The bill, identified as Substitute Senate Bill No. 1114 with File No. 345, mandates the Commissioner of Public Health to conduct a study on the potential prohibition of private equity ownership in hospice care within the state. The study is to be completed and a report submitted to the joint standing committees of the General Assembly that oversee insurance and public health matters by February 1, 2024. This act is to take effect upon passage and creates a new section in the law.

The fiscal impact of the bill is a one-time cost of $21,902 in FY 24 to the Department of Public Health for hiring a Senior Healthcare Business Analyst consultant to conduct the study. The cost is calculated based on the number of hours at a rate of $136.89 per hour. There is no anticipated fiscal impact to the state or municipalities in the subsequent years following the study. The Office of Legislative Research does not analyze Special Acts, and the Insurance and Real Estate Committee has given a Joint Favorable Substitute recommendation with a vote of 10 in favor and 2 against on March 16, 2023.