(A) There is hereby established the nursing facility payment commission. The commission shall consist of the following members:

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(1) Four members appointed by the speaker of the house of representatives, three from the majority party and one from the minority party;

(2) Four members appointed by the president of the senate, three from the majority party and one from the minority party.

(B) Appointments to the commission shall be made not later than December 31, 2021. In the event of a vacancy, a replacement member shall be appointed in the same manner as initial appointments. Members shall serve without compensation.

At the initial meeting, commission members shall elect one member from the majority party of the house of representatives and one member from the majority party of the senate to serve as joint co-chairpersons of the commission.

(C) The commission shall analyze the efficacy of all of the following:

(1) The current quality incentive payment formula under section 5165.26 of the Revised Code for efficacy;

(2) The nursing facility base rate calculation, as defined under section 5165.26 of the Revised Code;

(3) The nursing facility cost centers, which are redetermined as part of the rebasing process under section 5165.36 of the Revised Code;

(4) Establishing a bed buyback program under which a nursing facility operator can permanently surrender one or more long-term care beds due to a decrease in bed utilization.

(D) Not later than August 31, 2022, the commission shall submit a report to the general assembly, in accordance with section 101.68 of the Revised Code, with its recommendations and determinations on the items listed under division (C) of this section.