Any hospital or freestanding emergency-care facility licensed under this chapter, other than state-operated hospitals, shall annually submit to the director of the department of health: (a) Public audited financial statements containing information concerning all hospital-related or freestanding emergency-care facility-related corporations, holding corporations, and subsidiary corporations, whether for-profit or not-for-profit. Any corporation, holding corporation, or subsidiary corporation, whether for-profit or not-for-profit, which is not audited by an independent public auditor due to limited activity or small size, shall submit a financial statement certified by the chief executive officer of that corporation. (b) Any hospital or freestanding emergency-care facility licensed under this chapter, other than state-operated hospitals, shall on or before January 1, 2014, and annually thereafter, submit a summary of financial information contained in accordance with the following: (1) Not-for-profit hospitals shall submit a summary of the information contained in section 501(c), 527, or 4947(a)(1) of the internal revenue code 990 form, including: (i) Its statement of financial position; (ii) The verified total costs incurred by the hospital or freestanding emergency-care facility in providing health services; (iii) Total payroll including fringe benefits, and any other remuneration of the top five (5) highest compensated employees and/or contractors, identified by position description and specialty; (iv) The verified net costs of medical education; and (v) Administrative expenses; as defined by the director of the department of health. (2) For-profit hospitals and freestanding emergency-care facilities shall submit the information listed in (b)(1) of this section in a form approved by the department of health. (c) All information provided shall be made available to the health care planning and accountability advisory council, as established in § 23-81-4, and shall be made available to the public for inspection.
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