An additional disclosable party refers to any individual or organization that has significant control or influence over a facility's operations. This includes those who manage financial aspects, provide operational policies, or offer essential services such as consulting or accounting. Specifically, it encompasses anyone who holds a 5 percent or greater ownership stake in the facility or leases property to it.
The term "additional disclosable party" is primarily used in healthcare and facility management contexts. It is relevant in legal practices concerning compliance with regulations, particularly those governing financial disclosures and operational transparency. Understanding this term is crucial for entities involved in healthcare, as it affects reporting requirements and potential liabilities. Users can manage related documentation through legal templates available on platforms like US Legal Forms.
Here are a couple of examples of abatement:
Example 1: A company that owns a nursing home and also provides financial consulting services to it would be considered an additional disclosable party due to its ownership interest and service provision.
Example 2: An individual who leases office space to a healthcare facility and owns 10 percent of the facility would also qualify as an additional disclosable party.
The definition of an additional disclosable party is outlined in the Social Security Act, specifically under 42 USCS § 1320a-3 (c) (5)(A). This statute establishes the criteria for identifying individuals and entities that must be disclosed for regulatory compliance.
| Term | Definition | Key Differences |
|---|---|---|
| Disclosable Party | A person or entity required to disclose information under specific regulations. | Broader category; includes additional disclosable parties but may not meet all criteria. |
| Controlling Interest | Ownership that provides the ability to influence decisions of a facility. | Focuses on ownership percentage rather than service provision. |
If you believe you or your organization qualifies as an additional disclosable party, it is essential to ensure compliance with relevant disclosure requirements. Consider using legal templates from US Legal Forms to assist with documentation. If the situation is complex, seeking professional legal advice may be necessary to navigate compliance effectively.
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It requires compliance with specific disclosure regulations, which can impact financial and operational transparency.