FINANCIAL SUMMARY This report provides the most current financial data available to illustrate MQA’s fiscal status. As required by section 456.025(9), Florida Statutes, the quarterly report includes revenues and expenditures, in addition to fees collected and expenses paid by the trust fund. MQA is funded through MQA’s Trust Fund which comprises fines and fees that are collected throughout the fiscal year including application fees, unlicensed activity fees, and disciplinary fines. These funds are distributed between the 22 regulatory boards and councils, and MQA, to support the administrative functions of health care practitioner licensing and regulation. The costs to regulate each profession are reassessed annually to determine if the associated fees provide adequate revenue to maintain support and regulatory services. The following data include cumulative totals for revenues and expenditures at the close of the first quarter, as well as MQA’s cash balance. The financial data are segmented between funds associated with licensed health care practice, and funds relating to the prevention and investigation of ULA, to monitor funding adequacy for the latter. Licensed Unlicensed Total Beginning Cash Balance $38,088,177 $4,133,050 $42,221,227 Revenues $82,993,475 $3,340,198 $86,333,673 Expenditures $85,782,417 $2,298,216 $88,080,633 Ending Cash Balance $35,299,236 $5,175,031 $40,474,267 Q: Why do practitioners have to pay a fee to regulate unlicensed activity? A: Unlicensed activity poses a serious danger to the welfare of the public. Enforcement and awareness of health care regulations are key to reducing and preventing unlicensed activity. These activities help MQA fulfill its mission and are often the first line of defense, protecting the health of Floridians and its visitors. MEDICAL QUALITY ASSURANCE | FY 2022-23 QUARTERLY PERFORMANCE REPORT 4 1 3
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