Medicare Common Ownership Transparency Act of 2023

Bill 118 HR 4883, also known as the Medicare Common Ownership Transparency Act of 2023, aims to increase transparency in the ownership of healthcare providers that participate in the Medicare program. The bill requires healthcare providers to disclose any ownership interests held by individuals or entities with a controlling interest in the provider.

Under the provisions of the bill, healthcare providers must report any ownership interests held by individuals or entities with a 5% or greater ownership stake in the provider. This information will be made publicly available on a centralized database maintained by the Centers for Medicare and Medicaid Services (CMS).

The goal of the Medicare Common Ownership Transparency Act is to prevent fraud, waste, and abuse in the Medicare program by increasing transparency and accountability among healthcare providers. By requiring providers to disclose their ownership interests, the bill aims to ensure that Medicare funds are being used appropriately and that patients are receiving high-quality care. Overall, the bill seeks to improve the integrity of the Medicare program and protect the interests of both patients and taxpayers. It is a bipartisan effort to promote transparency and accountability in the healthcare industry.