownership interests, and any potential conflicts of interest. Such requirements may influence competition among care providers by establishing a clearer standard for consumer expectations, thereby potentially improving service quality as residents seek out facilities that adhere to these new standards.
Senate Bill 163 aims to amend the Continuing Care Act in New Mexico by enhancing the disclosure requirements imposed on continuing care providers. The bill mandates that providers furnish residents and prospective residents with a detailed annual disclosure statement that highlights various aspects of their operations and compliance with regulatory expectations. This disclosure is intended to be delivered at least seven days before entering into a contract, thus offering potential residents ample information to make informed decisions about their care options.
While supporters argue that these updated disclosure requirements will enhance consumer protection and empower residents through more accessible information, potential points of contention may arise regarding the burden of compliance on smaller providers. Some stakeholders may express concerns that the increased administrative efforts required to meet the disclosure requirements could disproportionately affect small or non-profit facilities, possibly leading to higher costs or reduced availability of services. Furthermore, discussions may focus on ensuring that the information provided is understandable and genuinely useful to residents rather than just a formality.”