Sec. 1. 22 MRSA §1819-A is enacted to read:

§1819-A.__Financial disclosure

1.__Disclosure required.__The department shall require that a hospital licensed under this chapter annually publicly disclose, with regard to the hospital and any entity that is, in whole or in part, owned, controlled or affiliated with the hospital:

A.__Federal Internal Revenue Service Form 990, including all schedules, for each entity, including the hospital, that is required to complete that form, on or before April 15th of each year or such later date that the hospital or other entity files that form pursuant to duly allowed Internal Revenue Service extensions; and

B.__For each entity not included under paragraph A, the entity's name, the address and phone number of the corporate headquarters and principal Maine office and a list of the entity's officers, directors, trustees, 5 highest-paid employees and 5 highest-paid independent contractors and, for each such person, that person's name, address and title, average hours per week devoted to that position, compensation, benefit plans and deferred compensation, including stock options, and expense account and other allowances, on or before April 15th of each year or such later date that the entity files its annual tax return pursuant to duly allowed federal Internal Revenue Service extensions.

2.__Public inspection and copying.__The department shall make copies of all documents disclosed pursuant to this section available for public inspection and copying, and it shall post copies of those documents on the department's publicly accessible site on the Internet.

SUMMARY

This bill requires a hospital licensed by the Department of Health and Human Services to disclose annually certain financial information regarding the hospital and any entity that is owned, controlled or affiliated with the hospital.