Sec. 1. A hospital licensed under IC 16-21-2 may convert:
(1) not more than thirty (30) acute care beds to skilled care comprehensive long term care beds; and
(2) not more than an additional twenty (20) acute care beds to either intermediate care comprehensive long term care beds or skilled care comprehensive long term care beds;
that are to be certified for participation in a state or federal reimbursement program, including a program under Title XVIII of the Social Security Act (42 U.S.C. 1395 et seq.) or the state Medicaid program, if those beds will function essentially as beds licensed under IC 16-28.