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Statement to Senate, No. 848 - Senate Commerce Committee, with committee amendments (New Jersey, 2020)

Summary

A Senate Commerce Committee Statement to Senate for Senate Bill No. 848, with committee amendments, State of New Jersey, dated January 27, 2020, reporting the bill favorably and with committee amendments. The statement says the bill revises the requirements for reviewing the financial statements and records of health care service firms, which would submit financial statements prepared by the firm to the director. It says a firm receiving more than $250,000 for New Jersey Medicaid Personal Care Assistance services remains subject to the annual audit requirement, and a firm generating $10 million or more in gross revenue in a year must submit an audit for that year. The committee amendments make technical changes.

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“Statement to Senate, No. 848 - Senate Commerce Committee, with committee amendments (New Jersey, 2020).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-01-27-scm-s848-s1-5d75ad60bf/, SHA-256 8954b5b9b52e8ce5e88b14151ff3f20fc477ac398f28c1fe62d2a9e07148492b.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                   SENATE, No. 848
                   with committee amendments



 STATE OF NEW JERSEY
                    DATED: JANUARY 27, 2020

   The Senate Commerce Committee reports favorably and with
committee amendments Senate Bill No. 848.
   This bill will revise the requirements for reviewing the financial
statements and records of health care service firms. Current law
requires all health care service firms to complete annual audits,
which are to be submitted to the Director of the Division of
Consumer Affairs in the Department of Law and Public Safety
every three years.
   Under the bill, all health care service firms will be required to
submit financial statements prepared by the firm to the director,
which statements are to be consistent with the firm’s tax filings
with the State. Additionally, any health care service firm that
receives more than $250,000 for the provision of New Jersey
Medicaid Personal Care Assistance services will continue to be
subject to the current annual audit requirement, and health care
service firms that generate $10 million or more in gross revenue in
a year will be required to submit an audit for that year.
   For health care service firms with gross revenue for the year that
is between $1 million $10 million, and which receive less than
$250,000 for the provision of New Jersey Medicaid Personal Care
Assistance services, the firms will, in lieu of an audit, be required to
submit a report for that year to the director that is prepared by an
independent third party practitioner based on a review of the health
care service firm’s financial statements and records, general
management, and internal controls.
   In the event that the division makes adverse findings against a
health care service firm upon review of its independent third party
report, the director will order corrective action by the firm,
followed by a separate review of the firm’s data for the year, to be
performed by a different independent third party practitioner than
the one that performed the original review. The firm will
additionally be required to submit an audit for the following year,
regardless of the firm’s gross income in that year.
   The director, in consultation with representatives of registered
health care service firms, will be required to develop standards and
procedures for the independent third party review of health care
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service firm financial statements and records, general management,
and internal controls. At a minimum, the standards and procedures
will address the minimum educational, training, and professional
certification qualifications for practitioners performing the reviews;
the data points and metrics to be included in a review; and the
thresholds and requirements for the division to make an adverse
finding and take corrective action against a firm.
    This bill was pre-filed for introduction in the 2020-2021 session
pending technical review. As reported, the bill includes the changes
required by technical review, which has been performed.

COMMITTEE AMENDMENTS:
     The committee amended the bill to make technical changes to the
bill, to clarify that certain provisions of the bill apply to health care
service firms that receive funds for the provision of New Jersey
Medicaid Personal Care Assistance services.

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