Managed care organizations & pharmacy benefits manager; data collection and reporting requirements.

Managed care organizations; pharmacy benefits manager; data collection and reporting requirements; civil penalty. Requires the Department of Medical Assistance Services to develop, and managed care organizations and pharmacy benefits managers to comply with, standardized methodologies for the collection and reporting of data related to expenditures, rebates, and the source of all cost components to the Department and the Centers for Medicare and Medicaid Services. The bill requires managed care organizations to solicit and undergo an independent audit of their reporting practices every two years and directs the Department to establish a compliance unit that may impose penalties on noncompliant managed care organizations and pharmacy benefits managers.